Candy Market Size (2024 - 2029)

Candy Market Analysis

The Candy Market size is estimated at USD 69.20 billion in 2024, and is expected to reach USD 83.46 billion by 2029, growing at a CAGR of 3.82% during the forecast period (2024-2029).

Over the last year, the coronavirus has impacted every industry, including the confectionery and candy industry, although only for the short term. Early sales data of the candy market across the globe registered a steep decline in the gums and mint category as a result of COVID-19 while chocolate candy, as well as non-chocolate candy, continued to attain strong growth. COVID-19 also brought massive changes to the retail side of the candy industry. More consumers started online ordering for groceries, ranging from click-and-collect to home delivery. The Hershey Company stated that its e-commerce sales were up significantly, with a growth of over 120% in March 2020, versus 60% in January 2020 and February 2020.

Candy products have acquired a prominent place in households across the globe due to COVID-19 lockdown implementations and lockdown extensions. The preference for sweet indulgence has increased due to more consumers working from home, with consumers opting for candies as a small snack. Furthermore, the change in traditional patterns of food consumption may also open a pathway for innovation across the candy market across the globe as countries are recovering from the impact of the global pandemic.

This increase in candy market value may be linked to a number of causes, including increased product innovation by key companies, an ever-increasing population of young and children, and rising personal disposable income. The key elements driving the expansion of the confectionery market are rising westernisation, modernisation, and personal disposable income. Other indirect candy market growth variables include an ever-increasing youthful population, the growth and expansion of the confectionery sector, and the growing popularity of dark chocolate. Consumers' impulsive behaviour has pushed producers to increase the availability of various candies on a huge scale in the market. 

Candy Industry Segmentation

Candy, often known as sweets or lollies, is a sweet confection made primarily of sugar. Any sweet confection including chocolate, chewing gum, and sugar candy, falls under the genre of sugar confectionery. The global candy market is segmented by Type, Distribution Channel, and Geography. Based on type, the candy market is segmented into Chocolate candy and Non-chocolate candy. The Non-chocolate candy segment is further segmented into Hard-boiled Candies, Pastilles, Gums, Jellies, Chews, Toffees, Caramels, Nougat, Mints, and other Non-Chocolate Candies. The other types of Non-chocolate candies include Licorice, Lollipops, and Medicated confectionery. Based on Distribution Channels, the market is segmented into Supermarkets/Hypermarkets, Convenience stores, Specialist Retailers, Online retail, and Other Distribution channels. To provide a broader perspective, the market is studied for potential and promising countries across different regions including North America, Europe, Asia-Pacific, South America, Middle-East, and Africa. For each Segment, the market sizing and forecasts are carried out based on value (in USD millions).