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Press Release: Candy Market to Surpass US$ 1,44,459.04 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The crystallized form of sugar syrup known as candy has been gaining high demand all over the globe and especially popular among the kids. There has been a rising demand for the chocolate candies, across the globe that has majorly contributed to the rise and expansion of the candy market. For instance, according to Coherent Market Insights analysis’ the global chocolate candy market increased to US$ 71,533.7 Mn in 2019 from US$ 68,851.0 Mn in 2018. The global candy market is estimated to surpass US$ 1,44,459.0 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 3.4% during the forecast period (2020 to 2027).
Drivers
The growing demand for chocolate candies is expected to drive growth of the candy market. Chocolate candies have been widely popular not only among the kids but also among the adults, that has further contributed to growth of the candy market globally. Chocolate candies play an important role as deserts during various festivals globally right from Halloween to Diwali and Eid. Thus, increasing use of chocolate candies for various festivals and occasions have been estimated to contribute to the growth and expansion of the candy market, globally. Halloween candies are known to be most popular among the kids in the US. Moreover, the launch of new products of chocolate candy has further accelerated the demand for candies, globally. New product launches such as chocolate candies with fruits and nuts has also been a contributing factor for the growth and expansion of the candy market, across the globe. For instance in April 2021, Snickers announced to launch almond brownie flavor chocolate candy in August 2021.
Among regions, Asia Pacific held dominant position in the global candy market in 2019, accounting for 35.54% market share in terms of revenue, followed by Europe and North America.
Figure 1. Global Candy Market Revenue Share (%), By Region, 2019
Market Restraints
The candies are also known to cause several health issues such as obesity and oral infections. Chocolates particularly are known to be the cause of tooth infections among kids and are advised to be consumed in a limited proportion only. Among the adults, high consumption of chocolate and candies are known to be the cause for obesity.
The high consumption of chocolate candies is known to be one of the major reasons for weight gain among consumers. The consumption of dark chocolate in high amount has been noted to increase weight of the consumer and lead to obesity due to the high amount of sugar, fat, and calories. According to the World Health Organisation (WHO) in 2016, globally over 1.9 Bn adults aged 18 years and above were overweight and 650 Mn adults were obese.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,11,423.2 Mn |
| Historical Data for: | 2017,2018 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 3.4% | 2027 Value Projection: | US$ 1,44,459.04 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars, Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Opportunity
With the increasing number of smokers in the UAE (United Arab Emirates) region, the consumption of chew candies is expected to rise in the near future. According to the World Bank, 18.2% of UAE adults contribute to the global prevalence of current tobacco use. The chew gums are known to reduce the tobacco smell after smoking and hence, has led to an increasing demand for chew gums. With the introduction of smokeless cigarettes in the UAE region, the number of smokers are estimated to increase and favor the consumption of chew candies. The presence of numerous hypermarkets/supermarkets have contributed to the rise and expansion of the candy market globally. Some of the major supermarkets/ hypermarkets such as Walmart, Carrefour, and others have been known to favor the revenue and sales of the candy market globally.
Figure 2. Global Candy Market Revenue Share (%), By Distribution Channel, 2019
On the basis of distribution channel, in 2019, the convenience stores segment accounted for 38.84% of the revenue share. Availability of majority of candy brands at one place along with other confectionary products is expected to drive growth of specialist stores segment over the forecast period. The rise in the convenience stores has been one of the major factors for the expansion of the candy market all over the globe. For instance, according to Coherent Market Insights analysis, the U.S. convenience stores accounted for US$ 654.3 Bn in 2018.
Global Candy Market - Impact of Coronavirus (Covid-19) Pandemic
The spread of Covid-19 led to lockdown all across the globe affecting the food and beverages market. Though chocolate consumption wasn’t hampered, the candies market did face a few irregularities in its consumption. Most of the candies are sold majorly through hypermarkets/supermarkets globally. With the implementation of lockdown, the hypermarkets/supermarkets were closed for a long period of time, which has ultimately hampered the sales of candies. During the lockdown period, consumers were concerned about stock piling of essential commodities to get through the pandemic. Though chocolate do not fall under the category of essential commodity, it did experience some sales for the children consumption and also as a source of comfort and indulgence for the adults in the lockdown period.
Competitive Section
Key players operating in the global candy market include August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars, Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company.
Candy market has been estimated to grow significantly in the coming years owing to not only its popularity among the children but also amongst the adults and its applications in various deserts such as ice cream sundaes. Apart from this, the attractive packaging of the candies has also played a vital role in the rise and expansion of the candy market all over the globe. Apart from this, the recommendation of the doctors to maintain the sugar levels among the diabetic patients has also known to contribute to the increasing demand for the candy market all over the globe.
Based on product type, the chocolate candy segment held the largest share in the global candy market in 2019. Apart from its rising demand from the millennial population, chocolate candy has also been gaining high demand due to new product launches such as low-calorie and fat-free chocolate candies. For instance in January 2019, Chocolette Confectionary LLC announced the launch of its “guilt free” Red Delight chocolate collection in the US having the world’s lowest calorie chocolates of only 16 calories per piece.
Moreover, regional as well as local candy market manufacturers have been focusing on various growth strategies, including collaborations and merges & acquisitions, with major players globally to strengthen their market position. For instance, in July 2018, Arcor, an Argentina-based food company specializing in confectionery, formed a US$ 45 million joint venture with Webcor Group, a Switzerland-based provider of agricultural commodities and fast-moving consumer goods.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
* Browse 50 market data tables* and 45 figures* on "Candy Market” - Global forecast to 2027.
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