Digital Advertising is fastest growing segment fueling the growth of Candy Market

The global Candy Market is estimated to be valued at US$ 83.37 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Candy refers to confectionery products that are sweet and flavorful. It includes products like chocolates, caramels, gummies, and other hard candies. Candy provides energy and creates uplifting effects due to its sweet taste. It acts as a quick snack and is commercially very popular.

Market key trends:

Digital and online retailing has emerged as a key trend in the candy market. With growing smartphone and internet penetration, consumers are preferring digital avenues for purchasing candies and chocolates. Leading candy manufacturers are focusing on strengthening their online presence through company owned websites and well-known e-commerce platforms. For instance, various brands offer exclusive discounts, deals and combo packs on festive occasions through their digital platforms. This helps boost sales volumes without requiring large physical retail footprints. Innovation in flavors and packaging is another major trend. Manufacturers are developing exotic flavors like gin & tonic, dark chocolate mint and premium product packaging to attract consumers and increase their basket size. This is significantly fueling the demand for candies worldwide.

Segment Analysis

The global candy market is segmented on the basis of product type, distribution channel, and region. Based on product type, the market is segmented into chocolate candy, gummy candy, hard boiled candy, mints/breath fresheners, licorice, jelly beans, lollipops and others. The chocolate candy segment dominates the global market due to high consumer preference for chocolates and health benefits associated with dark chocolates.

Key Takeaways

The Global Candy Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing snacking habits and desire for sweet indulgence among consumers worldwide.

The regional analysis shows that North America dominates the global candy market. However, Asia Pacific region is expected to register the highest CAGR during the forecast period owing to increasing consumer spending on confectionery products and availability of flavors tailored to regional tastes in India and China.

Key players operating in the candy market are 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. Among these, Ferrero Group, Mars Incorporated, and Mondelez International, Inc. captured major market share in 2022.

Read more: https://www.ukwebwire.com/candy-market-insights-trends/