The United States Candy Market comprises sugar confectionery, chocolate confectionery and gum products. Candy provides an indulgent snacking option and acts as an impulse purchase. The on-the-go consumption trend and need for instant energy boosters have propelled the demand for candy products in the country. Furthermore, innovations in flavors, ingredients and packaging have augmented the appeal of candies among consumers. The changing dietary patterns and increasing health consciousness have led to product innovations incorporating natural colors, less sugar and other healthier ingredients.
The United States Candy Market is estimated to be valued at US$ 24.13 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the United States Candy Market are Perfetti Van Melle Group B.V.,Mars, Incorporated,Mondelez International, Inc.,The Hershey Company,August Storck KG. These players are focusing on mergers and acquisitions to expand their product portfolio and geographic footprint. For instance, in 2022, Mars acquired a minority stake in KIND Snacks, a fruit and nut bar company, to strengthen its health snack offering.
The key opportunities in the market include expanding e-commerce platforms, innovative product launches catering to various consumer segments and global expansion into emerging economies. Evolving consumer preferences for specialty and premium products provide an opportunity for market players to launch new and unique offerings.
Major players are focusing on global expansion plans to penetrate developing regions with high growth potential such as Asia Pacific, Middle East and Latin America. For example, in 2021, Hershey Company entered into a joint venture agreement with LOTTE Confectionery to distribute and market each other’s products across South Korea and other Asian countries.
Market Drivers
- Rising snacking trend: Changing lifestyles, hectic schedules and on-the-go consumption have increased candy consumption as an snacking option. People commonly opt for confectionery products for instant energy boosts.
- Product and packaging innovations: New flavors, natural ingredients, smaller pack sizes and attractive shapes/designs attract more consumers. This is a major market driver.
Market Restraints
- Rising health consciousness: Increasing awareness about obesity and diabetes has prompted people to reduce sugar intake. This restrains the candy market growth.
- Availability of alternatives: Fruit snacks, nut bars etc. providing similar functions are gaining ground as healthier options. This poses a challenge to candy products.
Segment Analysis
The United States Candy Market is dominated by chocolate candy segment. Chocolate candy accounts for over 30% of the total market share as dark, milk and white chocolate candies are highly popular among consumers. Mints are the second most dominating sub-segment currently holding close to 25% share. Hard candies like lollipops, caramels are preferred choices for young population. With more awareness about healthy candy options, sugar-free gummies and fruits candies segment is emerging as the fastest growing segment projected to capture around 15% market share by 2031.
Global Analysis
The Western region, including USA, Canada and countries in Europe account for over 60% share of global candy market currently. USA alone captures close to 20% of total worldwide candy sales. With rising health consciousness and income levels, Asia Pacific region especially China and India is emerging as the fastest growing regional market for candies. Latin America followed by Middle East and Africa also offer promising growth opportunities for candy manufacturers due to rising disposable incomes, hot climate and sweet tooth culture prevailing. However, regulations around sugar content and advertisement may continue to challenge candy industry growth in certain developed markets worldwide.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This United States Candy Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the United States Candy Market's growth between 2024 and 2031.
:- Accurate calculation of the size of the United States Candy Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- United States Candy Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of United States Candy Market vendors
FAQ’s
Q.1 What are the main factors influencing the United States Candy Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top United States Candy Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the United States Candy Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it