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The candy market is estimated to grow at a CAGR of 4.48% between 2022 and 2027. The size of the market is forecast to increase by USD 56.43 billion. The growth of the market depends on several factors, including increasing marketing activities, increasing premiumization of chocolate candy, and increasing purchasing power of consumers.
This report extensively covers market segmentation by type (non-chocolate candy and chocolate candy), distribution Channel (offline and online), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global candy market as a part of the global packaged foods and meats under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats products market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increase in purchasing power of consumers is notably driving the market growth, although factors such as the increase in the number of product recalls may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Candy Market Driver
The increase in purchasing power of consumers is notably driving the market growth. The market's continued growth and customers' increasing purchasing power are the primary factors in generating opportunities for the candy market. The widely distributed candies are created for both children and the younger demographic. Consumer preferences, population growth, and consumer inclinations are the main factors influencing candy demand.
Moreover, significant market players in the candy industry may have excellent revenue-generating opportunities due to the production of candy with fewer sugar additives. The inclusion of valuable ingredients, additional nutrients, and minerals in candies is a great opportunity for major players to increase their revenue and market share. The growth of emerging new markets will act as a market driver and expand the favorable chances for the market growth rate during the forecast period.
Significant Candy Market Trend
Increasing online sales is the key trend in the market. Online shopping offers ease, convenience, and accessibility to a wider variety of products. As more companies use online platforms to reach consumers, this has created a growing market for online candy sales. The practice of explicitly revealing a product's ingredients, known as "clean labeling," is another development that is having an impact on the worldwide confectionery market. The demand for products created with natural components is rising, as opposed to those with artificial preservatives, colors, and tastes. They desire a more natural and healthy diet.
Candy producers and brands are investing in R&D to produce fresh, cutting-edge clean-labeled candy products or utilizing e-commerce platforms to reach a wider audience of consumers. This is expected to be a trend that will drive the growth of the market in focus during the forecast period.
Major Candy Market Challenge
An increase in the number of product recalls is the major challenge impeding market growth. Candy producers are quite concerned about product recalls as they can harm their reputation, diminish consumer trust, and cause them to lose money. One of the key reasons for the increase in product recalls is the rising concern over food safety. As consumers grow more health conscious and aware of the contents in their food, they are expecting greater transparency and safety in the items they purchase. As a result, regulations are more stringent nowadays, and producers are required to meet greater requirements for the reliability and security of their goods.
The globalization of the candy industry, which has increased the use of intricate supply chains and the use of raw materials from a variety of sources, is another factor contributing to the rise in product recalls. Because of this, it is now harder for manufacturers to keep an eye on and regulate the quality of their goods, which increases the risk of product contamination and recall. This is expected to hinder the growth of the market in focus during the forecast period.
Key Candy Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Candy Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Sweet Candy Co. Inc. - The company is involved in the production of salt water taffy, candy bears, fruit sours, chocolate sticks and various other gift items. The company offers gourmet dark chocolate candies, milk chocolates and white chocolates, and luxury candy gifts.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the non-chocolate candy segment will be significant during the forecast period. Due to rising health consciousness and the demand for non/low-sugar chocolates/confectionery items, non-chocolate candy has gained commercial traction in recent years. The main reason for the rise in demand for non-chocolate confectionery among the general public is an increase in the number of people experiencing a sugar rush after eating chocolates with high sugar content.
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The non-chocolate candy segment was valued at USD 121.80 billion in 2017 and continued to grow until 2021. People of all ages, genders, and socioeconomic levels enjoy non-chocolate candy. This adaptability opens up a wide range of opportunities for non-chocolate candy makers to reach a larger audience. The rising population of emerging countries has resulted in a higher demand for non-chocolate candies, which is fueled by increased customer purchasing behavior. This, in turn, will lead to the growth of the non-chocolate segment of the market during the forecast period.
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APAC is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The global candy market is expected to have a steady growth rate during the forecast period. The increase in population and rising urbanization across APAC have led to an increase in demand for various food products, such as confectioneries and candy. The market in countries such as India, China, Japan, and Thailand is expected to witness significant growth owing to the increase in demand from customers. Among APAC countries, an increase in health concerns among people in Japan has led to an increase in the consumption of chocolate-based candies that are made from cocoa, which has a balance of nutrients such as magnesium, calcium, and iron that help in preventing cancer, obesity, and other health problems. During the forecast period, such factors are likely to fuel the growth of the market.
In 2020, the market in the region was adversely affected by COVID-19. However, the demand for chocolate and non-chocolate candies in APAC is expected to witness high year-over-year growth during the forecast period due to the presence of some of the fastest-growing markets, such as China and India, in the following years. The players are also investing in the region to increase their presence and market share. APAC is the most promising market for candies because it is consumed due to their properties that are beneficial for health. Thus, such factors are expected to drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Candy Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
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Market growth 2023-2027 |
USD 56.43 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.13 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 59% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Arcor Group, AUGUST STORCK KG, Cloetta AB, Ferrero International S.A., General Mills Inc., HARIBO GmbH and Co. KG, Jelly Belly Candy Co., Kellogg Co, Mars Inc., Meiji Holdings Co. Ltd., Nestle SA, Palmer Candy Co., Perfetti Van Melle Group BV, pladis Foods Ltd., Quality Candy Co., SUGARFINA USA LLC, Sweet Candy Co. Inc., The Bang Candy Co., The Hershey Co., and Mondelez International Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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