The global candy market is a multi-billion dollar industry comprising of sweets, chocolates, and other confectionery items. Candy is a tasty snack enjoyed by both children and adults that provides an energy boost while satisfying a sweet tooth. With the growing health-consciousness, gourmet and premium candies featuring natural ingredients are gaining momentum in the market. The global candy market is estimated to be valued at US$138 billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising popularity of gourmet and premium candies is one of the key trends witnessed in the global candy market. Consumers are willing to pay more for candies containing natural flavors, unique taste profiles, visually appealing packaging and smoother texture. Leading candy manufacturers are innovating their product lines by introducing premium assortments, artisanal chocolates, sugar-free delights and customizable candy bouquets to cater to the demand. Hand-crafted and specialty candies featuring ingredients like exotic fruits, nuts, coffee and herbs have gained traction. This trend has boosted the sales of high-end candy boutiques as well as the premium segments of major confectionery brands.
SWOT Analysis
- Strength: Candy has universal appeal and is affordable for consumers across income groups. Wide variety of candies available in terms of flavors, tastes and price points.
- Weakness: High sugar and calorie content of most candies can lead to health issues if consumed in excess. Increased health consciousness among consumers is a challenge.
- Opportunity: Growing demand for natural, organic and low sugar candies presents an opportunity for manufacturers. Innovative packaging and presentation expands the target audience.
- Threats: Strict regulatory norms and policies regarding food additives can impact profit margins. Rising raw material costs is a major threat.
Key Takeaways
The global candy market is expected to witness high growth.
North America dominates the candy market currently due to high consumption levels. Western Europe is another major regional market for candies led by countries such as Germany, UK and France.
Key players operating in the candy market are Mars, Mondelez International, Nestle, Ferrero, The Hershey Company, Meiji, Crown Confectionery, Fujian Yake Food and Perfetti Van Melle. These companies have a widespread global presence and strong brand recognition. They are focused on new product launches catering to changing consumer preferences.
