The global candy market is estimated to be valued at US$ 83.37 Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Candy market has strong brand recognition globally where consumers prefer legacy brands. Manufacturers are optimizing products to cater health-conscious customers by offering sugar-free candies, low-calorie options. Rapid urbanization and increasing disposable incomes in developing nations augmenting demand.
Weakness: Health issues related to regular candy consumption like tooth decay, obesity are challenging growth. High production costs and volatility in raw material prices pose operational challenges. Strict regulations on additives and labeling can increase compliance costs.
Opportunity: Manufacturers can explore opportunities in Southeast Asia, South America and Africa regions with growing middle class. Innovation in flavors, packaging and formats will aid customer retention. Partnerships with e-retail and online channels can boost accessibility.
Threats: Stringent regulations on marketing candies to children can dampen sales. Growing health-consciousness and preference for natural substitutes are threats. Economic slowdowns can negatively impact discretionary spending on confectionery. Trade protectionism and global pandemic situations pose risks.
Key Takeaways
The Global Candy Market Growth is expected to witness high over the forecast period of 2023 to 2030 supported by rising incomes, evolving tastes and expanding distribution infrastructure globally. The market size is projected to reach US$ 83.37 Mn by 2023 growing at a CAGR of 2.5% through 2030.
Regional analysis: North America currently dominates the global candy market share led by United States. However, Asia Pacific region especially China and India offer significant growth potential with burgeoning young demographics and rising living standards augmenting demand. Latin America and Middle East regions will emerge as high potential markets in next 5–7 years.
Key players: Key players operating in the Candy market are Accion S.A., Cargill Incorporation, Jost Chemical Co., Nutrena, Tyson Food Inc., Anheuser-Busch InBev NV, Corbion, Henan Jindan Lactic Acid Technology Co Ltd., Land O’Lakes Inc., Provimi, Shenzhen Esun Industrial Co., Ltd., Shaanxi Sciphar Hi-Tech Industry Co. Major companies are focusing on new product development, marketing campaigns and geographical expansion into high growth regions to strengthen their market share.
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