Chocolate Flavoured Candy Market

Chocolate Flavoured Candy Market Size, Share, Growth (2023-2028):

Chocolate Flavoured Candy Market was worth USD 79 Billion during the year 2023 and is estimated to grow at a CAGR over 3% 

Chocolate Flavoured Candy Market Overview:

Candy is the sugar confectionery food that consists of any sweet confection that encompasses in any form like chocolate, chewing gum, and sugar candy. It has sugar as a primary ingredient with fruits and vegetables are glazed and coated with sugar. Candies can be eaten normally, served in a dessert course at the end of a meal or as a snack between meals depending on each culture. Candies are made in smaller pieces, unlike a cake or bread that includes hard candies, soft candies, marshmallows, caramels, taffy, and other candies. Candies can be eaten normally, or as a snack between the meals or served in dessert at the end of the meal depending upon the culture. Candies are made in smaller pieces, unlike cakes which include hard candies, soft candies, taffy, marshmallows, etc. Hot chocolate and other cocoa-based candies are made from white chocolate which became most popular in the western diet and has a large number of sales in all the flavors, chocolate became one of the most popular flavors in the world and a vast number of confectionary food involving chocolate have been created, particularly sweets including candies, cakes, pudding, mousse, chocolate brownies, and chocolate chip cookies. Chocolate candies are sometimes treated as a special branch of confectionary food that includes chocolate candy bars and chocolate truffles. 

Recent Developments in the Chocolate Flavoured Candy Industry:

In the year 2019, Barry Callebaut established its new local chocolate manufacturing facility in India owing to steadily increasing chocolate consumption in India and they are planning to start this unit operations by mid-2020.

Chocolate Flavoured Candy Market Drivers:

The prime facets which influence the growth of the global Chocolate flavored candy market are growing urbanization and incessantly increased expenditure capacity of customers.

Factors like an increase in demand for confectionery food, people's attention owing to great taste, an increase in popularity for dark chocolate, longer shelf-life, rise in disposable income, changing lifestyles, innovations in the chocolate industry, rise in population are the key factors which are driving the market of Chocolate flavored candy. Also, chocolates are gaining popularity as gifts and the rising demand for candies, especially during the festive season is a major factor fueling the growth of the global Chocolate flavored candy market, Certain types of candies can add valuable protein, minerals which can aid in the building of the body and general well-being. Besides, some research proved that consuming dark chocolate in limited amounts can be good for the heart, and this acted as the key factor in increasing the market of dark chocolate. Economic studies have stated that lipstick sales tend to rise during recessions, as the relatively inexpensive purchase goes a long way to cheer up women. Eating a bar of chocolate is likely to offer a similar effect, saving dollars and offering a taste.

Chocolate Flavoured Candy Market Restraints:

However, the high sugar content in chocolate-flavored candies, are directly associated with diseases like obesity and diabetes. Also, excessive consumption of chocolate-flavored candies can result in dental problems. Additionally, increasing health consciousness among the global population is expected to lower the demand for chocolate-flavored candies, which in turn is expected to hamper the growth of the global chocolate-flavored candy market over the forecast period. Factors like demand for the confectionary food, gaining people's attention with rich taste, increase in the demand for the dark chocolate flavor, longer shelf-life compared to other food, rise in disposable income, changing lifestyles, growing urbanization, product innovations in the confectionary food and rise in population are driving the Global Chocolate Flavoured Candy Market. However, factors like low nutrition content and the rising prevalence of obesity and diabetes are hampering the growth of the market.

REPORT COVERAGE:

Chocolate Flavoured Candy Market Segmentation:

Market Segmentation:

By type, the chocolate-flavored candy market is mainly divided into three parts namely

• milk chocolate

• White chocolate

• Dark chocolate

and among these milk chocolate is most commonly available in the market and holds the major share in the overall market. White Chocolate because of its unique taste is also increasing its share in the market as some kids and young people prefer White chocolate over milk chocolate and white chocolate is also used in preparing desserts. Dark chocolate on the other side is preferred by fewer people because of the presence of excess cocoa which adds some bitterness to it, but its gaining importance because of backing by some studies stating that consuming dark chocolate in limited quantities can be good for cardiac health.

By Distribution Channel, the Chocolate flavored candy is mainly divided into

• Supermarkets/ Hypermarkets

• Online Retail

• Convenience stores

• Coffee houses

• Personal Use

Among these, the Supermarkets segment was dominant, which accounted for half of the share in the chocolate flavored candy market, and is expected to retain the dominance throughout the forecast period, supermarkets are most preferred for purchasing candies. Owing to the presence of a large number of chained hypermarkets in developed countries and growing penetration of these in the developing countries has led to its higher share in the chocolate flavored candy market. Due to the busy lifestyles of consumers and the rise in the percent of people getting used to a convenient lifestyle, they are engaged in purchasing candies through online retails, which is likely to lead to the high growth rate of this segment during the outlook period.

Chocolate Flavoured Candy Market Regional Analysis:

The market has also been geographically segmented into

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle-East & Africa.

In 2018, North America is projected to have the largest share in terms of revenue owing to the high demand for confectionary food and high investments in the food industry by government organizations and private companies. However, the Asia-Pacific region is anticipated to have the fastest growth rate with a high CAGR due to the high demand for food owing to the rise in population, product innovations, growing demographics, and emerging economies like China and India.

Chocolate Flavoured Candy Market Key players:

1. Hershey's

2. Nestle

3. Mars

4. Tootsie Roll

5. Florestal Foods

6. Colombina S.A.

7. Tora Foods, LLC

8. Carmit Candy Industries

9. Natural Food Works Group

10. August Storck KG

11. Lowell International Polska 

Impact of COVID-19 on Chocolate Flavored Candy Market:

COVID-19 mainly affects this market in three ways firstly by directly affecting the production and demand. Secondly, by disrupting the supply chain and market, and thirdly by the financial impact on firms and market. Rise in health consciousness among people is also expected to hurt the growth of this business.