by 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:
The candy market comprises various candies and confectionery items such as chocolates, caramels, hard candies, gum, jellies and gummies. These items provide enjoyment to consumers. Candy serves as a tasty treat and often provides an energy boost from sugars. Hard candies, chocolates and caramels provide a sweet indulgence while gum and breath mints serve functional purposes such as fresh breath. Increasing disposable incomes and evolving tastes are expected to support market growth over the forecast period.
Market key trends:
One of the key trends in the candy market is the rising demand for sugar-free and low-calorie options. With growing health awareness, many consumers are looking to reduce sugar intake. To cater to this demand, many candy makers are introducing sugar-free variants made with natural sweeteners like stevia or erythritol instead of sugar. For example, sugar-free gum options are on the rise. Chocolate makers are also offering low-calorie and low-sugar chocolates and bars. Functional ingredients like vitamins and minerals are also being added to some candies to enhance their nutritive value. Such healthy product launches are expected to drive further market growth.
Porter’s Analysis
Threat of new entrants: The global candy market has high entry barriers such as high production cost of machinery and equipment required for candy manufacturing. The market is dominated by well-established players.
Bargaining power of buyers: The bargaining power of buyers is moderate as candy products have many substitutes available. However, the buyers have low switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many raw material suppliers. The basic raw materials used in candy manufacturing such as sugar, chocolate etc. are commodity products.
Threat of new substitutes: The threat of new substitutes is high as there are many substitute snack products available in the market like chips, nuts, dried fruits etc.
Competitive rivalry: The candy market has high competitive rivalry due to presence of many global as well as regional players.
Key Takeaways
The Global Candy Market Size was valued at US$ 83.37 Mn in 2023 and is expected to reach US$ 119.45 Mn by 2030, exhibiting a CAGR of 4.5% during the forecast period. Increasing demand for confectionary products from millennials and rising product innovation are expected to drive the market growth.
Regional analysis: North America dominates the global candy market holding around 35% of the total share in 2023 due to high per capita candy consumption in the US. Asia Pacific is expected to be the fastest growing market growing at a CAGR of 5.2% during the forecast period due to growing middle class population and rising disposable incomes in countries like India and China.
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. These players are focusing on new product launches and expansion in emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
