Global Candy Market – Industry Trends and Forecast to 2031

Candy Market Analysis and Size

The market is expected to witness steady growth in the coming years, driven by factors such as increasing consumer indulgence, changing lifestyles, and growing demand for confectionery products. The market is characterized by a wide range of products, including chocolates, hard candies, gummies, and others, offering consumers a variety of choices. Key trends in the market include the growing popularity of premium and gourmet candies, increasing demand for organic and natural ingredients, and innovative product launches by manufacturers. Manufacturers are also focusing on packaging innovations and marketing strategies and expanding their product portfolios to cater to evolving consumer preferences.

The global candy market size was valued at USD 242.94 billion in 2023 and is projected to reach USD 330.95 billion by 2031, with a CAGR of 3.94% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Report Scope and Market Segmentation

Market Definition

Candy, also known as sweets or confectionery, is a type of food product that is typically sweet and often made from sugar or sugar substitutes. It can come in various forms, including hard candies, chocolates, gummies, and chewy candies, and may be flavored with fruits, nuts, spices, or artificial flavors.       

Candy Market Dynamics

Drivers

• Changing Consumer Preferences Towards Premium and Gourmet Candies     

Consumers seeking distinctive flavors and experiences are responsible for the rising demand for high-quality, indulgent treats. This is driving manufacturers to innovate and develop new products that cater to these changing preferences. Premium and gourmet candies often feature high-quality ingredients, innovative flavors, and sophisticated packaging, making them a popular choice for special occasions or as gifts. Manufacturers are capitalizing on this opportunity by introducing new flavors, textures, and packaging options to attract consumers seeking more upscale confectionery options.        

• Rising Disposable Incomes Fueling Confectionery Spending  

With rising disposable incomes  in emerging markets, people are increasingly treating themselves to confectionery products. This is driven by a desire for convenience, indulgence, and the aspirational appeal of branded candies. Manufacturers are tapping into this opportunity by expanding their presence in these markets, introducing new products tailored to local tastes, and investing in marketing and promotional activities to drive sales. As disposable incomes continue to rise in emerging markets, the demand for confectionery products is expected to increase, driving further growth in the market.

Opportunities

• E-commerce Growth   

The growth of e-commerce platforms is revolutionizing the way candy manufacturers reach consumers. The growing popularity of online shopping has provided candy companies with a fresh opportunity to expand their reach to a broader range of consumers. E-commerce allows manufacturers to bypass traditional retail channels and sell directly to consumers, offering convenience and a wider selection of products. This is particularly beneficial for smaller candy manufacturers who may not have the resources to compete in traditional retail channels. By leveraging e-commerce platforms, candy manufacturers can expand their reach, target new customer segments, and increase their sales volume, which is creating new opportunities for the market.    

• Candy Product Diversification

Manufacturers can meet the rising demand for healthier and more specialized confectionery products by diversifying their product offerings to include sugar-free, organic, and functional candies. Sugar-free candies, for example, appeal to consumers looking to reduce their sugar intake without sacrificing taste. Organic candies appeal to those seeking natural and sustainably sourced ingredients. Functional candies, such as those fortified with vitamins or probiotics, appeal to health-conscious consumers looking for added benefits. By diversifying their product offerings, candy manufacturers can create new opportunities in the market and attract new customers.

Restraints/Challenges

• Health Concerns Regarding Candy     

Consumers are becoming more health-conscious and are seeking healthier alternatives to traditional candies. Concerns about obesity, diabetes, and other health issues related to high sugar intake have led many consumers to reduce their consumption of sugary snacks, including candies. This has prompted candy manufacturers to innovate and introduce healthier options, such as sugar-free or low-sugar candies, to cater to changing consumer preferences. However, despite these efforts, health concerns remain a key challenge for the candy industry.        

• Challenges in Labeling and Marketing 

Regulations often require detailed labeling of ingredients, nutritional information, and health claims, which can be complex and costly for manufacturers to comply with. In addition, regulations regarding the use of certain ingredients, additives, and flavorings can limit the types of products that manufacturers can produce and market. These regulatory constraints can hinder market growth by limiting product innovation and marketing opportunities. Compliance with these regulations is essential for manufacturers to ensure the safety and quality of their products, but it can also be a barrier to market entry and expansion.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In September 2021, Mondelez India introduced a new healthy snack bar called "Cadbury Fuse Fit." This launch marks the company's foray into the nutritious and guilt-free snacking segment, aiming to expand its presence in the Indian market. The Cadbury Fuse Fit snack bars are an extension of the popular Cadbury Fuse brand and are part of Mondelez India's strategy to tap into the growing market for healthy snacks, targeting a market size of approximately ₹150-200 crore in India                
• In April 2024, Konjac Chews were introduced as a distinctive confectionery, blending the characteristics of jello and a gummy bear. These treats offer a novel texture and flavor experience, appealing to consumers looking for something different in their snacking options. Konjac Chews provide a delightful chewy texture similar to gummy bears, but with a unique twist reminiscent of jello. This innovative combination sets them apart in the confectionery market, offering a new and exciting treat for consumers to enjoy                  
• In April 2024, Lindt Lindor unveiled a new plant-based iteration of its renowned truffles, catering to the preferences of non-dairy chocolate enthusiasts. This innovative release demonstrates Lindt's commitment to inclusivity and expanding its product range to accommodate various dietary requirements. The plant-based truffles offer a rich and indulgent chocolate experience without the use of dairy, ensuring that all chocolate lovers can enjoy the signature Lindor taste

Candy Market Scope

The market is segmented on the basis of type, age group, price point, and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Hard-Boiled Sweets
• Mints
• Gums and Jellies
• Chocolate
• Caramels and Toffees
• Medicated Confectionery
• Fine Bakery Wares
• Others

 Age Group

• Children
• Adult
• Geriatric

Price Point

• Economy
• Mid-Range
• Luxury

 Distribution Channel

• Supermarket/Hypermarket
• Convenience Stores
• Pharmaceutical and Drug Stores
• Food Services
• Duty-Free Outlets
• E-Commerce
• Others

Candy Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by type, age group, price point, and distribution channel as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is expected to dominate due to the region's growing demand for candy. The dominance of North America in the candy market is attributed to the increasing popularity of chocolate-based confectionery items, the launch of new products by major players, and the presence of key market players in the region.         

The Asia-Pacific is expected to experience rapid growth in the market due to rapid globalization, westernization, modernization, increasing disposable income, and a growing population of children and young people in the region, all of which are key factors driving market expansion.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Candy Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

• Ferrero (Italy)
• Meiji Holdings Co., Ltd (japan)
• THE HERSHEY COMPANY (U.S.)
• Quality Candy Company (U.S.)
• Nestlé (Switzerland), Cloetta (Sweden)
• General Mills Inc. (U.S.)
• Mondelez International (U.S.)
• Mars, Incorporated (U.S.)
• pladis global (U.K.)
• LOTTE CONFECTIONERY CO.LTD (South Korea)
• Storck (German)
• Perfetti Van Melle (Netherland)
• Candy Rush Muskoka (Canada)
• HARIBO GmbH & Co. KG (Germany)
• Arcor, (Argentina)
• Sweet Candy Company (U.S.)
• THE BANG CANDY COMPANY, (U.S.)
• Palmer-candy (U.S.)
• SUGARFINA USA LLC (U.S.)
• Jelly Belly Candy Company (U.S.)

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