The global candy market is a multi-billion dollar industry that offers a variety of products to satisfy tastes and cravings. Candy comes in different forms such as hard candy, soft candy, chocolate candy and other novelties. Consumers seek candy for moments of indulgence, celebrations or just to curb sweet cravings. Changing dietary patterns and increasing health consciousness has led to demand for candy options made from natural ingredients and in moderation-friendly formats.
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. These players are focusing on introducing novel products, expanding their geographic presence and enhancing production capacities to cater to growing demand.
There is high opportunity for Candy Market Demand in manufacturers in Asia Pacific region owing to rising disposable incomes, urbanization and influence of western culture. Companies are investing in the region to leverage strong sourcing channels and young demographic profile.
Key players are pursuing global expansion strategies through acquisitions, joint ventures and licensing arrangements. This allows them to diversify product portfolio, enter new markets and boost international sales. Increased MA activity is expected in the candy market over the forecast period.
Market drivers
Growing health consciousness: Candy Market Size and Trends is made from natural ingredients such as fruits, nuts is on the rise. This is a major market driver.
Occasional indulgence: Candies offer indulgence and sweet taste. Changing lifestyles with increased stress have made occasional candy consumption common, thus driving the market.
Market restraints
Health risks of excessive sugar intake: High sugar content in candies can increase risk of obesity, diabetes and dental issues if consumed frequently over the recommended limits. This acts as a restraint.
Stringent regulation over junk food: Growing regulation on marketing and availability of junk food and sweets in schools and public places in several countries can negatively impact candy sector growth.
Segment Analysis
The global candy market is dominated by the chocolate candy segment. Chocolates have a widespread appeal across cultures and countries. Chocolates are preferred for gifts and indulgences on occasions like birthdays, anniversaries, holidays etc. The chocolate candy segment captured over 35% market share in 2024 owing to the rich taste and premium positioning of chocolates. Growing demand for premium and artisanal chocolates from developed economies is expected to drive the segment's growth over the forecast period.
Global Analysis
North America dominates the global candy market with over 30% share. The US and Canada are among the largest consumers of candies globally. Developed markets in Western Europe like Germany, UK, France are also substantial candy markets. The high disposable incomes and lifestyle preferences for snacks and sweets boost the candy market in these regions. However, the Asia Pacific region is poised to be the fastest growing region during the forecast period. Developing nations like India, China, Indonesia have a large population and are witnessing rapid urbanization and growing incomes. This is increasing the demand for candies and confectionery products in Asia Pacific. The region offers immense growth opportunities for global as well as local candy manufacturers.
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