Confecting Confectionery

Indian confectionery market has been showing a steady growth and is, according to IMARC report, expected to touch Rs 485.9 billion in 2028, rising from Rs. 338.2 billion in 2022. This could be attributed to love for cakes and other confectioneries, like chocolates, by people irrespective of their age. Besides this, the trend of gifting confectionery products during festivals or special events like birthdays, anniversaries, et al. is sure to boost up the confectionery market, which, in turn, is sure to prompt would be prospective entrepreneurs to venture into this arena. Ashok Malkani takes a look at the increasing confectionery sales and how a new entrepreneur can venture into this lucrative field.

- Ashok Malkani

Sweets hold a special place in the hearts of Indians. It is believed that all things that go into making sweets are pure hence they are offered to gods in temples and form an important ritual in offerings by individuals to Gods. Sweets are also a sign of hospitality.

Sugar and desserts have a long history in India. It is believed that people in India had developed technology in 500 BCE to produce sugar crystals called khanda, which is the source of the word candy. Indians thus have a long history of a sweet tooth. But this phenomenon of sweet tooth is not just confined to India but is rampant all over the globe today.

Confectionery from cakes to candies - is extremely popular with all age groups. No wonder there is a constant growth in the confectionery market and new entrepreneurs are keen to venture into this arena. According to Statista Market Insights, revenue in the Confectionery & Snacks market amounts to $110.90bn in 2023. The market is expected to grow annually at a CAGR of 8.96% between 2023 & 2028.

Types of Confections 

For an entrepreneur planning to enter the confectionery industry, it must me mentioned that confectionery is the art of making confections by using sugar and a carbohydrate-based binding medium. There are various types of confections. Broadly speaking, they can be divided into following categories:

Flour Conceptions: Comprise of cakes (which are also made by home bakers), tarts, doughnuts, cookies, sweet pastries, or any similar confection made by using flour.

Sugar Confections: These comprise of candies, chewing gums, and jellies. Colour and sugar is their main ingredient. They have longer shelf life as compared to other confections.