The global candy market is expected to grow at CAGR (compound annual growth rate) of close to three percent during the forecast period on account of the rising popularity of dark chocolate, increasing disposable income and expenditure and rapid urbanisation.
This were the findings of research-based global management consulting firm TechSci Research, which published them in its recent report, titled Global Candy Market By Product Type, By Distribution Channel, By Region, Competition, Forecast and Opportunities, 2024.
However, rising health consciousness might hamper the growth of the market. To deal with this, manufacturers are coming up with sugar-free and low-calorie candies.
For instance, Sejoyia Foods have launched two new flavours, i.e., Coconut Cashew, and Coco-Roons. The latter imparts an indulgent taste to a cookie that contains no refined sugar and no gluten added.
The global candy market can be segmented based on product type, distribution channel and region.
In terms of product type, the market can be categorised into sugar candy, chocolate candy and gum candy.
Among these, the sugar candy segment is likely to record a higher growth rate due to changing consumer preferences.
On the basis of regions, the global candy market can be segmented into North America, South America, Europe, Asia-Pacific and the Middle-East and Africa.
North America dominated the market in 2018, with respect to the candy market's revenue. The Asia-Pacific region is anticipated to witness significant growth during the forecast period, due to the increasing population and elevating disposable income in economies like China and India.
Nestle SA, Meiji Holdings Co Ltd, General Mills Inc, Mondelez International, Arcor, Mars Incorporated, Kellogg’s, Lotte Confectionery Co Ltd, Crown Confectionery Co Ltd and The Hershey Company, etc., are some of the leading players operating in the global candy market.
On account of rising health consciousness, the manufacturers are making healthy snacks, cereal bars, and diet food among other snack items.
Product launches, mergers and acquisitions are some of the strategies that are adopted by the leading players in order to register growth in the market.
For instance, Nestle SA introduced KitKat in various flavours, such as dark chocolate and green tea, to stay ahead in the market.
Moreover, the introduction of organic contents, healthy nuts, and alcohol flavour is further fuelling growth in the global candy market.
“The global candy market is anticipated to register a CAGR of about three percent during the next five years, due to the growing consumer base and increasing disposable income,” said Karan Chechi, research director, TechSci Research.
“Moreover, product innovation and high demand for candies during the festive season are further anticipated to positively influence the growth of the market through 2024,” he added.
The report evaluated the future growth potential of the global candy market and provides statistics and information on market size, structure and future market growth.
It intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions.
Besides, the report also identified and analysed the emerging trends, along with essential drivers, challenges and opportunities in the global candy market.
