The Candy Market is estimated to reach USD 289 billion by the end of 2027, expanding at a CAGR of 3.95 over the forecast period (2020-2027).
The factors driving the growth of Candy Market includes growing consumption of dark chocolates, rising popularity of candy amongst children, rising influence of western culture in Asian countries and rapid growth in the Global Diary Market. According to the report published by Statista, the total revenue generated the sales of dark chocolate products worldwide has increased from USD 34.25 billion in 2015 to USD 51.7 billion in 2019, which is expected to boost the Candy Market share in the approaching years. Moreover, the increasing launches of innovative candy products during the Halloween festival, easy availability of candy products at e-commerce platforms, growing demand for sugar free candies and rising investment by companies on promoting their products through social media campaigns, are some of the additional factors supplementing the Candy Market size. In addition, the Free Trade Agreements (FTA) signed by Governments around the world for the export of dairy products, changes in tastes and preference of consumers, increasing disposable income, rapid urbanization and rise in population growth rates, are further propelling the market growth.
However, the growth of Candy Market is hindered attributed to variations in the prices of raw materials such as Cocoa and Sugar.
The leading players operating in the market are Nestle S.A., The Hershey Company, Ferrero Group, Perfetti Van Melle Group B.V., Mondelez International, Inc., Mars, Incorporated, Cloetta Ab, Lotte Confectionery Co. Ltd, Cloetta Ab, and Grupo Arcor, among others.
Product Type: Segment Analysis
As per the Candy Market Analysis, the Non-Chocolate Candy segment is predicted to capture the largest market share during the forecast period attributed to increasing availability of wide range of non-chocolate candy products at traditional stores such as gummies and hard Candies.
Distribution Channel: Segment Analysis
Based on Distribution Channel, the Supermarkets/Hypermarkets is anticipated to expand at a remarkable CAGR over the forecast period. The supermarket and hypermarket provide wide range of candy products and offers huge discount to their regular customers with free delivery options, are some of the factors responsible for the growth of the segment.
Regional: Segment Analysis
According to the Candy Market Trends, the North American region is estimated to hold the highest market share during the forecast period. The increasing demand for foreign chocolate products such as Swedish Milk Chocolate Candy, increase in the launches of innovative candy products, high per capita income, and rise in population growth rates, are some of the important factors influencing the market growth in North America.
Global Candy Market by Product Type
- Chocolate Candy
- Non-Chocolate Candy
- Hard Boiled Candies
- Pastilles, Gums, Jellies and Chews
- Toffees, Caramels and Nougat
Global Candy Market by Distribution Channel
- Convenience Stores
Global Candy Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland