Candy Market Size, Share, Growth Report 2032

Industry Perspective:

The global candy market size was evaluated at $12.1 Billion in 2022 and is slated to hit $15.1 Billion by the end of 2030 with a CAGR of nearly 10.1% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace. The candy industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Candy Market: Overview

Candy is a confectionary that includes sugar as its key ingredient. Moreover, the category which is also referred to as sugar confectionery comprises sweet confection that includes chewing gum, chocolate, and sugar candy. Furthermore, candy is characterized by the utilization of a substantial proportion of sugar or its substitutes. For the record, the main audience for the product is children and youth.

Key Insights

• As per the analysis shared by our research analyst, the global candy market is projected to expand annually at the annual growth rate of around 10.1% over the forecast timeline (2023-2030)
• In terms of revenue, the global candy market was evaluated at nearly $12.1 billion in 2022 and is expected to reach $15.1 billion by 2030.
• The global candy market is anticipated to record massive growth over the forecast period owing to a prominent increase in the young population and the growing popularity of dark chocolate.
• Based on product type, the clinical beds segment is predicted to contribute majorly towards the market growth over the forecast timeline.
• In terms of distribution channel, the convenience stores segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the Asia-Pacific candy market is projected to register the highest CAGR during the assessment period.

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Candy Market: Growth Factors

Growing consumption of chocolate candies to embellish the global market trends

Escalating demand for chocolate candies is predicted to boost the expansion of the global candy market. Rise in urbanization and increasing per capita income are some of the major factors bolstering the growth of the candy market. In addition to this, a prominent increase in the young population and the growing popularity of dark chocolate are some other indirect factors for the growth of the candy market growth. Surge in the consumption of sugar-free candies owing to conscience among consumers to stay fit and healthy will embellish the growth of the candy market.

Furthermore, the large-scale presence of non-chocolate as well as chocolate candies manufacturers across the globe will steer the expansion of the candy market across the globe. In addition to this, the rise in the intake of dark chocolate offering numerous health benefits will boost the global market trends.

Candy Market: Hindrances

High sugar ingredients present in candies to put brakes on the global industry surge

Presence of high sugar content in candies with the rise in the incidences of dental issues and obesity owing to a massive intake of these products can deter the growth of the global candy industry. Moreover, the rise in tooth infections in kids has inhibited product demand in recent years.

Candy Market: Opportunities

Easy access to candies in supermarkets & hypermarkets to open new growth opportunities for the global market

Increase in the number of smokers has led to a massive intake of chew candies, thereby creating new growth opportunities for the global candy industry. Rise in the number of supermarkets & hypermarkets across the globe and the easy availability of candies in these superstores will open new avenues of growth for the industry across the globe.

Candy Market: Challenges

Huge costs of raw components used in manufacture of products to put a big challenge for the global industry

High raw material costs along with huge product transportation costs have put a big challenge in the growth path of the global candy industry. Apart from this, disruption in the supply chain activities leading to low supply & less availability of products in the market can prove to be one of the biggest hurdles in the growth path of the industry across the globe.

Candy Market: Segmentation

The global candy market is sectored into product type, distribution channel, and region.   

Based on the product type, the global candy market is divided into chocolate candy and non-chocolate candy segments. In addition to this, the non-chocolate candy segment, which contributed to over 45% of the global market share in 2022, is predicted to maintain its segmental dominance even in the coming years. The segmental growth in the next eight years can be attributed to a rise in demand for non-chocolate candy products such as pastilles, caramels & nougat, hard-boiled candies, gums, toffees, mints, and jellies & chews from consumers belonging to all age-groups of population base.

In terms of distribution channel, the global candy industry is divided into supermarkets/hypermarkets, convenience stores, specialty stores, online retail stores, and others. The convenience stores segment, which held the largest share of nearly 39% of the global market in 2022, is slated to continue its market domination over the upcoming years. The growth of the segment in the coming years can be subject to easy access to candy products in convenience stores.

Recent Breakthroughs

• In the second quarter of 2023, Karl Fazer, a Finland-based firm in the chocolate candies producing business, introduced a range of confectionary products in India. The move will boost the expansion of the candy business in India.            
• In February 2023, the World of Sweets, a UK-based distributor, importer, and wholesaler of confectionery items, launched two candy realms confectionery products. The move will boost the expansion of the candy market in Europe and across the globe.
• In November 2022, Lawson, a convenience store based in Japan, introduced flavorless candy tasting like emptiness. The move will help in the expansion of the candy business in Japan.  

Candy Market: Report Scope

Candy Market: Regional Insights 

North American candy market to record noteworthy growth over 2023-2030

North America, which accounted for 43% of the overall share of the global candy market in 2022, is anticipated to dominate the regional market surge in the assessment timeline. The regional market surge over 2023-2030 can be due to the escalating sale of chocolate-based confectionery items and surging product launches by the major players in the region. In addition to this, the presence of key industry players in this sub-continent will steer the expansion of the regional market.

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On the other hand, the candy industry in the Asia-Pacific region is predicted to record the fastest CAGR of 11.1% in the ensuing years. The regional market growth over the analysis period can as a result of globalization, urbanization, rising purchasing power, and an increase in product demand from children and youth.

Candy Market: Competitive Space

The candy market profiles key players such as:

• Palmer-candy (U.S.)
• Candy Rush Muskoka (Canada)
• Sweet Candy Company (U.S.)
• Meiji Holdings Co.
• Ltd (Japan)
• THE HERSHEY COMPANY (U.S.)
• Nestlé (Switzerland)
• Cloetta (Sweden)
• Mondelez International (U.S.)
• Ferrero (Italy)
• Mars
• Incorporated (U.S.)
• Pladis Global (UK)
• LOTTE CONFECTIONERY CO.LTD (South Korea)
• Storck (German)
• Perfetti Van Melle (Netherland)
• General Mills Inc. (U.S.)
• Arcor (Argentina)
• THE BANG CANDY COMPANY(U.S.)
• Quality Candy Company (U.S.)
• SUGARFINA USA LLC (U.S.)
• HARIBO GmbH & Co. KG (Germany)
• Jelly Belly Candy Company (U.S.).

The global candy market is segmented as follows:

By Product Type

• Chocolate Candy
• Non-Chocolate Candy

 By distribution Channel

• Supermarket/Hypermarket
• Specialty Stores
• Online Retail Stores
• Convenience Stores
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa