The confectionery market of Australia is set to continue growing momentum in the next five years, finds a new research by UK-based research firm Canadean – Food.
According to the report 'The confectionary market in Australia, to 2016' released by Canadean, the compound annual growth rate (CAGR) of the market for 2011-2016 is projected to grow by close to 23% compared to 2006-2011 period.
Similar growth pattern was observed among all the three segments of the markets that include chocolate, gum, and sugar confectionery.
While chocolate and sugar confectionery are expected to put up about 22% increase, while gum segment is likely to touch around 20% increase.
Even with respect to market value, the Australian confectionery market is forecasted to experience in continuous growing momentum going forward.
While the value of 2011 has gone up by close to 11% over 2006 figures, the forecast for 2016 revealed that the market would grow further by more than 13% over 2011 figures.
Within the market, chocolate segment has been the dominating sector during both the review and forecast periods, besides showing a significant growth from 2006 to 2011 to 2016.
Sugar confectionery sector has occupied the second spot in the market throughout the 10-year period. However, the sector had experienced a decline in 2011 over 2006 and is anticipated to show similar trend in 2016 with further drop.
Gum, the least among the three segments, accounts only for around 9% market share and has been constant across all periods including the forecast.
Australia will see more or less a similar growing pattern in its CAGR in volume terms as well, according to Canadean survey.
Market is projected to grow by 24% in 2011-16 over 2006-11, with each segment showing increasing trend and holding shares on the same lines of what they were in value terms.
