The global candy market comprises various products such as chocolate candy, gum, and other sweet treats that provide sweetness with added nutritional benefits. The products are available in different forms like bars, sticks, pastilles, chews, and drops. Various branded and private label candies cater to different tastes and preferences. The market demand is driven by factors such as improved disposable incomes, changing lifestyles, and younger demographics.
The Global Candy Market is estimated to be valued at US$ 79.78 Bn in 2022 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the candy market are August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH and Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company.
Candy Market Demand for sugar-free candies and on the go snacking options are driving the market growth. Technological advancements such as 3D printing are helping candy manufacturers create customized shapes and designs.
Market Trends
Candy Market Size and Trends is gaining traction in the candy market is customization. Manufacturers are offering consumers the option to customize candy flavors, shapes, and designs to meet individual preferences. Another trend is the launch of healthier candy options. With rising health consciousness,players are introducing candies with less sugar, natural colors and flavors, organic ingredients, and nutritive value.
Market Opportunities
One major opportunity is the rising demand for functional candies. Products fortified with vitamins, minerals, protein etc. are growing in popularity. Another opportunity is expansion in emerging markets. Countries in Asia Pacific and Middle East offer lucrative prospects for candy producers owing to improving disposable incomes, rapid urbanization and growing sweet tooth.
Impact of COVID-19 on Candy Market Growth
The COVID-19 pandemic has impacted the candy market significantly. During the initial stages of the pandemic, supply chain disruptions due to lockdowns led to reduced availability of raw materials and packaging materials, which hindered production. Staff shortages due to illness or quarantine also posed operational challenges for candy manufacturers. On the demand side, closure of stores, malls, and cancellation of social gatherings reduced off-trade candy sales substantially during 2020 and 2021. Travel bans and restrictions impacted sales in airports, railways and other public places. However, with people opting to stay at home, demand for premium and high-quality candy increased as consumers looked for indulgence options. Online sales of candy increased as consumers preferred contactless shopping. Candy manufacturers accelerated their e-commerce capabilities and direct-to-consumer reach to capitalize on this trend. While production and supply chains are stabilizing now with relaxations in restrictions, rising inflationary pressures and weaker consumer sentiments in some markets pose concerns over the outlook. Cost-cutting and product pricing will be crucial for candy brands to boost volumes in the immediate future.
Geographical Concentration of Candy Market
North America has been the largest regional candy market in terms of value, led by the United States. The strong confectionary culture, high per capita candy consumption and presence of several global brands have consolidated North America's position. However, Asia Pacific is emerging as the fastest growing regional market for candy globally. Countries such as China and India offer immense growth opportunities due to rising incomes, western influence on food habits, expansion of retail infrastructure and promotion of candies as gifting options during festive seasons. Brands are enhancing their focus on Asia Pacific by introducing local flavors, innovative formats and vernacular marketing strategies.
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