Hard Candy Market Trend, Share, Growth, Size, and Forecast 2030

Hard Candy Industry Prospective:

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.

The report analyzes the global hard candy market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the hard candy industry.

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Hard Candy Market: Overview

Hard candy is a type of candy that has a rigid and solid texture. It is different from the more traditionally available candies which tend to be soft. Hard candies are made of sugar or sugar syrup which undergoes a boiling process before being cooled and turned into a hardened candy. The sugar content is produced using several types of flavors with various types of extracts, oils, or artificial flavorings to give the candy its distinct taste. Hard candies are available in a variety of sizes, shapes, and flavors. Some popular examples include peppermint, fruit flavors like cherry or watermelon, cinnamon, butterscotch, and lemon. It is typically transparent and translucent. The product is known for its longer shelf life and the ability to dissolve slowly when chewed which results in a long-lasting and flavorful experience.

Key Insights:

• As per the analysis shared by our research analyst, the global hard candy market is estimated to grow annually at a CAGR of around 6.30% over the forecast period (2023-2030)
• In terms of revenue, the global hard candy market size was valued at around USD 14.13 billion in 2022 and is projected to reach USD 23.02 billion, by 2030.
• The hard candy market is projected to grow at a significant rate due to the growing consumer database for confectionery items
• Based on application segmentation, hypermarkets & supermarkets was predicted to show maximum market share in the year 2022
• Based on flavor segmentation, fruit hard candy was the leading flavor in 2022
• On the basis of region, North America was the leading revenue generator in 2022

Hard Candy Market: Growth Drivers

Increasing consumer base for confectionery items to propel market growth

The global hard candy market is projected to grow owing to the increasing consumer base for confectionery items across the globe. These products such as hard candies can be addictive since they are mostly made of sugar and other related alternatives. They can satisfy cravings and provide an extremely pleasurable sensory experience. Furthermore, the increasing variety of these items in the market has added to the rising consumption of hard candies. One of the primary reasons for higher growth in the industry is the growing population and rising disposable income in urban & rural areas. Hard candies are inexpensive products and can be purchased by consumer groups of all income groups. Although there are candies that fall in the premium category, the majority of the sellers are in the affordable segment.

Hard Candy Market: Restraints

Rising health concerns to restrict market expansion

The global hard candy industry is expected to witness restricted growth owing to rising health concerns among consumers. Hard candies are made of sugar or sugar syrup and overconsumption of these candies is associated with conditions such as obesity, diabetes, and dental problems. Moreover, children who regularly consume hard candies may be subject to severe health issues such as diabetes and other issues. These products are high in calories and studies suggest that the maximum calorie count in men should not be more than 2000 while in women the maximum limit is 2500.

Hard Candy Market: Opportunities

Increasing demand in the organic and natural segments to provide growth opportunities

There is a growing segment of the population showing a higher inclination toward natural and organic food products including hard candies. This segment is expected to provide excellent growth opportunities to the global hard candy industry players by providing higher access and product options in terms of ingredients and flavors. More research and investment need to be undertaken to develop hard candies that are free of artificial preservatives, flavors, and colors. This will assist the market to attract more consumers. Exploring international markets and entering emerging sectors of society could also aid in higher revenue generation. This can be achieved by adapting flavors, packaging, and marketing strategies to suit specific regional tastes and preferences.

Hard Candy Market: Challenges

High competition to challenge market growth

The global hard candy industry is highly competitive due to the presence of multiple players that are targeting the same segment of consumers. Since there are numerous options available in the commercial market, consumers do not have specific preferences and they tend to buy products that are readily available. Only commercial food and bakery units may have specific choices. However, in terms of common people, the industry players lose revenue due to their inability to stand out from the rest of the products available for purchase.

Hard Candy Market: Segmentation

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

Based on application, the global hard candy market segments are drug stores, hypermarkets & supermarkets, retail stores, and specialty stores. The 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.

Recent Developments:

• In September 2021, Morinaga America Inc. announced the launch of FI-BEING. Morinaga is a food manufacturing company and FI-BEING is a new brand that will focus on producing better-for-you candy products. FI-BEING will provide hard candies and each serving presents 11 grams of daily dietary fiber requirements. The name is an amalgamation of Fiber and Being
• In April 2020, Jolly Ranchers, an iconic candy brand, introduced a new range of tropical mix of hard candies and experts suggest that they taste even better when consumed as vodka shots. The original bag of Jolly Ranchers consists of cherry, watermelon, blue raspberry, grape, green, and apple flavors and the new bag consists of 4 additional flavors including golden pineapple, fruit punch, lime, and mango

Hard Candy Market: Report Scope

Hard Candy Market: Regional Analysis

North America to dominate industry growth

The global hard candy market is projected to witness the highest growth in North America driven by the presence of an established customer base of hard candies across Canada and the US. The latter is expected to generate the highest revenue in this region. The US is home to some of the largest producers of confectionery items such as hard candies and these products are consumed heavily by the local population. The availability of a larger number of options in terms of brands, flavors, sizes, texture, and other key aspects has allowed higher growth in the regional sector.

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Furthermore, there is a growing demand for organic and natural hard candies which are made of less sugar content allowing consumers to prioritize health when consuming sugary products. Additionally, the market registers higher revenue due to the launch of seasonal and novelty flavors in terms of special editions and limited-time offerings.

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