Hard Candy Market Assessment, By Product [Toffees, Pop Rocks, Lollipop, Others], By Flavor [Chocolate, Fruit, Other], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Hard Candy Market Assessment, By Product [Toffees, Pop Rocks, Lollipop, Others], By Flavor [Chocolate, Fruit, Other], By Distribution Channel [Online, Offline], By Region, Opportunities and Forecast, 2017-2031F

Global hard candy market is projected to witness a CAGR of 7.10% during the forecast period 2024-2031, growing from USD 10.19 billion in 2023 to USD 17.64 billion in 2031.

The key factors contributing to the growth of the market are rising population of children and youth, its universal appeal, rising demand for confectionaries and increasing popularity for on-the-go snack option. As per the study by National Confectioners Association in April 2024, the people living in U.S. consume candies 2-3 times each week, driving the growth of the hard candy market as well.

Additionally, the market has observed growth in sugar free options with natural ingredients. It has driven the growth of functional candies which are infused with vitamins and other nutrients. The key players have been catering to health-conscious consumers by launching healthier substitutes without making any compromises on quality or taste.

Product innovation has been a key factor in the growth of the market. It is because most of the product offerings in the market are similar and innovation becomes crucial for manufacturers in enabling them to differentiate their products from one other and tap the audience, by providing something new to them. They continuously innovate to introduce new colors, formats, and flavors. For instance, in January 2023, Holololly launched holographic lollipops. These lollipops were created using isomalt and are designed on the theme of galaxy. For providing innovation in the offering, the company used laser etching technology for creating the effects.

Additionally, lollipops have been gaining immense popularity in the hard candies market due to their attractive designs and variety of flavors. They hold a special position in the hard candy market since they have been a treat that transcends all age boundaries. Furthermore, the influence of culture and regional preferences play a crucial role in shaping the growth trajectory of the hard candy market. As certain flavors are specific to certain regions, creating a differentiation in the offerings by the key players and gaining broader spectrum of audience. Moreover, the market has witnessed a dominance in the retail distribution channel due to ease of availability and a go-to snacking option.

Fruit Flavor to Show the Dominance

The fruit flavored hard candy has shown dominance due to their availability in varied flavors, vibrant colors, and refreshing flavor profiles which appeal to the consumers. Fruit flavored cadies offer a diverse range of options to the consumers whether in classic flavors such as strawberry, orange, and lemon or unconventional flavors such as pineapple, kiwi, watermelon, etc.

One of the major reasons for the dominance is its universal appeal as it resonates with a wider audience including both children and adult population and consumers of all demographics. Additionally, the fruit-flavored hard candy offer a natural fruit like taste which appeal to the consumers who prefer authentic flavors.

In April 2024, Sweety Treaty Co. introduced their latest launch of hard candies, Jolly Puffs, which are fruit flavored candies in sphere shape. These candies provide a delicious snacking experience to the consumers of all ages. These hard candies showcase company’s commitment to innovation and urge to bring something new for their consumers.

Young Population is Augmenting the Growth

The increasing young population is playing a vital role in driving the growth of the market. With the change in the consumption patterns, the young population has emerged as an important demographic segment which has been driving the growth of global hard candy market. The hard candies appeal to the consumers due to their affordability and diverse profile of flavors which caters to the dynamic preferences of consumers.

Additionally, the inclination of young consumers towards snacking along with perception of hard candies as an enjoyable and convenient option has contributed to the rising demand of the product. The youths’ interest in experimenting and trying on new textures and flavors has propelled the key players to introduce innovative offerings and help them gain the presence in the market, by capturing the attention and loyalty of the consumers.

According to an article published by Center for Childhood Obesity Research in National Library of Medicine in January 2023, one-third of children in the United States consume candies every day which further augment the growth of global hard candy market.

Furthermore, the influence of social media has amplified the visibility of the brands, manufacturing and marketing hard candies, enhancing brand awareness, and driving the young consumers to make purchases.

Application in Pharmaceutical Sector is Gaining Momentum

Hard candy holds importance in the pharmaceutical sector due to its versatile applicability which includes usage as lozenges, health supplements, and over-the-counter medication.

Functional hard candies such as lozenges are driving the growth of the market due to their applicability in the pharmaceutical industry. These candies contain active ingredients such as essential oils and menthol which helps in relieving the cough and sore throats. Some of the hard candies are developed with functional ingredients such as antioxidants, prebiotics and vitamins, providing the consumers with a delicious way to support their health and well-being.

For instance, in May 2023, Perrigo Company PLC, announced the launch of its latest Mint Lozenge. These lozenges help the consumers in reducing the withdrawal symptoms in the consumers who are trying to quit smoking.

The application of hard candies in pharmaceuticals sector is not limited to lozenges but have other functionalities such as usage in diagnostic testings. For instance, Candy Collect is a lollipop inspired device which helps in the collection of at-home saliva sampling in adults. According to research published in ACS’ Analytical Chemistry in July 2023, has shown that a lollipop-based device can be used as a saliva collection system which has the ability to capture bacteria from adults’ mouths. The device is covered with an isomalt hard candy, allowing the saliva to flow easily into the groove of the device as the lollipop is consumed.

Product Innovation Flourishing the Growth

Product innovation is a crucial factor for driving the growth of hard candy market. It is because the manufacturers are continuously innovating their product for catering the evolving needs of the consumers, lifestyle choices and dietary preferences, increasing the applicability of the product.

One of the major innovations in the hard candy market has been the introduction of distinct exotic profiles such as tropical fruits, spicy blends, and floral infusions. It has been supplemented with the incorporation of organic and natural ingredients.

The key players are experimenting with the texture of hard candy by the introduction of filled or layered candies, enhancing the flavor and experience of the consumers. For instance, in March 2022, Coors Light announced the launch of Chillollipop which is a beer flavored lollipop. These limited-edition offerings were made available in a pack of six for purchase in the online stores. The product got huge success and is distributed to the bar-goers at the end of an eve for the purpose of calming the consumers.

The innovation in hard candy market helps the key players in broadening the base of the consumers and differentiating their products with other players in a crowded marketplace.

Future Market Scenario (2024 – 2031F)

The market is flourishing exponentially with the rising demand for candies. Various strategies and techniques of the key players are inducing the growth. The acquisitions are playing a major role in shaping the future of the market. For instance, in August 2022, Mondelēz International announced its entrance into an agreement Grupo Bimbo, a leading confectionery company which manufacturers hard candies under its brands Vero, Ricolino, La Corona, and Coronado, who are the leaders in gummies, lollipops, chocolates, and other confectionary products. The partnership will add value to MDLZ’s portfolio and expand the distribution capabilities with the reach of over 2,100 DSD routes, to reach 440,000 traditional trade outlets. The acquisition will enable Mondelēz International to double the size of its business in Mexico, expanding the presence of the company in confectionaries and snacking product market.

Key Players Landscape and Outlook

Key players in the market are helping in the growth by focusing on continuous product innovation, retail expansions, and strategic marketing. The manufacturers are actively expanding their product portfolio, increasing the base of the customers, and catering to their evolving needs.

The key players are launching their products with unique marketing strategies which grabs the attention of the consumers quicky and help the company in gaining a global presence for their product.

For instance, in December 2023, The Hershey Company launched its latest offering Jolly Rancher Two Much which is a hard candy lollipop. The lollipop is developed with a unique blend of tangy blueberry and sweet strawberry flavors in a single lollipop. The product has been promoted in an innovative, humorous, and entertaining way. The ad film of the product begins with a young storyteller narrating an imaginary battleground scene, artistically weaving a captivating story of the genesis of the latest offering by the company.