by The 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:
The candy market consists of products such as chocolate candy, gum, caramels, and jelly beans. Chocolate candy accounts for the largest share in the global candy market. Chocolate candy finds widespread application for gifting purposes on various occasions such as birthdays, anniversaries, weddings, and more. Gum provides a convenient way to chew flavored candy without much mess. Gum is commonly used while working, studying, and during long travel. The candy market offers various options for both children and adults.
Market Dynamics:
Population growth and urbanization are major drivers of the global candy market. As populations grow and urbanize, more people enter the consumer class with higher discretionary incomes. This increases demand for packaged and convenient food products such as candy. Another key driver is the rising global middle class. As income levels rise globally, more people can spend on small indulgences like candy. This growing consumer base bodes well for the candy market’s growth over the forecast period.
Moreover, aggressive marketing strategies by candy makers resonate well with the burgeoning youth demographic. Attractive advertisements, influencer marketing, and product placements in media further boost candy sales. Manufacturers continuously innovate candy varieties in terms of flavors, ingredients, textures, and packaging to appeal to changing consumer preferences and tastes. This keeps the candy market dynamic.
Segment Analysis
The Global Candy Market Size is dominated by the chocolate candy segment which holds around 35% of the market share. Chocolate candy is preferred by consumers of all age groups globally due to its delicious taste. Moreover, the widespread availability of chocolate candy in various flavors such as milk chocolate, dark chocolate, and white chocolate has further propelled the demand for this segment.
PEST Analysis
Political: The candy market is primarily influenced by government regulations regarding nutrition and food labeling. Stricter policies targeting obesity and sugar intake may negatively impact market growth.
Economic: Developing economies signify higher growth potential due to rising consumer spending on confectionaries. High disposable incomes in developed nations also boost the sales of premium candies.
Social: The high consumption of candies, especially among younger populations, is a social trend prevalent worldwide. Celebrations and social events involve gifting candies.
Technological: Automation aids in high-volume candy production to meet the massive demand. Digital marketing tools help promote new candy launches and seasonal varieties online.
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 indulgence food products worldwide. The market size for 2023 is US$ 83.37 Mn.
Regional analysis: North America dominates the global candy market currently due to strong demand trends in the US and Canada. Asia Pacific exhibits fastest growth led by developing economies like China and India coupled with rising sweet cravings in these densely populated regions.
Key players: 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 & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company. Key players compete on the basis of new product launches, seasonal gimmicks, and vibrant marketing campaigns to attract more consumers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
