Global Hard Candy Market To Witness High Growth With 6.30% CAGR

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.

Hard candies are also known as boiled sweets. They are sugar candies made with the help of one or more sugar syrups that are heated to a temperature of around 160 degrees Celsius which turns the sugar into hard structures called candies. The word ‘boiled’ is a misnomer since sucrose melts completely at around 186 degrees Celsius. The heating process breaks it into fructose and glucose molecules before it can vaporize. Most hard candies available in the commercial market are nearly 100% sugar in terms of weight and contain little amount of other ingredients such as items responsible for color and flavor. Water content in the final product can be considered to be present in negligent amounts. Recipes around the globe for the production of hard candies may use fructose, glucose, sucrose, or any other sugar product. However, in recent times, there has been a growing number of brands offering sugar-free candies.

This review is based on a report by Zion Market Research, titled "Hard Candy Market By Application (Drug Stores, Hypermarkets & Supermarkets, Retail Stores, Specialty Stores), By Flavor (Caramel Hard Candy, Mint Hard Candy, Chocolate Hard Candy, Fruit Hard Candy, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/hard-candy-market

The global hard candy market is projected to grow owing to rising dual-income families across emerging countries. The growing rate of job employment along with rising opportunities driven by remote work culture has allowed a growth in the standard of living in several nations. This trend is crucial to the industry expansion trajectory since hard candies are typical confectionery items and are consumed for a pleasurable experience. In addition to this, the surging rate of research, innovation, and product launch in terms of different flavors of hard candies has allowed the market players to cater to a broader group of audience since these candies are not only meant to be consumed by children but can appeal to an older crowd as well.

Hard candies are convenient snacking items and they can be enjoyed on the go. Thus making it an ideal food choice for people who are going for outdoor activities or traveling for other purposes. They are often exchanged as sweets during festivities such as Halloween and during this period, the market demand for uniquely flavored hard candies is at an all-time high. Other factors such as expanding sales channels and strategic branding activities undertaken by companies add to the total revenue in the industry.

The global hard candy industry may come across certain growth restraints due to a growing population of people who prefer healthier snacking items such as natural fruits. This shift can significantly impact the demand for hard candies made or artificial or processed sugar. Moreover, the candy consumption rate may also depend on seasonal influences since the demand seems to be higher during festivals or holidays. Outside these periods, the consumption rate is relatively lower. Additionally, labeling requirements and regulatory restrictions also pose significant threats to the industry.

The increasing demand in the organic and natural segments could provide growth opportunities while the high competition may challenge market growth.

The global hard candy market is segmented based on application, flavor, and region.

Based on application, the global market segments are drug stores, hypermarkets & supermarkets, retail stores, and specialty stores. The hard candy industry witnessed the highest growth in the hypermarkets & supermarkets segment due to the presence of a wider range of options along with high foot traffic. These units can host multiple brands and their associated product lines due to the large infrastructure. Furthermore, they tend to offer higher incentives and discounts leading to more people opting to buy from hypermarkets or supermarkets. Commercial food or baked goods service centers prefer to make bulk purchases from such facilities thus adding to their revenue flow. Retail stores include convenience stores and grocery stores and often provide a selection of grab-and-go snacks and treats including hard candies which are mostly available on the check-out corner. D’mart, an Indian retail supermarket brand, registered revenue of INR 552.52 crore in the third quarter of 2022.

Based on flavor, the global hard candy market segments are caramel hard candy, mint hard candy, chocolate hard candy, fruit hard candy, and others. The industry amassed higher revenue from fruit hard candy due to the availability of a wide range of flavors including strawberry, cherry, orange, lemon, and grape, which are widely enjoyed by consumers of all ages. This segment appeals to a broader consumer group. However, flavor preference depends on several factors such as individual tastes, culture, and regional influences. Mint hard candy is also relatively popular. Along with standard ingredients such as sugar and corn syrup, mint hard candies get a distinctive flavor from commonly used peppermint oil or spearmint oil. An average hard candy consists of 18 grams of processed sugar.

North America is anticipated to lead with the highest growth in the global hard candy market. The high CAGR could be a result of growing consumption of an organic and premium range of hard candies in the US and Canada which is further fueled by the presence of multiple candy manufacturers that insist on product innovation and tapping into a broader market during festivals and seasonal holidays. Growth in

Europe is projected to be driven by the growing food & beverages sector of the UK, France, Italy, Spain, and other nations. Europe is a popular destination for baked items and hard candies act as excellent decorating and flavor-enhancing food ingredients in these products. There is a growing preference for premium and gourmet hard candies, emphasizing high-quality ingredients, artisanal production methods, and attractive packaging

Recent Developments:

• In November 2022, DS Group launched a new digital campaign for marketing its Pass Pass Pulse fruit candy range. The campaign is called Pulse Candy Hunt and was announced on Candy Day
• In May 2022, Torrie & Howard announced the launch of a new website for advertising and selling their range of chewie fruities and hard candy
• In November 2022, Lally Taffy launched a new range of candies in tropical flavors in bite-sizes

Hard Candy Market: Competitive Analysis

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
• Jelly Belly Candy Company
• Farley's & Sathers Candy Company
• Tootsie Roll Industries
• Adams and Brooks Inc.
• Colombina S.A.
• Canel's
• Ce De Candy Inc.

The global hard candy market is segmented as follows:

By Application

• Drug Stores
• Hypermarkets & Supermarkets
• Retail Stores
• Specialty Stores

By Flavor

• Caramel Hard Candy
• Mint Hard Candy
• Chocolate Hard Candy
• Fruit Hard Candy
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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