February 18, 2025
Candy Market

Candy Market is Expected to be Flourished by Rapid Urbanization

The candy market includes a wide range of products from hard-boiled sweets to chocolate sweets. Candy products range from everyday regular candies to seasonal special treats. They come in various forms including chocolate bars, gums, and jelly candies. Candy can be consumed as a snack or dessert. With increasing urbanization and changing lifestyles in emerging economies, the demand for convenience food products is growing. This represents an opportunity for candy companies to introduce innovative packaged candy products.

The global candy market is estimated to be valued at US$ 83.37 Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rapid urbanization is driving the demand for candy products in emerging economies. As more people migrate to cities for work, their lifestyles become increasingly fast-paced and hectic. This leaves them with less time for home-cooked meals and snacks. There is a growing demand for convenient snack options that can be enjoyed on-the-go. Candy companies are introducing new product forms and flavors tailored for urban consumers with active lifestyles.

Another driver for the candy market is the innovative marketing strategies adopted by key players. Companies promoting candy products through innovative digital and outdoor campaigns especially targeting younger consumers. Product endorsements by celebrities and influencers on social media are also boosting the popularity of candy brands among millennials and Gen Z.

Segment Analysis

The global candy market is dominated by the chocolate candy segment, accounting for over 35% of the market share. Chocolate candy holds the largest share due to the wide availability and popularity of chocolate among consumers globally. Within chocolate candy, the milk chocolate candy sub-segment generates the highest demand. This is because milk chocolate candy products are widely consumed as snack items as well as gift items across regions.

PEST Analysis

Political: The candy market is governed by food safety and labeling regulations set by regulatory bodies globally. Changes in import-export policies can impact the availability of raw materials for candy manufacturers.

Economic: A stable economic environment drives increases in disposable incomes, fueling the demand for candy as an affordable indulgence. High inflation and economic downturns adversely impact consumer spending on confectionery.

Social: Evolving consumer lifestyle trends and health consciousness drive the demand for candy products containing natural ingredients and less sugar. The younger demographic group prefers novelty and seasonal candy.

Technological: Advanced manufacturing technologies help candy manufacturers enhance product formulations, reduce production costs, and ensure food safety. Automation aids in boosting productivity and meeting the rising demand.

Key Takeaways

The Global Candy Market Size is dominated by the US and Europe region.

Regional Analysis: The US market accounts for more than 30% of revenue share led by the high consumption of chocolates and gums. Europe follows the US as a leading market for candy due to widespread popularity of confectionery items across countries.

Key players operating in the candy market are Accion S.A., Cargill Incorporation, Jost Chemical Co., Nutrena, Tyson Food Inc., Anheuser-Busch InBev NV, Corbion, Henan Jindan Lactic Acid Technology Co Ltd., Land O’Lakes Inc., Provimi, Shenzhen Esun Industrial Co., Ltd., Shaanxi Sciphar Hi-Tech Industry Co. Cargill and Nestle capture over 20% share due to their diversified product portfolio and strong brand presence globally.

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

Money Singh
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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. 

Money Singh

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. 

View all posts by Money Singh →