The global hard candy market is experiencing a promising growth trajectory, attributed to a convergence of key drivers. Hard candies, offering valuable nutritive qualities such as proteins, vitamins, and minerals, have gained popularity as a wholesome treat. Festive celebrations further fuel demand, bolstered by expanding populations and streamlined distribution networks. This collective momentum propels the market forward, reflecting a harmonious blend of evolving tastes, heightened nutritional awareness, and cultural festivities, promising a sweet future for the global hard candy industry.
According to Data Bridge Market Research, the Global Hard Candy Market was valued at USD 225.46 billion in 2021 and is expected to reach the value of USD 306.19 billion by 2029, at a CAGR of 3.90% during the forecast period of 2022 to 2029.
“Rise in disposable income and population facilitate market growth”
The global hard candy market is driven by the rise in disposable income and population. Increased disposable income allows consumers to indulge in confectionery products such as hard candies more frequently. Moreover, a growing global population, particularly among children and young adults, leads to a larger consumer base for such products. As purchasing power improves and more individuals have access to these treats, the demand for hard candies rises, fostering market growth and presenting opportunities for manufacturers to cater to diverse preferences.
What restraints the growth of the global hard candy market?
“Rising prevalence of dental problems”
The global hard candy market faces a constraint due to the rising prevalence of dental problems among consumers. Increased consumption of hard candies, known for their sugary content, can contribute to dental issues such as cavities and tooth decay. Concerns about oral health and awareness of the potential negative impact of excessive sugar intake have led to a shift in consumer preferences towards healthier alternatives. This trend poses a challenge to the market's growth, as health-conscious consumers may opt for options that are less detrimental to dental health.
Segmentation: Global Hard Candy Market
The hard candy market is segmented on the basis of flavor, type, and applications.
- On the basis of flavor, the hard candy market is segmented into mint hard candy, caramel hard candy, butterscotch hard candy, fruit hard candy, chocolate hard candy, and others.
- On the basis of type, the hard candy market is segmented into pop rocks, lollipop, and traditional.
- On the basis of applications, the hard candy market is segmented into hypermarkets and supermarkets, drug stores, specialty stores, and retail stores.
Regional Insights: Asia Pacific dominates the Global Hard Candy Market
Asia-Pacific's hard candy market reigns supreme due to its expanding population of children and young individuals. The region's growing demographic of potential consumers, coupled with the amplification of media advertising campaigns, synergistically drives the demand and consumption of hard candy products. This combination of factors fosters a favorable environment for market dominance, enabling manufacturers to target and entice a wide audience.
North America is poised for growth within the forecasted period of 2022-2029. This expansion is attributed to the increasing consumption of hard candy products, spurred by factors like evolving consumer preferences and elevated disposable income levels. As more individuals are financially capable of indulging in confectionery treats, the market experiences a boost. This consumer-driven surge in demand contributes to the region's anticipated growth trajectory in the hard candy market.
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The Prominent Key Players Operating in the Global Hard Candy Market Include:
- Perfetti Van Melle (Netherlands)
- Arcor (Argentina)
- THE HERSHEY COMPANY. (U.S.)
- Strauss Group (Israel)
- TIGER BRANDS (South Africa)
- LOTTE CONFECTIONERY CO.,LTD. (South Korea)
- Storck USA, L.P. (U.S.)
- Nestlé (Switzerland)
- Mars, Incorporated (U.S.)
- Ferrero (Italy)
- Mondelez International. (U.S.)
- Meiji Holdings Co., Ltd. (Japan)
- Surya Food And Agro (India)
- DS Group. (India)
- UHA Mikakuto Co.,Ltd. (Japan)
- Yum Earth, Inc. (U.S.)
- Dum Dums (U.S.)
- Tootsie Roll Inc. (U.S.)
- Ferrara Candy Company. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global hard candy market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Hard Candy Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
