Growing Target Consumer Base and Product Innovation is Expected to Drive the Growth of the Global Candy Market
The food and beverages industry identifies candy as a part of the confectionary industry and uses the term confectionary and candy interchangeably. This preferably includes preserves, pastries, and ice creams. The global candy market has been segmented on the basis of the presence of chocolate. The candy market is considered to be a seasonal market and has skyrocketing sales during festive seasons. To meet the mounting requirements for candies during festive seasons, manufacturers raise the employment in order to intensify production and output. Chocolate candies are referred to the ones which include cocoa products or chocolate in them, for instance cocoa butter. Non-chocolate candies comprise confectionary products which do not have chocolate or any chocolate-replicate within them such as marshmallows, licorice, hard candies, and jelly beans.
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This market study is an assessment of the growth scenarios and chronological tract of the global candy market. It deals with the valuation of the facets that have been projected to influence the expansion of the market both destructively and positively. Further, the significant trends have also been indicated in the publication. The market study further presents an extensive outlook on the seller background of the market referring to Porter’s five forces analysis. The research report also deals with the R&D accomplishments, mergers, acquisitions, and essentials on certifications and partnerships. The report analyses the tactics related to shares, profile-raising, and product series of the key companies in the global candy market.
Global Candy Market: Drivers and Restraints
The prime facets influencing the growth of the global candy market are the incessantly increasing expenditure capacity of consumers and growing urbanization. The growing target consumer base and product innovation is further expected to drive the growth of the global candy market. The majority of candies are made for children and the young population. The demand is basically driven by population growth, disposable income, and consumer tastes and preferences. Large multinational companies have a significant advantage over small and medium scale companies in terms of economies of scale in purchasing and manufacturing.
The industry demand is likely to get subdued because of growing health concerns among consumers, shifting preferences, and falling prices of sugar with low selling prices. The promotion by companies selling health improving products is also a prime inhibiting factor in the growth of the market. Most of these are underpinned by research and scientific studies. As candies contain a sizeable quantity of sugar, thus they are directly connected with diabetes and obesity. This issue is likely to be addressed by the development of low-calorie and sugar-free candy substitutes. However, the performance of the global candy market is anticipated to gain speed owing to the rising consolidation and investment in innovation by leading multinational companies. As a result of this, candy manufacturers are likely to develop healthier candy alternatives to mitigate the adverse perception consumers have towards candy.
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Global Candy Market: Key Regions
Europe, Asia Pacific, and North America are likely to emerge as lucrative markets for the manufacturers of candy across the world. The growing innovations, rising disposable income, and increasing candy consumption across various age groups in these regions is likely to bode well for the market growth here.
Global Candy Market: Vendor Landscape
The competition among the players in the global candy market is relatively strong with the presence of a large number of companies and variety of products. It is likely to be moderately difficult for new players to enter the market due to strong positioning of the leading companies. A sufficient amount along with safety standards and packaging rules makes entry in the market a rather difficult task. Some of the leading players in the market include Nestlé Nestle SA, DeMet’s Candy Co., Mondeléz International Inc., Mars Inc., and Ferrara Candy Co.
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