Candy Market Growth Accelerated by Increased Health Awareness

 

Candy provides an instant energy boost through sugar and comes in various flavors. It is a healthier option for snacking between meals as compared to chips or fried snacks. With rising health consciousness among consumers, candy makers are introducing products with fewer calories and natural ingredients. The global Candy Market is estimated to be valued at US$150 billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increased focus on health and wellness has accelerated the demand for candies with functional ingredients. Major candy makers are investing in research and development to launch products containing fiber, herbs, vitamins and probiotics. For instance, some gummies are infused with melatonin to promote better sleep. Sugar-free or reduced sugar candies containing natural sweeteners like stevia are also gaining popularity among health-conscious consumers. Manufacturers are utilizing opportunities in the booming functional candy market to position their brands as healthy snack options. They aim to attract millennial customers who prefer snacks offering nutrition along with indulgence. This trend is expected to boost the candy market growth over the forecast period.

Segment Analysis

The global candy market is primarily segmented into chocolate candy and non-chocolate candy. The chocolate candy segment dominates the market and accounts for over 50% share. The segment is expected to maintain its dominance over the forecast period. This is owing to the widespread popularity and availability of chocolate candy products across all regions. Changing lifestyle and higher disposable income have encouraged the growth of chocolate confectionery products globally.

Key Takeaways

The global candy market is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to grow at a CAGR of 4.7% during this period.

Regional analysis: North America is currently the largest candy market, followed by Europe and Asia Pacific. The North American region is expected to continue dominating the global market over the next few years. This can be attributed to the high per capita candy consumption and strong regional economy in countries like the US and Canada. Asia Pacific region is projected to witness the fastest growth, rising at a CAGR of over 5% during the forecast period. Growing middle class population, rising disposability incomes and western influence on consumption pattern are fueling the demand for candies in the Asia Pacific region.

Key players operating in the candy market are Mars, Incorporated, Mondelēz International, Nestlé, The Hershey Company, Ferrara Candy Co., Meiji Co Ltd, Perfetti Van Melle and Haribo. Mars, Incorporated is the global market leader, commanding over 25% value share of the total market. The company's iconic brands such as M&M's, Snickers and Twix enjoy widespread popularity globally. Mondelēz International holds the second position in the global candy market with its brands such as Cadbury, Milka and Toblerone.

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