Candy Market Size surpass US$ 1,44,459.04 million by 2027| Coherent Market Insights

 

Candy Market

Candy, a crystallised form of sugar syrup, has been in high demand all over the world, particularly among children. The rising demand for chocolate candies around the world has significantly contributed to the rise and expansion of the candy market. Candy is a type of confectionery in which sugar is the primary ingredient. Children and young people are the primary target audience for candies. It is enjoyed by people of all ages all over the world. The main factors driving the growth of the candy market are increasing modernization, westernisation, and rising personal disposable income.  Ever-rising young population and growing popularity of dark chocolate are some other indirect factors for the growth of the candy market growth.

Increased health consciousness has increased the desire for low sugar chocolates or confectionery items, as well as sugar free candies, in recent years. Increase the demand for sugar-free candies among the general public as the number of people experiencing a sugar rush after eating high-sugar chocolates rises. The demand for sugar-free candies is expected to drive the global candy market forward.

The global Candy Market is estimated to surpass US$ 1,44,459.04 million by 2027 and is expected to exhibit a CAGR of 3.4% between 2020 and 2027.

The increasing availability of various types of candies in the market, such as non-chocolate and chocolate candies, has led to an increase in demand for candies, which has been fueled by customers' impulsive purchasing behaviour. Consumer preferences and tastes in developing economies have resulted in a significant increase in candy sales worldwide.

Because of the health benefits associated with chocolate, rising demand for chocolate candies has dominated the market. Chocolate candies are extremely popular among people of all ages. Chocolate flavour has several health benefits, including lowering mortality rates and treating diseases such as depression and bronchitis. Furthermore, because of the cocoa content, dark chocolates have numerous health benefits. It aids in the maintenance of blood flow in the body and improves overall blood vessel functionality.

Consumers' increasing spending power and the candy market's continuous growth are important factors in creating a profitable opportunity. The widely distributed candies are designed for both children and the young population. Consumer preferences, population growth, and inclinations are the primary drivers of candy demand. In terms of manufacturing and purchasing economies, large multinational corporations have a significant advantage over small and medium-sized businesses.

Production of candy with fewer sugar additives can provide significant revenue generation opportunities for major candy market players. Furthermore, the inclusion of valuable components as well as other nutrients and minerals in candies can provide a great opportunity for major players to increase their revenue and market share.  Moreover, increase in emerging new markets will also act as market drivers and further increase the beneficial opportunities for the market's growth rate.

Major Companies involved are- Ferrero (Italy), Meiji Holdings Co., Ltd (Japan), THE HERSHEY COMPANY (US), Quality Candy Company (US), Nestlé (Switzerland), Cloetta (Sweden), General Mills Inc. (US), Mondelēz International (US), Mars, Incorporated (US), pladis global (UK), LOTTE CONFECTIONERY CO.LTD (South Korea), Storck (Germany), Perfetti Van Melle (Netherlands), Candy Rush Muskoka (Canada)

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