Candy Market

Global Candy Market Size (2024 to 2032)

The Global Candy Market size was valued at USD 239.09 billion in 2023, and the global market size is expected to reach USD 340.29 billion by 2032 from USD 248.65 billion in 2024. The market’s promising CAGR for the predicted period is 4.0%.

MARKET OVERVIEW

Candies are also known as confectioneries. The preparation of candy includes sugar, honey, and other natural or Artificial Sweeteners in combination with chocolate, milk, fruit, nuts, or other ingredients or flavors that are produced in the form of bars, drops, or pieces. Certain types of candy can add valuable proteins, minerals, and vitamins that help bodybuilding and promote overall wellness. The food and beverage industry identifies candy as part of the confectionery market and uses the terms confectionery and candy interchangeably. 

This preferably includes , Cakes, and ice cream. The global candy market has been segmented based on the presence of chocolate. The candy market is considered a seasonal market and its sales soar during the holidays. To meet the requirements for assembling candy during the holiday seasons, manufacturers are increasing employment to step up production and production. Chocolate candies are those that include cocoa or chocolate products, for example, cocoa butter. Chocolate-free candy includes non-chocolate confectionery or chocolate replicas such as marshmallows, licorice, hard candy, and jelly beans. 

MARKET DRIVERS

As consumer spending increases, the demand for consumer goods is also rising. The mounting urbanization is also an essential factor in the growth of the candy market in the world. According to the International Organization for Migration in 2015, around 3 million people migrate to cities every week.

Therefore, the above factors drive market growth. The lucrative target population of the candy market Value is the population of children and youth. According to the US Census Bureau, in 2016, children 0-17 years old represented 73.6 million people. The increasing availability of different varieties of candy has led to high demand among children. Manufacturers also engage in innovative marketing strategies to attract their target customers, as children are viewed as a highly influential population group. The increasing number of new product developments has contributed to the steady growth of the candy market Growth. There are different flavored candies of various shapes available in the market. For example, Big Red is a cinnamon-flavored chewing gum made by Mars Incorporated. The companies are also involved in the launch of new products, further stimulating demand from the candy market Share. Product innovation also aimed to address the growing health problems associated with consuming candy, such as diabetes. This has led the leading market players to offer sugar-free candy to the diabetic population and also to reduce the risk of potential diabetes in their clients.

MARKET RESTRAINTS

Industry demand is supposed to be moderate due to growing consumer health concerns, changing preferences, and falling sugar prices with low selling prices. Promotion by companies selling health-enhancing products is also an essential inhibiting factor in market growth. Most of them are backed by scientific research and studies. Since candies contain a significant amount of sugar, they are directly related to diabetes and obesity. This problem will likely be solved with the development of sugar-free candy substitutes. However, the performance of the global candy market Industry is assumed to accelerate due to increasing investments in consolidation and innovation by significant multinationals. As a result, candy makers are likely to develop healthier candy alternatives to decrease consumers' unfavorable perceptions of candy.

REPORT COVERAGE

REGIONAL ANALYSIS

North American Candy was further segmented in the United States, Canada, and Mexico. The European Candy market has been ranked in the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. The Asia-Pacific Candy market has been divided into China, India, Japan, Australia, and New Zealand, and the rest of the Asia-Pacific. The Candy market in the rest of the world has been segmented into South America, the Middle East, and Africa. 

Asia-Pacific leads the world in candy sales, followed by the North America candy market. The target population of the candy market is mainly made up of children and young people. Population growth in emerging economies has led to strong demand for candy, driven by impulsive consumer purchasing behavior. Developing economies, where per capita candy consumption is deficient compared to their western counterparts, are slowing further and further. Many countries attend media campaigns and advertisements for innovative confectionery products that have a direct impact on the rate of sugar confectionery sales. Companies increasingly launch products with creative flavors such as raw mango, tamarind, strawberry, etc.

KEY PLAYERS IN THE GLOBAL CANDY MARKET

Arcor, August Storck KG, Yildiz Holding, Cemoi, Chocoladefabriken Lindt & Sprungli AG, United Confectionary Manufacturers, Crown Confectionery Co. Ltd., DeMet’s Candy Co., Ezaki Glico Co. Ltd., Ferrero Group, Lotte Confectionery, Mars Inc., Hershey's Co, General Mills are some of the notable companies in the global Candy market.

RECENT HAPPENINGS IN THE MARKET

• HC360.com announced that on September 28, 2018, Qingdao Haier Co., Ltd. (SH600690, "Qingdao Haier") and the Italian Fumagalli family have published that they have reached an agreement to merge Qingdao Haier and Candy SpA. According to the agreement, Haier will invest 475 million euros (about 3.805 million yuan) to further accelerate its development in the European market.
• Chinese electronics giant Haier Group has announced that it will acquire Italian appliance maker Candy for € 475 million ($ 547 million) in an effort to expand its market share in Europe. The decision comes as Haier seeks to establish itself as a global brand, amid China's attempts to rebalance its economy more towards consumption and away from the infrastructure and investment model of the past.
• In January 2019, Chinese manufacturer Qingdao Haier completed the acquisition of Candy S.p.A, which owns international brands Candy and Hoover and national brands, including Rosières. Haier said the acquisition "fits perfectly" in its strategy to achieve a leadership position in all regions of the world.
• Qingdao Haier Co acquires Italian candy and will also invest € 475 million to accelerate its expansion in the European market further. Once the transaction is complete, Haier will establish its European headquarters in Brugherio, Italy, and will continue to invest in candy to increase its competitiveness in Europe and worldwide.

DETAILED SEGMENTATION OF THE GLOBAL CANDY MARKET INCLUDED IN THIS REPORT

This research report on the global Candy market has been segmented and sub-segmented based on type, distribution Channel, and region.

By Type

• Chocolate Candy
• Non-Chocolate Candy

By Distribution Channel

• Supermarkets
• Convenience Stores
• Grocery Stores
• Online and Others

By Region

• North America
• Europe 
• Asia Pacific
• Latin America
• Middle-East and Africa