by Candy, also called sweets or lollies, are sweet foods made of sugar, chocolate or other ingredients that are generally eaten as snacks. Common types include chocolate bars, gummy candy, hard candy, jelly beans, lollipops and fudge. They come in various textures, from hard and brittle to soft and chewy. Candy making is a confectionery art incorporating sugar as a base ingredient. It involves combining sugar or sugar substitutes, such as corn syrup, with water or other liquids and cooking it to the hard crack stage. Additional flavorings, colorings, and textures are then incorporated.
The global candy Market is estimated to be valued at US$168 billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising desire for sustainable products among consumers is expected to drive the ethical candy manufacturing practices. With growing health and environmental concerns, candy makers are urged to adopt organic and fair trade ingredients and eco-friendly packaging materials. For instance, some companies have started using paper wrappers, compostable packaging and renewable energy sources. The growing popularity of vegan and plant-based candy options tapping into ethical consumerism will also boost the market. Additionally, rising product innovations featuring unique flavors and textures catering to evolving consumer preferences will support market growth over the forecast period.
Segment Analysis
Candy Market is segmented into chocolate candy, non-chocolate candy. Chocolate candy dominated the market accounting for about 54% of total market share in 2020. Chocolate candy segment is dominating global candy market as chocolate is considered a popular sweet treat across all ages and demographic profiles. Increasing consumption of chocolate candy during festivals and occasions is fuelling the growth of chocolate candy segment.
PEST Analysis
- Political: There are no major political risks affecting the candy market. However, governments across various countries are promoting healthy eating and limiting sugar intake which can slightly impact the market growth.
- Economic: Rising disposable incomes and increasing spending on premium confectionery products is driving the growth of global candy market. Developing economies are witnessing high economic growth supporting the market expansion.
- Social: Changing consumer preferences towards organic, natural and premium confectionery products are opening new opportunities for market players. Growing health awareness may limit sugar intake affecting demand for candy.
- Technological: Manufacturers are investing in automation, robotics and digital technologies to increase production efficiencies and meet the rising demand. New candy variants and flavors are getting launched leveraging advanced food technologies.
Key Takeaways
The global Candy Market is expected to witness high growth at a CAGR of 4.7% during the forecast period of 2024 to 2031.
North America dominated the market due to high candy consumption especially in U.S. and Canada. Chocolate candy witnessed strong demand in Western European countries like Germany, France and UK. Asia Pacific is emerging as the fastest growing regional market with countries like India and China witnessing expanding consumer base.
Key players operating in the Candy Market are Mars Inc, Nestle SA, Mondelez International, Ferrero Group and The Hershey Company. Key players are strategically investing in product development, marketing campaigns and geographical expansion initiatives to strengthen their market presence and gain competitive edge. Manufacturers are launching sugar-free, low sugar, organic and premium candy variants to leverage opportunities arising from changing consumer preferences.
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
