The global candy market was valued at US$ 1,11,423.2 million in 2019, according to Candy Market Report, by Product Type (Chocolate Candy and Non Chocolate Candy), by Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialty Stores, Online Retail, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global candy market is expected to surpass US$ 1,44,459.04 million by 2027, exhibiting a CAGR of 3.6% during the forecast period (2020-2027). The growth of the candy market is expected to be driven by rise of disposable income across the globe. For instance, according to the Organization for Economic Cooperation and Development, the global middle class populace is estimated to increase from 1.8 billion in 2009 to 4.9 billion by 2030 and also stated that the disposable income in China increased to US$ 5,278.3 in 2017 from US$ 3,562.2 in 2012.
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Browse 50 market data tables* and 45 figures* on "Candy Market” - Global Forecast to 2027.
Key Trends and Analysis of the Global Candy Market:
- Among region, Asia Pacific accounted for a significant market share in 2019. Rising investment activities and product launches by key players in the Asia Pacific also supports growth of the market. For instance, in July 2020, Mars Wrigley, one of the leading manufacturer of chocolate, chewing gum, mints, and fruity confections globally, announced its expansion by investing over US$ 0.2 Mn in new equipment to bolster its local manufacturing capability of chocolate in Victoria, Australia.
Key Takeaways of the Market:
- Among product type, chocolate candy segment held largest revenue share of 64.2% in the global candy market in 2019. According to the reports by Candy Industry Magazine, chocolate candies dominated the sales in global confectionery industry by generating US$ 14.1 billion in the year 2019. Moreover, rising gifting chocolate trends globally on occasions such as Valentine’s day and New year’s increases demand for the segment.
- Major 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.
Global Candy Market - Impact of Coronavirus (Covid-19) Pandemic
- The shutdown of hypermarkets/supermarkets hampered the sales of candies, whereas the e-commerce distribution channel helped in some revenue However, the sales of candy market was impacted negatively, as the main occasion of Christmas, Easter, and Halloween were celebrated in the lockdown period with various restrictions of travelling and social gatherings. The spread of Covid-19 led to lockdown in countries across the globe affecting various markets including the food and beverages market. Though chocolate consumption is regarded to be stable, the candies market did face some irregularities in its consumption.