Global Candy Market - 2023-2030

Global Candy Market - 2023-2030

The Global Candy Market reached US$ 62.3 billion in 2022 and is expected to reach US$ 80.1 billion by 2030 growing with a CAGR of 3.2% during the forecast period 2023-2030.

Constant innovation and introduction of new flavors, varieties, and packaging formats by candy manufacturers drive market growth. This helps to attract consumer interest, cater to evolving taste preferences, and create excitement around candy products. Sweet treats encompass a wide range of candy options, including hard candies, soft candies, gummies, lollipops, chocolates, and more. This diversity allows consumers to choose their preferred type of candy based on personal preferences and taste preferences. Sugar confectionery is known for its sweetness.

Candy manufacturers are constantly innovating to provide consumers with novel and experiential candy offerings. This includes candies with unusual flavors, interactive or customizable elements, and candies that incorporate multi-sensory experiences. Novelty shapes, textures, and packaging designs are also being explored to engage consumers and create a sense of excitement. In March 2022, Nestlé launched a dark chocolate bar made with cocoa fruit. Incoa bar is sweetened with cocoa pulp and no refined sugar. It is a 70% dark chocolate bar made exclusively with cocoa fruit under its Les Recettes de L’Atelier brand.

Market Dynamics

New Candy Flavors Unveiling In the Market is Expected To Drive the Market Growth

New candy flavors bring a sense of novelty and excitement to consumers. They create anticipation and curiosity among candy enthusiasts, prompting them to try out the new flavors and expand their taste preferences. This drives increased sales and market growth. The introduction of new candy flavors allows candy manufacturers to diversify their product range. It helps them cater to a broader customer base and capture the attention of different demographic segments.

An increase in the new flavors and candy product launches by major key players helps to boost market growth over the forecast period. For instance, on June 06, 2021, Haribo, a German Confectionary company, launched New Sweet and Playful Funtastic Mix, a brand new gummi treat that included eight sweet flavors and more than 15 playful different shapes. This product is available at retailers nationwide. This product combines several shapes, flavors and colors in one pack, featuring triple-colored and triple-flavored gummies.

Increase in the Availability of Different Types of Candies

Consumers have diverse preferences when it comes to candy, ranging from different flavors, textures, shapes, and packaging. The market responds to this demand by offering a wide variety of candy options to cater to different tastes and preferences. Candy manufacturers continuously strive to introduce new and unique products to attract consumers. This drives innovation in the industry, leading to the creation of new candy varieties with different flavors, ingredients, and combinations. Manufacturers invest in research and development to bring novelty to the market and keep up with changing consumer preferences.

On May 24, 2022, Bazooka Candy Brands, a confectionary company, launched a new confectionary category Push Pop Gummy Pop-its. Push Pop Gummy Pop-its, a new product line under the successful Push Pop brand, contains delicious gummies that consumers will like, together with an engaging, refillable container that makes the entire experience a pleasure.

Rising Health Awareness of Consumers Hampers the Market Growth

The primary issues impeding the growth of the global candy market are the high sugar content of sweets, which increases the likelihood of dental problems due to high candy intake and results in weight gain. Additionally, it is projected that rising health consciousness among the populace will lower candy demand and restrain market expansion throughout the projection period. Consumer concern over obesity and diabetes and rising health consciousness among people could impede the expansion of the world confectionery market.

The market for candies may not expand as quickly as it would like due to the rising incidence of dental problems brought on by the consumption of high-sugar candies, the unstable nature of the prices of raw materials like sugar & cocoa and growing health concerns.

COVID-19 Impact Analysis

Due to COVID-19 lockdown implementations and extensions, candy goods have gained prominence in homes worldwide. Due to more consumers working from home, there has been an upsurge in the appetite for sweet pleasure.

Because of COVID-19, early candy sales statistics worldwide showed a sharp fall in the gums and mints category, whereas white chocolate candy and non-chocolate candy both continued to increase well. Additionally, COVID-19 significantly altered the retail market of the candy industry.

With the manufacturing facilities re-opening in various economies and the market players working towards reinstating the supply chain disruptions, it is anticipated to improve the market situation. As sugar and chocolate items are considered comfort food and consumers find unique ways to celebrate with more at-home activities such as baking, it is expected to impact the market positively. More consumers started using online ordering for groceries, ranging from click-and-collect to home delivery. The Hershey Company stated that its e-commerce sales were up significantly, with growth over 120% in March 2020, versus 60% in January 2020 and February 2020.

Russia-Ukraine Impact Analysis

The political tensions and conflicts between Russia and Ukraine have had implications for various industries, including the candy market. Trade restrictions, import/export regulations, and changes in political relations can impact the movement of goods, including candies, between the two countries. Russia and Ukraine have historically had a significant trade relationship, with both countries being major exporters and importers of various goods, including candies.

Changes in trade policies, tariffs, and trade agreements between the two countries can impact the candy market, including the availability and pricing of candy products. Economic conditions in Russia and Ukraine, including factors such as inflation, currency exchange rates, and income levels, can affect consumer spending patterns and overall demand for candies. Economic downturns or fluctuations can impact the affordability and purchasing power of consumers, which, in turn, can affect the candy market.

Segment Analysis

The global candy market is segmented based on type, distribution channel, and region.

Multiple Options Available in Non-chocolate Segment Drives Market Growth

The global candy market by product type has been segmented into chocolate candy and non-chocolate candy.

The non-chocolate candy segment held the largest due to the variety of flavors available in the form of soft and hard candies, chewing gums, lollipops, gummies, caramel candies, jelly candies, and many others. Non-chocolate candies appeal to a wide range of consumers, including children, teenagers, and adults. They are popular as indulgent treats, snacks, and impulse purchases. The market caters to diverse taste preferences, offering a variety of flavors, textures, and shapes to attract different consumer segments.

An increase in the non-chocolate product launches by major key players helps to boost segment growth over the forecast period. For instance, on January 01, 2022, Haribo, a German confectionary company launched a New Flavors product named a mix of Goldbears with party hats with a limited edition on the occasion of the 100th Birthday of Iconic Goldbears Gummies. The original Goldbears included Blue-raspberry flavored party hats.

Geographical Analysis

Increase in Product Launches by Major Key Players in the Asia Pacific

The Asia Pacific candy market is experiencing significant growth due to factors such as increasing disposable incomes, changing consumer preferences, and a growing population of young consumers. The region's diverse cultures and preferences have also contributed to the demand for a wide variety of candies, including traditional and innovative flavors. Additionally, the expanding retail sector and e-commerce platforms have facilitated the distribution and availability of candies across the Asia Pacific region.

Some of the key players follow a merger and acquisition strategy and launched new products in the market to expand their business. For instance, on November 16, 2022, Fazer, a confectionary company partnered with Aberdeen Group, a confectionery and beverage company to launch different confectionery products in India.

Competitive Landscape

The major global players in the market include Perfetti Van Melle Group B.V., Mondelez International, Inc., Mars, Incorporated, Haribo GmbH & Co. KG, Nestle S.A., The Hershey Company, Ferrero Group, Cloetta Ab, Grupo Arcor, and DeMet’s Candy Co.

Why Purchase the Report?
• To visualize the global candy market segmentation based on product type, distribution channel and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous candy market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global candy market report would provide approximately 53 tables, 43 figures and 102 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies