Candy Market Industry Trends, Forecast 2021-2027

1. Global Candy Market, By Type, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Global Candy Market- Industry Trends & Forecast Report 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global candy market was worth USD 209.8 billion in 2020. According to the study, the market is expected to grow at the CAGR of 4.2% during 2021-2027 (forecast period), earning revenue of around USD 278.9 billion by the end of 2027. The change in traditional patterns of food consumption, working from home, innovation in candies and rising demand for dark chocolates are some of the factors propelling the global candy market forward. According to National Confectioners Association (NCA) data, between mid-March and August 2020, candy sales increased by 3.8%, while chocolate sales increased by 5.5% with premium chocolate sales increasing by 12.5%.

3. Growth Drivers  Increasing Disposable Income will Fuel the Market With the rise in the living standards of middle-class consumers, emerging markets have observed categories like candies to report huge spending of disposable income. The demand for candies has always been strong during the time of festivities in developed countries, but due to improved lifestyles, even developing countries have seen exponential growth in consumerism. Furthermore, the modernization of the e-commerce industry and websites is also aiding the growth of the global candy market. Customers' increasing spending power is another important factor driving the global candy market forward.

4. Impact of COVID-19 on Global Candy Market No industry has been left untouched by COVID-19 and this includes the candy industry as well. Sales and production reported a steep decline due to the shutdown of manufacturing units. The mint and gums category suffered a setback too; nevertheless, chocolate confectioneries continue to rise in demand because it has become a necessary indulgence for people working from home during the ongoing pandemic. The market for dark chocolate is witnessing unprecedented growth owing to the impulsive purchase behavior of consumers. As a result, COVID-19 had only a short-term effect on the global candy industry.

5. Global Candy Market- By Region Based on region, the global candy market is segmented into five regions, North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific dominates the overall global candy market due to the high demand for candies from the young population and children. Moreover, the impulsive purchase behavior of consumers is another primary reason fuelling the market growth. Moreover, campaigns and media advertisements related to innovative candy products are proliferating the market. Companies are increasingly launching products with innovative flavours such as tamarind, raw mango, and strawberry to lure consumers in emerging markets.

6. Competitive Landscape The global candy market is highly fragmented due to the presence of many local and international players in the market. The key players in the market are Perfetti Van Melle Group, Mondelez International, Inc., The Hershey Company, Mars, Incorporated, Nestlé S.A., Crown Confectionery Co., Ltd., Kellogg Company, GrupoArcor S.A., Lotte Confectionery Co., Ltd., Meiji Holdings Co., Ltd., Arcor, August Storck KG, Yildiz Holding, ChocoladefabrikenLindt & Sprungli AG, United Confectionery Manufacturers, Ezaki Glico Co. Ltd., Ferrara Candy Co., Ferrero Group   , General Mills , and other prominent players. Sample Copy: https://www.blueweaveconsulting.com/report/global-candy-market-report/report-sample

7. Recent Developments • In April 2021, HI-CHEW launched a new HI-CHEW fruit combos stand up pouch. It creates a fruit-forward experience with interesting flavors like tropical smoothie, pina colada, and the fresh strawberry lemonade. Each chewlet in the pouch is wrapped up with two layers of juicy and mouthwatering goodness. • In May 2020, Prefetti Van Melle USA, Inc. has launched the first soft gummy products in the United States, under Fruit-Tella brand, which has a strong base in Europe.

8. Key Players Perfetti Van Melle Group, Mondelez International, Inc., The Hershey Company, Mars, Incorporated, Nestlé S.A., Crown Confectionery Co., Ltd., Kellogg Company, GrupoArcor S.A., Lotte Confectionery Co., Ltd., Meiji Holdings Co., Ltd., Arcor, August Storck KG, Yildiz Holding      , ChocoladefabrikenLindt & Sprungli AG, United Confectionery Manufacturers, Ezaki Glico Co. Ltd., Ferrara Candy Co., Ferrero Group    , General Mills , and other prominent players.

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