Increasing disposable income, rising expenditure capacity of consumers and rapid urbanization to drive global candy market through 2024.
According to TechSci Research report, “Global Candy Market By Product Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024”, the global candy market is expected to grow at CAGR of close to 3% during the forecast period on account of rising popularity of dark chocolate, increasing disposable income and expenditure and rapid urbanization. However, rising health consciousness might hamper the growth of the market. To deal with this, manufacturers are coming up with sugar-free and low-calorie candies. For instance, Sejoyia Foods have launched two new flavors, i.e., Coconut Cashew, and Coco-Roons. Coco-Roons gives an indulgent taste in a cookie with no refined sugar and no gluten added.
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Global candy market can be segmented based on product type, distribution channel and region. In terms of product type, the market can be categorized into sugar candy, chocolate candy and gum candy. Among these, sugar candy segment is likely to record a higher growth rate due to changing consumer preferences. On the basis of regions, global candy market can be segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. North America dominated the market in 2018, with respect to candy market’s revenue. Asia-Pacific region is anticipated to witness significant growth during forecast period due to increasing population and elevating disposable income in economies like China and India.
Nestle SA, Meiji Holdings Co. Ltd, General Mills Inc., Mondelez International, Arcor, Mars Incorporated, Kellogg’s, Lotte Confectionery Co. Ltd, Crown Confectionery Co. Ltd and The Hershey Company., etc., are some of the leading players operating in global candy market. On account of rising health consciousness, the manufacturers are making healthy snacks, cereal bars, and diet food among other snack items. Product launches, mergers and acquisition are some of the strategies that are adopted by the leading players in order to register growth in the market. For instance, Nestle SA introduced KitKats in various flavors such as dark chocolate and green tea to stay ahead in the market. Moreover, introduction of organic contents, healthy nuts, and alcohol flavor is further fueling growth in global candy market.
“The global candy market is anticipated to register a CAGR of close to 3% during the next five years due to growing consumer base and increasing disposable income. Moreover, product innovation and high demand for candies during festive season are further anticipated to positively influence the growth of the market through 2024.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Candy Market By Product Type, By Distribution Channel, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global candy market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global candy market.
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