The sales of candies, toffees, and chewing gum bars in India broke records in the fiscal year 2022, reaching almost 40 billion units and growing the overall confectionery market by 13% to Rs. 12,127 crore. The surge in demand correlates with individuals preferring affordable sweet treats during Covid-ravaged economic conditions. Large companies such as Mondelez, Nestle, and Mars dominate the chocolate category, while regional firms account for over 35% of the confectionery market. Despite operating profit margins not expanding with revenue due to input costs' inflation, companies expect further growth opportunities due to increased innovation, direct reach, and affordable products.
