Newark, NJ, May 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global candy market is expected to grow from USD 217.8 billion in 2020 and reach USD 290.7 billion by 2028, growing at a CAGR of 3.8% during the forecast period 2021-2028.
The global candy market is estimated to observe a significant growth rate throughout the forecast period owing to factors such as constant innovations to the existing products and aggressive branding to persuade the consumers, the increasing demand for candy products globally, especially during festive seasons as candy products are identified as seasonal products and are associated with festivities. The candy market has also grabbed the attention of investors and has become a target for investments by several multinational companies. The various varieties of candies available have led to an increase in the demand for candy worldwide.
Candies are confection products with sugar as the primary ingredient. Although the main target audience for candies is the young population and children, it is enjoyed by people of all age groups across the globe. Candies are made with a combination of milk, nuts, fruits, chocolate and artificial sweeteners and come in the shape of bars, small pieces and drops. There are certain candies with vitamins and minerals that provide protein value which can help with bodybuilding. Consumers who have a hectic schedule generally opt for candies as a small snack as they require less time for consumption and can be enjoyed during breaks. Candy products have registered a prominent place in the households, especially during the lockdowns as more people were working from their houses.
The factors contributing towards the growth of the candy market are the rise in the expenditure capability of the consumers, the rapidly growing urbanization and industrialization, especially in developing countries. With the growing population comes a growth in the target consumer base as well. The changing tastes and preferences of the consumers, developing economies etc., have led to a significant increase in the sales of candy all across the globe. The factors restraining the market are the increasing occurrence of dental problems due to the consumption of candies that have high sugar content, the volatile nature of the prices of the raw materials such as sugar, cocoa and rising health concerns that can hamper the growth of the candy market. Launching candies that have low sugar content, candies with nutritional value is an excellent opportunity to speed up the development of the candy market. Manufacturing organic candies with health benefits will help expand the market as more number of people have become health-conscious.
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Some of the major players who are currently operating in the global candy market are The Ferrero Group., Meiji Holdings Co., Ltd., THE HERSHEY COMPANY, Quality Candy Company, Nestlé, Cloetta, General Mills Inc., Mondelēz International, Kellogg NA Co, Mars, Incorporated, pladis global, LOTTE CONFECTIONERY CO.LTD., August Storck, Perfetti Van Melle, Muskoka Candy Company, HARIBO of America, Inc, Arcor, Sweet Candy Company., THE BANG CANDY COMPANY, palmer-candy., SUGARFINA INC., Jelly Belly Candy Company.
The sugar candy segment dominated the market and held the largest market share of 55% in the year 2020
Based on type, the global candy market is segmented into chocolate candy, sugar candy, and gum candy. The sugar candy segment dominated the market and held the largest market share of 55% in the year 2020. This growth can be attributed to the varying consumer inclination towards candies which come in unique shapes and sizes and fit the festive occasion.
Supermarkets/Hypermarkets segment dominated the market and held the largest market share of 38% in the year 2020
Based on distribution channels, the global candy market is segmented into Traditional Grocery Stores, Convenience Stores, Online Sales Channel, Supermarkets/Hypermarkets, and Departmental Stores. The supermarkets/hypermarkets segment dominated the market and held the largest market share of 35% in the year 2020. This growth can be attributed to the retail format of supermarkets/hypermarkets, which is quite popular among the consumers for shopping. Amidst the global pandemic online sales channel has witnessed a significant growth as majority of the consumers prefer to do online shopping from their home itself. Various discount offers are also an added benefit of shopping online.
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Regional Segment of Candy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global candy market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe dominated the market and held the largest market share of 35% in the year 2020. This growth can be attributed to the increasing preference for sweet consumption as opposed to the traditional patterns of food. North America follows Europe in terms of market share, and this growth can be attributed to the increase in consumption of confectionery across the various age groups. Asia-Pacific is expected to witness significant growth and has the fastest CAGR. This is mainly due to the growing economic prosperity in developing countries and a rise in the disposable income of consumers.
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About the report:
The global candy market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients’ objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.
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