Candy Market Overview
Candy is a type of confectionery that is primarily made up of sugar. In addition, it is also commonly referred to as a type of sugar confectionery that includes various sweet treats such as chewing gum, chocolate, and sugar candies. Furthermore, the prominent ingredient in candy is a significant amount of sugar or its alternatives. It should be noted that the intended audience for the product consists of children and young individuals.
The significant popularity of chocolate candies is expected to drive growth in the global candy market. Moreover, the global market is experiencing growth due to factors such as increased urbanization and higher per capita expenditure. In addition, the significant growth in the youth and millennial demographic and the increasing desire for dark chocolate are a couple of crucial factors driving the expansion of the worldwide market. The global market is expected to experience growth due to a rise in the consumption of sugar-free candies, which can be attributed to increased health awareness among both the younger and older populations.
However, the high sugar content in candy products has been linked to an increase in tooth decay and obesity, posing a potential obstacle to the growth of the candy industry worldwide. Additionally, an increase in tooth infections among children may impede the growth of the global industry in the coming years. The global candy industry is expected to experience growth opportunities due to the increasing number of supermarkets and hypermarkets worldwide. These retail stores provide easy access to candy products, creating new avenues for growth.
Candy Industry Regional Analysis
Moreover, it is worth noting that North America held the largest share of the global candy market in 2022 and is expected to maintain its dominant position throughout the projected timeline. The North American market is expected to experience growth between 2023 and 2030, potentially due to increased sales of chocolate-based confectionery products and the implementation of product development strategies by major players in the industry. In addition, the regional market is expected to experience growth due to the presence of significant market players in the sub-continent.
It is anticipated that the Asia-Pacific candy industry will experience the most significant compound annual growth rate (CAGR) in the coming years. During the analysis timeline, the expansion of the regional market can be attributed to factors such as globalization, an increase in purchasing power, and a growing demand for products among children and youth.
Candy Market Segmentation
The candy market’s product type segment is further divided into two sub-segments: chocolate candy and non-chocolate candy.
The candy industry globally is categorized into various distribution channels, including supermarkets/hypermarkets, online retail stores, specialty stores, convenience stores, and others.
Key players in the global candy market include:
- 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)
- 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.).