Candy Market Set to Reach USD 318.87 Billion by 2030

Global Candy Market Projected to Reach USD 318.87 Billion by 2030

The global candy market is poised for significant growth, with projections indicating an increase from USD 243.95 billion in 2023 to approximately USD 318.87 billion by 2030. This growth reflects a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period.

Market Dynamics

The candy market's expansion is driven by several factors, including rising consumer spending, evolving tastes, and the introduction of innovative products. Chocolate candies, in particular, hold a prominent position in various global festivals and occasions, contributing to increased demand. Additionally, the launch of new chocolate varieties incorporating fruits and nuts has further propelled market growth.

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Competitive Landscape

The market is characterized by intense competition, with major players focusing on product innovation and strategic expansions. Companies such as THE HERSHEY COMPANY, Nestlé, Meiji Holdings Co., Ltd., General Mills Inc., Mondelēz International, Kellogg NA Co, and Mars, Incorporated are at the forefront, continuously introducing new products to cater to diverse consumer preferences.

Regional Insights

United States: Growth and Opportunities

The United States dominates the candy market, with key companies like THE HERSHEY COMPANY, General Mills Inc., Mondelēz International, Kellogg NA Co, The Bazooka Companies, and Mars, Incorporated leading the industry. These companies are driving market growth through continuous product innovations and strategic expansions.

Asia-Pacific: Trends and Developments

In the Asia-Pacific region, companies such as Meiji Holdings Co., Ltd. in Japan and LOTTE CONFECTIONARY CO.LTD. in South Korea are significant contributors to the candy market. The region's growing population and increasing disposable income levels have led to a surge in demand for confectionery products, prompting companies to introduce new and innovative offerings.

Europe: Consolidation and Updation

Europe hosts several key players in the candy market, including Nestlé (Switzerland), Pladis Global (United Kingdom), August Storck (Germany), Perfetti Van Melle (Italy), Cloetta (Sweden), and The Ferrero Group (Italy). The region has witnessed strategic mergers and acquisitions aimed at consolidating market positions and expanding product portfolios.

Middle East and Africa: Emerging Trends

The Middle East and Africa are emerging markets for the candy industry, with increasing urbanization and a growing young population driving demand. Companies are exploring opportunities to introduce products tailored to local tastes and preferences, contributing to market growth in these regions.

Recent Developments

• Mondelez International's Acquisition Interest in Hershey: In December 2024, Mondelez International, the owner of Cadbury, explored the possibility of acquiring Hershey Company. This potential merger could create one of the world's largest confectionery companies, although discussions are in the preliminary stages with no assurance of a deal.

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• Kellanova's Merger with Mars Inc.: Kellanova, the parent company of brands like Pringles and Cheez-It, reported strong financial performance while preparing for a $36 billion merger with Mars Inc., expected to close in the first half of 2025.

Candy Market segmentation :

by Product Type

Chocolate Candy
Non- Chocolate Candy
Hard Boiled Candies
Pastilles, Gums, Jellies and Chews
Toffees, Caramels and Nougat
Mints
Others

Chocolate candies are a product class that includes both chocolate and cocoa items. Hard-boiled candies, pastilles, gums, jellies & chews, toffees, caramels & nougat, mints, and other products are further subdivided into the non-chocolate candy sector. Due to different consumer preferences, the non-chocolate candy has the highest growth rate. The demand for non-chocolatey sweets is rising as a result of athletes' growing use of gums and chews as well as children's growing interest in jellies and toffees. On the other hand, during the course of the forecast period, chocolate candies are anticipated to capture the greatest market share.

by Price Point

Economy
Mid-Range
Luxury

The market is divided into Supermarkets and Hypermarkets, Convenience Stores, Specialist Retailers, Online Retail, and Others based on the Distribution Channel. The candy market was dominated by the Supermarkets and Hypermarkets category, which is anticipated to hold the greatest market share over the 2024–2030 forecast period. Supermarkets need to adjust to the rapidly changing demands of their customers. Customers' desire for candy is increased by their variety, availability, and occasionally special offers.

by Age Group

Children
Adult
Geriatric

by Distribution Channel

Supermarkets and Hypermarkets
Convenience Stores
Specialist Retailers
Online Retail
Others

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Learn about the top players driving innovation in the Candy Market :

1. THE HERSHEY COMPANY - United States
2. General Mills Inc. - United States
3. Mondelēz International - United States
4. Kellogg NA Co - United States
5. The Bazooka Companies – United States
6. Mars, Incorporated - United States
7. HARIBO of America, Inc. - United States
8. Sweet Candy Company. - United States
9. THE BANG CANDY COMPANY - United States
10. Quality Candy Company - United States
11. Muskoka Candy Company - Canada
12. Palmer-candy - United States
13. SUGARFINA INC. - United States
14. Jelly Belly Candy Company - United States

Candy Market Key Players for Europe

1. Nestlé– Switzerland
2. Pladis Global - United Kingdom
3. August Storck - Germany
4. Perfetti Van Melle - Italy
5. Cloetta – Sweden
6. The Ferrero Group. - Italy

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