Global Candy Market was valued at US$ 79.78 Billion in 2022, exhibiting a CAGR of 4.5% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 113.67 Billion by 2030.
Global Candy Market, By Product Type (Chocolate Candy and Non Chocolate Candy), by Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, Online Retail, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.
Global Candy Market- Driver
The availability of a wide range of varieties.
Candy consumption has experienced a surge in recent years, driven by the availability of a greater variety of confectionary products, both chocolate and non-chocolate, as well as consumers tendency to make impulsive purchases. Candy sales worldwide have seen a significant increase due to the evolving preferences and appetites of consumers in emerging economies. The emergence of the middle-class in developing economies has led to an increase in the affordability and demand for confectionery products, thus contributing to the global growth of candy sales. For instance, Mars Wrigley's new gummies, Starbust, are made with real fruit juice and come in three flavours: strawberry, orange, and lemon. These gummies were released on May 2023.
Global Candy Market- Opportunities
Major change in consumer preferences
A favourable opportunity for the candy market will be created by the market's ongoing development and consumers' rising purchasing power. The widely distributed candies are created for both children and the younger demographic. Consumer preferences, population expansion, and inclinations are the main drivers of candy demand. In terms of manufacturing and purchasing economies, enormous multinational corporations significantly outperform medium-sized businesses. Significant market players in the candy industry may have excellent revenue-generating opportunities as a result of producing candy with fewer sugar additives. Furthermore, major players may have a great opportunity to increase its revenue and market share by incorporating valuable components, additional nutrients, and minerals into candies.
Global Candy Market- Restraints
Negative effects of candies on health
The primary obstacle to the growth of the global candy market can be attributed to the high sugar content. Excessive consumption of candy can lead to dental problems due to its high sugar content, and can also contribute to weight gain. Additionally, the growing awareness of health issues among the general public is likely to lead to a decrease in candy consumption, thus limiting the growth of the market in the forecasted period. To address this, candy manufacturers are introducing healthier options and sugar-free alternatives to meet the changing consumer preferences.
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Key Takeaways:
The Asia-Pacific market is projected to experience the highest rate of market growth on a basis of region, driven by a combination of factors such as rapid globalization, westernisation, modernization, increasing disposable income, an increasing number of children, and a youthful population.
On the basis of product type, chocolate candy segment held dominant position in the global candy market in 2022, in terms of revenue. The rising gifting chocolate trends globally on occasions such as Valentine’s Day and New Year’s increases demand for the segment.
Global Candy Market- Trends
Shift towards sugar-free candies due to the health consciousness
Sugar-free candies have seen a rise in popularity recently due to rising health consciousness and consumer demand for non-/low-sugar chocolates and confectionery items. The International Diabetes Federation reports that there are currently 537 million people (20-79 years old) who have diabetes, which is the primary cause of the rise in demand for sugar-free confectionery among the general public. There will be 643 million diabetics worldwide by 2030, and 783 million by 2045. These startling figures are predicted to increase demand for sugar-free candies worldwide. For instance, in 2021, Joy Bites, a line of Fairtrade chocolate bars with organic, non-GMO, and no added sugar ingredients, was launched by Russell Stover Chocolates.
Global Candy Market- Impact of Coronavirus (COVID-19) Pandemic
The shutdown of hypermarkets/supermarkets hampered the sales of candies, whereas the e-commerce distribution channel helped in some revenue However, the sales of candy market was impacted negatively, as the main occasion of Christmas, Easter, and Halloween were celebrated in the lockdown period with various restrictions of travelling and social gatherings. The spread of Covid-19 led to lockdown in countries across the globe affecting various markets including the food and beverages market. Though chocolate consumption is regarded to be stable, the candies market did face some irregularities in its consumption
