Candy Market - Growth,Trends, and Forecast (2020 - 2025)
The global candy market is expected to grow at a CAGR of 3.99% during the forecast period (2019-2024).
- The target population for the candy market is primarily children and young population. The growing availability of different varieties of candies, both chocolate as well as non-chocolate candies, has led to the high demand for candies, fuelled by impulsive purchase behaviour of consumers.
- With strategic expansions, mergers, and new product launches, in order to cater to the growing demand for candies, companies are coming up with innovative seasonal tastes and flavours, in order to gain higher market shares.
Scope of the Report
Global Candy Market is segmented by Chocolate candy and non-chocolate candy by Boiled sweets, Toffees, Caramels and Nougat, pastilles, gums, jellies and chews, mints, and other. Other types include liquorice, lollipops and Medicated confectionery.
Key Market Trends
Growing demand for low calorie and sugar-free candies
Low-calorie products, such as sugar-free candies, will be the driving force behind the modest growth in the global candy market over the forecast period. High sugar intake is a cause for concern because it is linked to a number of health problems. To avoid sugar when consuming candy, many people choose sugar-free options. To make sugar-free candy sweet, there are two classes of sweeteners that are typically used; sugar alcohols and artificial sweeteners. The sugar-reduction movement has caused manufacturers to use an increasing amount of sugar replacers or natural sweeteners instead of their new products. The health trend has not only fostered a shift in ingredients for the candy industry, but also a new pack sizing strategies.
Emerging economies drive candy sales
The Asia Pacific leads the global candy sales followed by North America. The target population for the candy market is primarily children and young population. The growing population in emerging economies has led to the high demand for candies, fuelled by impulsive purchase behaviour of consumers. Developing economies, where per capita candy consumption is very low compared to their western counterparts is slowing increasing. Many countries are witnessing campaigns and media advertisements related to innovative candy products which are directly impacting the sales rate of sugar-based confectionary. Companies are increasingly launching products with innovative flavours such as raw mango, Tamarind, Strawberry etc to woo consumers.
Based on the nature of the market and virtually no entry barriers, candy market globally is very competitive with a huge number of domestic companies capturing minimal share in the market. Owing to the rapidly developing nature of the market, launching a new product has become the most important strategy, among all. Companies have adopted expansion as the key strategy, followed by mergers and acquisitions. This attempt of global players has proven successful in making their presence stronger with high market share with these mergers and expansions.
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