12 Apr 2024 17:38

CIS confectionery market starting to grow after period of stagnation - analyst

MOSCOW. April 12 (Interfax) - The CIS confectionery market, after stagnating in 2018-2020, has started to develop actively, Evgeny Zaitsev, deputy head of the Agroexport center, said at the Sugar Market of the CIS Countries 2024 international conference on Friday in Moscow.

"It has added about 9% in physical volume and more than 45% in value in the past three years," he said.

This data does not include indicators for Russia.

The dynamic growth is predicted to continue through 2028, Zaitsev said.

This year, market volumes (excluding Russia) could grow to 876,000 tonnes ($6.9 billion) from 858,000 tonnes ($6.4 billion) in 2023, his presentation said. These figures could reach 952,000 tonnes ($9.2 billion) by 2028.

The chocolate products segment will maintain the highest growth rate of about 3% per year, Zaitsev said. "Flour products have a similar rate of 2.7%, while sugary products will see growth of 1.7%," he said.

This dynamic corresponds to trends in the global confectionery market.

The Agroexport presentation showed that confectionery consumption is increasing worldwide by an average of 4.4% per year. It could reach almost 70 million tonnes, worth $657.2 billion by 2028.

Consumption reached 63 million tonnes, worth $509.2 billion in 2023. The largest share, $299.8 billion, came from flour confectionery products; $85.9 billion was from sugary products, and $123.5 billion was from chocolate, he said.

Russia ranks sixth in the world in terms of sales of confectionery products after the USA, China, Japan, Germany and the UK, Zaitsev said. At the same time, it is in the top two in the chocolate products segment, in the top six in sugar products and in the top ten for flour confectionery products.