Candy market

Sweet Delights is the largest segment driving the growth of Candy market

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The global Candy Market is estimated to be valued at US$ 83.37 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Candy refers to sweet edible products made with sugar or other natural or artificial sweeteners. They provide energy and sweet taste to consumers. Candy comes in various forms like chocolates, gum, mints, caramels, hard candies, and jelly candies.

Market key trends:

Growing adoption of premium and organic candies is one of the major trends witnessed in the global candy market. Premium and organic candies are considered healthier options due to lower sugar content and no artificial additives. Rising consumer preference for such products is encouraging candy manufacturers to launch new organic and premium varieties. For instance, Godiva introduced premium chocolate balls with fruit juices in 2018. Moreover, the demand for customized and specialty chocolates and candies has increased over the years. Manufacturers are focusing on customized flavors, ingredients, and packaging to differentiate their products.

Market key trends:

The global candy market is witnessing rising demand for innovative flavors. Consumers are increasingly preferring candy varieties with unique and combination of flavors. To tap into this demand, manufacturers are innovating their product portfolio by introducing new exotic and blended fruit flavors. Moreover, the growth of gourmet and premiumization trends is encouraging companies to offer artisanal and premium candy brands made from high-quality ingredients. The rising health-consciousness is also driving the demand for sugar-free, gluten-free, and organic candy varieties.

SWOT Analysis

Strengths: Established brands and wide product portfolio, high advertising spending capabilities of key players, expanding retail landscape especially in developing regions.
Weaknesses: Rising raw material costs, vulnerability to seasonal demand and climate changes, stringent regulations regarding food ingredients and labeling.
Opportunities: Growing gifting and festival season sales, rising younger population and working women driving on-the-go consumption, potential of emerging markets.
Threats: Intense competition from private label brands, changing consumer preferences towards healthiness, increasing buyer bargaining power.

Key Takeaways

The Global Candy Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing demand for specialty and premium confectionery items. The market size for 2023 is estimated at US$ 83.37 Mn.

Regional analysis: North America represents the largest regional market for candy, followed by Europe. The Asia Pacific region is expected to witness fastest growth due to growing disposable incomes, urbanization, and changing lifestyles in high potential countries like China and India.

Key players: Key players operating in the candy market include August Storck, Candy Me, CartoonCandy, Cloetta Ab, DeMet’s Candy Co., Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company.

The global players are focusing on product innovation and expansion in emerging markets to gain higher market share. For instance, Mars has entered the premium chocolate segment with brands like Dove and Galaxy. Similarly, Hershey’s acquired SkinnyPop Popcorn to strengthen its portfolio in the healthy snacks category.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it