$23.02 Bn Hard Candy Market Size Growing at 14.30% CAGR by 2030; Growing consumer base for confectionery products to boost the market growth – Zion Market Research

SAN FRANCISCO, U.S., June 19, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Hard Candy Market 2023 – 2030” in its research database. According to the latest research study, the demand of global hard candy market size was worth at approximately USD 14.13 billion in 2022. The market is expected to grow above a CAGR of 14.30% and is anticipated to reach over USD 23.02 billion by 2030.

The report analyzes the global hard candy market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the hard candy industry.

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Hard Candy Market Overview:

Hard candies are also known as boiled sweets. They are sugar candies made with the help of one or more sugar syrups that are heated to a temperature of around 160 degrees Celsius which turns the sugar into hard structures called candies. The word ‘boiled’ is a misnomer since sucrose melts completely at around 186 degrees Celsius. The heating process breaks it into fructose and glucose molecules before it can vaporize. Most hard candies available in the commercial market are nearly 100% sugar in terms of weight and contain little amount of other ingredients such as items responsible for color and flavor.

Water content in the final product can be considered to be present in negligent amounts. Recipes around the globe for the production of hard candies may use fructose, glucose, sucrose, or any other sugar product. However, in recent times, there has been a growing number of brands offering sugar-free candies.

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Key Insights from Primary Research

• As per the analysis, the hard candy market is likely to grow above a CAGR of around 14.30% between 2023 and 2030.
• The hard candy market size was worth around US$ 14.13 billion in 2022 and is estimated to hit approximately US$ 23.02 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The hard candy market is projected to grow at a significant rate due to the growing consumer database for confectionery items
• Based on application segmentation, hypermarkets & supermarkets were predicted to show maximum market share in the year 2022
• Based on flavor segmentation, fruit hard candy was the leading flavor in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Market Dynamics: Industry Growth Drivers

The global hard candy market is projected to grow owing to rising dual-income families across emerging countries. The growing rate of job employment along with rising opportunities driven by remote work culture has allowed a growth in the standard of living in several nations. This trend is crucial to the industry expansion trajectory since hard candies are typical confectionery items and are consumed for a pleasurable experience. In addition to this, the surging rate of research, innovation, and product launch in terms of different flavors of hard candies has allowed the market players to cater to a broader group of audience since these candies are not only meant to be consumed by children but can appeal to an older crowd as well.

Hard candies are convenient snacking items and they can be enjoyed on the go. Thus, making it an ideal food choice for people who are going for outdoor activities or traveling for other purposes. They are often exchanged as sweets during festivities such as Halloween and during this period, the market demand for uniquely flavored hard candies is at an all-time high. Other factors such as expanding sales channels and strategic branding activities undertaken by companies add to the total revenue in the industry.

Restraints

The global hard candy industry may come across certain growth restraints due to a growing population of people who prefer healthier snacking items such as natural fruits. This shift can significantly impact the demand for hard candies made or artificial or processed sugar. Moreover, the candy consumption rate may also depend on seasonal influences since the demand seems to be higher during festivals or holidays. Outside these periods, the consumption rate is relatively lower. Additionally, labeling requirements and regulatory restrictions also pose significant threats to the industry.

Opportunities & Challenges

The increasing demand in the organic and natural segments could provide growth opportunities while the high competition may challenge market growth.

Competitive Players

The report contains qualitative and quantitative research on the global hard candy Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness.

Some of the main players in the global hard candy market include;

• Mars Inc.
• The Hershey Company
• Mondelez International
• Ferrero SpA
• Perfetti Van Melle
• Nestlé S.A.
• Wm. Wrigley Jr. Company
• Haribo GmbH & Co. KG
• The Kraft Heinz Company
• Arcor Group
• August Storck KG
• Roshen Confectionery Corporation
• Morinaga & Company Ltd.
• Grupo Bimbo
• Yildiz Holding
• Oriental Trading Company
• Ricola AG
• Glico Group
• Jelly Belly Candy Company

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Hard Candy Market: Segmental Overview

The global hard candy market is segmented based on application, flavor, and region.

Based on application, the global market segments are drug stores, hypermarkets & supermarkets, retail stores, and specialty stores. The hard candy industry witnessed the highest growth in the hypermarkets & supermarkets segment due to the presence of a wider range of options along with high foot traffic. These units can host multiple brands and their associated product lines due to the large infrastructure. Furthermore, they tend to offer higher incentives and discounts leading to more people opting to buy from hypermarkets or supermarkets. Commercial food or baked goods service centers prefer to make bulk purchases from such facilities thus adding to their revenue flow. Retail stores include convenience stores and grocery stores and often provide a selection of grab-and-go snacks and treats including hard candies which are mostly available on the check-out corner. D’mart, an Indian retail supermarket brand, registered revenue of INR 552.52 crore in the third quarter of 2022.

Based on flavor, the global hard candy market segments are caramel hard candy, mint hard candy, chocolate hard candy, fruit hard candy, and others. The industry amassed higher revenue from fruit hard candy due to the availability of a wide range of flavors including strawberry, cherry, orange, lemon, and grape, which are widely enjoyed by consumers of all ages. This segment appeals to a broader consumer group. However, flavor preference depends on several factors such as individual tastes, culture, and regional influences. Mint hard candy is also relatively popular. Along with standard ingredients such as sugar and corn syrup, mint hard candies get a distinctive flavor from commonly used peppermint oil or spearmint oil. An average hard candy consists of 18 grams of processed sugar.

Regional Overview:

North America is anticipated to lead with the highest growth in the global hard candy market. The high CAGR could be a result of growing consumption of an organic and premium range of hard candies in the US and Canada which is further fueled by the presence of multiple candy manufacturers that insist on product innovation and tapping into a broader market during festivals and seasonal holidays.

Europe is projected to be driven by the growing food & beverages sector of the UK, France, Italy, Spain, and other nations. Europe is a popular destination for baked items and hard candies act as excellent decorating and flavor-enhancing food ingredients in these products. There is a growing preference for premium and gourmet hard candies, emphasizing high-quality ingredients, artisanal production methods, and attractive packaging.

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Recent Industry Developments:

• In November 2022, DS Group launched a new digital campaign for marketing its Pass Pass Pulse fruit candy range. The campaign is called Pulse Candy Hunt and was announced on Candy Day
• In May 2022, Torrie & Howard announced the launch of a new website for advertising and selling their range of chewie fruities and hard candy
• In November 2022, Lally Taffy launched a new range of candies in tropical flavors in bite-sizes

Key questions answered in this report:

• What is the market size and growth rate forecast for Hard Candy industry?
• What are the main driving factors propelling the Hard Candy Market forward?
• What are the leading companies in the Hard Candy Industry?
• What segments does the Hard Candy Market cover?

• How can I receive a free copy of the Hard Candy Market sample report and company profiles?

Report Scope:

Browse Complete Report Here | Hard Candy Market By Application (Drug Stores, Hypermarkets & Supermarkets, Retail Stores, Specialty Stores), By Flavor (Caramel Hard Candy, Mint Hard Candy, Chocolate Hard Candy, Fruit Hard Candy, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030

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The global hard candy market is segmented as follows:

By Application

• Drug Stores
• Hypermarkets & Supermarkets
• Retail Stores
• Specialty Stores

By Flavor

• Caramel Hard Candy
• Mint Hard Candy
• Chocolate Hard Candy
• Fruit Hard Candy
• Others

By Region

• North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Key Offerings:

• Market Size, Trends, & Forecast by Revenue | 2023-2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application, By Flavor, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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