Global Candy Market Size, Share, Analysis 2021-2027

NOIDA, India - June 8, 2021 - PRLog -- A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global candy market was worth USD 209.8 billion in 2020. According to the study, the market is expected to grow at the CAGR of 4.2% during 2021-2027 (forecast period), earning revenue of around USD 278.9 billion by the end of 2027. The change in traditional patterns of food consumption, working from home, innovation in candies and rising demand for dark chocolates are some of the factors propelling the global candy market forward. According to National Confectioners Association (NCA) data, between mid-March and August 2020, candy sales increased by 3.8%, while chocolate sales increased by 5.5% with premium chocolate sales increasing by 12.5%. Furthermore, over the same time span, candy sales increased by 17%, chocolate sales increased by 18%, and premium chocolate sales increased by nearly 21% in grocery stores.

Product Innovation and New Offerings by manufacturers are Propelling the market growth

The new product innovations from candy manufacturers are driving the growth of the global candy market. For instance, in August 2020, Laffy Taffy®, the iconic candy brand known for its delightfully fruity flavor introduced its innovative poppable candies—Laffy Taffy LAFF BITES. Also in March 2021, Thinful, a low-sugar snack mix of 2 grams of sugar and 60 calories per half-cup portion, was launched by Piedmont Candy. Moreover, The growing demand for health-conscious products has also resulted in the development of gummies for hair growth and protein bars. Such innovations are playing a primary role in driving the growth of the global candy market.

Rising Demand Among Young Population And Children Fueling the Market Growth

Children typically enjoy the various flavors of candies. Also, chocolate cravings are particularly prevalent among the young population. Festivals such as Halloween, Children's Day, Christmas, and others are also significant contributors to the purchasing of chocolates designed specifically for children. Candies designed specifically for children may contain an addictive amount of sugar, which ends up triggering craving.

Furthermore, the marketing strategy for candies is designed to entice children. Aside from that, ads are planned and created with children as the target audience. Furthermore, the price of candies is quite affordable, making it simple for children to purchase without any financial constraint. According to World Bank, in the year 2019, population aged between 0-14 years reached 1.98 billion population. Moreover, the population woud further increase in the upcoming years. Thus, gives immense opportunities to the manufacturers in the global candy market.

Read More:https://www.blueweaveconsulting.com/global-candy-market-r...