The global hard candy market size was worth around USD 14.13 billion in 2022 and is predicted to grow to around USD 23.02 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.30% between 2023 and 2030.
The study examines the growth opportunities, competitive landscape, and threats that will shape the worldwide hard candy market throughout the forecast period. The paper also investigates recent shifts in the market for hard candies.
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The Hard Candy Industry in Retrospect
Hard candy, as the name implies, is a firm and unyielding confection. Unlike the more common, soft candies, this one has a distinct texture. To create a hard candy, sugar or sugar syrup is boiled and then chilled to solidify the sugar crystals. Candies get their sweet taste from a combination of sugar and flavourings such extracts, oils, and artificial sweeteners. Hard candies come in all sizes, shapes, and flavours imaginable. Peppermint, cinnamon, butterscotch, and lemon are just a few of the most well-liked flavours. It usually has a see-through, translucent quality. The product has a longer shelf life and dissolves slowly when chewed, so the flavour stays with you for a while.
- Our research analyst has revealed that the worldwide hard candy market is expected to expand at a CAGR of roughly 6.30 percent between 2023 and 2030.
- The worldwide sales of hard candies were estimated at $14.13 billion in 2022, with a rise to $23.02 billion by 2030.
- The expanding pool of people interested in buying sweets is expected to drive rapid expansion of the hard candy industry in the coming years.
The rising middle class will fuel the confectionery industry’s expansion
Increasing demand for confectionery around the world bodes well for the global hard candy market. Due to the high sugar content and similar ingredients, items like hard candies can be highly addictive. They’re a delicious way to indulge your senses and curb your hunger pangs. The rising demand for hard candies can be partially attributed to the widening selection of these goods available to consumers. A burgeoning population and more disposable wealth in both urban and rural areas are driving the sector forward. Customers from different socioeconomic backgrounds buy hard candies because of their low prices. There are some high-end sweets available, but the market is dominated by candy that is more reasonably priced.
Market growth will be hindered by rising health concerns
Rising consumer health concerns are predicted to slow expansion in the worldwide hard candy market. Overconsumption of hard candies, which are typically manufactured with sugar or sugar syrup, has been linked to health issues like obesity, diabetes, and tooth decay. Consistent hard candy consumption by children has been linked to an increased risk of diabetes and other serious health problems. These items are heavy in calories, and research suggests that males shouldn’t consume more than 2000 per day, and that women should consume no more than 2500 per day.
Opportunities for expansion as a result of rising interest in organic and natural products
More and more people are developing a preference for organic and all-natural options, and this includes hard candies. Because of the increased availability and variety of ingredients and flavours in this sector, it is anticipated that the worldwide hard candy market would experience significant expansion over the next few years. Hard candies without artificial preservatives, flavours, or colours should be developed, however this requires more study and funding. As a result, more people will be drawn to the market. Increasing earnings may also result from expanding into new markets and social sectors. This can be accomplished by modifying ingredients, presentation, and advertising to appeal to the tastes and preferences of target markets in each geographic area.
Increased rivalry threatens to hinder market expansion
Competition in the worldwide hard candy market is fierce because many companies aim to serve the same clientele. The commercial market’s abundance of options has conditioned consumers to be agnostic and to settle for whatever happens to be on sale at the time. Choices may be limited to industrial kitchens and bakeries. When products in an industry can’t differentiate themselves from the competition, they lose sales to the other products on the market.
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The Global Hard Candy Market is segmented based on product, application and region
Global Hard Candy Market: Product Segment Analysis
● Caramel Hard Candy
● Mint Hard Candy
● Chocolate Hard Candy
● Fruit Hard Candy
Global Hard Candy Market: Application Segment Analysis
● Drug Stores
● Hypermarkets & Supermarkets
● Retail Stores
● Specialty Stores
The FI-BEING was announced by Morinaga America Inc. in September 2021. Morinaga is a food manufacturing company, and their new FI-BEING brand will be known for their healthy candy options. FI-BEING’s hard candy selection meets the recommended daily allowance of 11 grammes of dietary fibre per serving. Fibre + Being = the name’s inspiration
The legendary candy company Jolly Ranchers released a new line of tropical mix hard candies in April of 2020, and experts agree that they taste even better when mixed with vodka. Jolly Ranchers come in a variety of flavours; the classic bag has cherry, watermelon, blue raspberry, grape, green apple, and apple; the new bag has four more flavours: golden pineapple, fruit punch, lime, and mango.
The global hard candy market is led by players like:
● 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
Development in North America Will Drive the Market
North America’s existing customer base for hard candies in both Canada and the US is expected to propel the region to the strongest growth in the global hard candy industry over the next few years. The latter is forecast to bring in the most money for this area. People in the United States eat a lot of hard candies, which are made by some of the largest manufacturers in the world. Increased development in the regional market can be attributed to the increased variety of brands, flavours, sizes, textures, and other important factors available to consumers. Further, there is a rising need for organic and natural hard candies that are created with minimal sugar content so that consumers can put their health first even when indulging in sweets. The introduction of seasonal and novelty flavours in the form of limited editions and one-time offerings also contributes to the market’s increased revenue.
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