Foreign companies are expected to make up an ever increasing share of the Chinese industry's revenue.
Los Angeles, CA (PRWEB) November 14, 2011
As China changes rapidly, so do its tastes. As the nation evolves into a consumer society, new candy and chocolate products are increasingly popping up on shelves. The Confectionery and Chocolate Manufacturing industry in China will grow by an average annualized rate of 22.1% over the next five years, according to IBISWorld, America’s largest publisher of industry research. Foreign companies are expected to make up an ever increasing share of the Chinese industry's revenue.
It’s no surprise that as China’s large population is increasingly exposed to candies, chocolates and other confectioneries, the market for these products steadily grows. Furthermore, greater demand for high-quality products; growing demand from rural consumers; intensified competition in brand and price; and improvements in manufacturing technologies all factor in the industry’s booming performance, reports IBISWorld.
Rising average annual incomes, increased exposure to Western and international cuisines and a greater array of candy goods in supermarkets also work together to increase sales of the industry's products in China. Expenditure on confectionery and chocolate products as a share of total expenditure on foods has been steadily growing over the past several years.
According to IBISWorld, industry revenue grew rapidly during the five years through 2011, with average annual growth of 25.5% to $12.12 billion. Foreign enterprises are expected to increasingly take interest in China’s growing confectionery market, as high-end chocolates and candies are still relatively new to store shelves here.
With the improving economy and increasing domestic demand, total domestic confectionery output is expected to rise by 18.5% to 2.13 million tons in 2011. The industry is still in its growth stage due to relatively low chocolate and confectionery consumption per capita in China, and significant future demand exists in rural areas.
For more information visit IBISWorld’s Confectionery and Chocolate Manufacturing in China report
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Firms in the Confectionery and Chocolate Manufacturing industry in China purchase raw materials such as sugar, glucose syrup, maltose, dairy products, gum, nuts, flavors, food colorants and other related materials to produce confectionery products, such as hard candy, filled candy, jelly candy, Chinese-style candy and other confectionery products. Firms also purchase cocoa, cocoa butter, cacao paste, sugar and dairy products to manufacture chocolate or chocolate products.
Confectionery and Chocolate Manufacturing in China Industry Report -- Key Topics
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on 200 Chinese industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.cn or call 1-800-330-3772.