Project report for Lollipop Manufacturing

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Introduction

The Indian confectionery market is increasing day by day. Children with inclination towards a sweet tooth is a major factor driving the demand of the products. Hence, this group of population is a huge contributor towards revenue generation of the market in India. With rising consumer spending, there arises huge demand for consumer goods. Growing urbanization is also a significant factor driving the growth of candy market in the country. There are wide opportunities for the established as well as new entrants in the market. In addition, functional confectionery products such as cough drops, nutritional tablets and premium sweets promise rapid market growth and related opportunities for the participants.

A lollipop is a type of sugar candy usually consisting of hard candy mounted on a stick and intended for sucking or licking. Lollipops are available in a number of colors and flavors, particularly fruit flavors. With numerous companies producing lollipops, the candy now comes in dozens of flavors and many different shapes. They range from small ones which can be bought by the hundred and are often given away for free at banks, barbershops, and other locations, to very large ones made out of candy canes twisted into a circle. Some lollipops contain fillings, such as bubble gum or soft candy. Lollipops, or suckers as some call them, are essentially hard candies with a short stick of some sort. The tightly wrapped white paper stick serves as a handle, and the hard candy lollipop is either sucked or bitten apart until consumed.

Market potential & Strategy

The Indian Candy Market was valued INR 1,22,3970 Crores in value terms in Financial Year 2020 and is forecast to grow at CAGR of 15.40% in value terms to reach INR 2,72,7090 Crores by Financial Year 2026. The Indian Candy Market is witnessing consistent growth, owing to increasing disposable incomes bringing brand consciousness and inclination towards imported products, and growing organized retail and e-commerce channels along with robust supply chain networks. Moreover, factors such as rising population, emergence of premium candy segments, and entry of foreign players are further fueling the candy market in India. Indians like to celebrate festivals by gifting sweets. Moreover, today's generation prefer candies as an alternative and they start relishing it at a pretty young age. While the West may be more calorie conscious, the Indian kids start off by indulging in all sorts of sugar boiled candies. No wonder, the candy industry is one of the synchronized and well-developed sectors among other sectors in the country. The Indian Candy Market can be segregated based on type, organized vs unorganized and region. The most dominant segment in the country is sugar candy, due to continuous launch of innovative products supported by aggressive branding. The adoption of premium chocolate candies as gifts on festivals and functions is also growing considerably in the country due to marketing and awareness of chocolate candies as a product by indulgence rather than impulse product.

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