Chocolate-Flavored Candy Market: Segmented: By Type (Milk Chocolate, White Chocolate, Dark Chocolate), By Distribution Channel (Supermarkets/Hypermarkets, Online Retail, Restaurants, Convenience Stores, Coffee Houses, Personal Use), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Chocolate-Flavored Candy Market is predicted to cross USD 103.6 billion by 2031 from USD 76.6 billion in 2021 at a CAGR of 3.1% in the coming years, i.e., 2021-31.
Chocolate candy is sweet having sugar and chocolate. Candy is recognized by the remarkable use of sugar or its substitutes. Generally, candies are prepared in small pieces. Chocolate candies can be used in sweet pastries for a dessert after a meal, or casually anytime, like a snack between meals. Growing demands for confectionary food, popularity of chocolates, and longer shelf-life are expected to fuel the growth of Chocolate-Flavored Candy Market.
The factors driving the growth of the Chocolate-Flavored Candy Market include the growing demand for confectionary food, popularity of dark chocolates, longer shelf-life, as well as a greater emphasis on research and development activities by key players. Candies are made in small-sized pieces like soft candies, hard candies, toffies, marshmallows, etc. In the confectionery world, dark chocolate as well as white chocolate both are popular and sold out on a huge level, worldwide.
On the basis of Type, the Chocolate-Flavored Candy Market is classified into Milk Chocolate, White Chocolate, and Dark Chocolate. Amongst these, the Milk Chocolate segment is projected to grow considerably over the forecast period since it is most commonly available. White chocolate is nowadays is gaining demand from children and youngsters due to its taste. Dark chocolate is comparatively purchased in limit because some studies say, it should be consumed in less quantities for good cardiac health.
Based on Distribution Channel, the Chocolate-Flavored Candy Market is fragmented into Supermarkets/Hypermarkets, Online Retail, Restaurants, Convenience Stores, Coffee Houses, and Personal Use. During the forecast period, it is anticipated that the segment of supermarkets and hypermarkets will hold the largest share. The widespread availability of supermarkets allows for quick and convenient service for customers. Due to the hectic schedules of modern cities, online selling has also increased over the past few years.
Growing Demand for Confectionary Food
Growing demands for confectionary food, the popularity of chocolates, longer shelf-life, and changing lifestyles are expected to aid in the growth of the Chocolate-Flavored Candy Market. In festive seasons, chocolate-flavored candies are getting popular as gifts also. Also, it is proven that consuming dark chocolate in limited quantities, is good for the heart.
Increasing Disposable Income of Consumers and associated Health Benefits
The rise in disposable income, technological advancements in the chocolate sector, and population growth are other drivers that propel the market for chocolate-flavored candies. Additionally, the appeal of chocolate as a gift and the rise in demand for candy, particularly during the holiday season, is growing. Some candies can include essential proteins and minerals that can help with body growth and general well-being. Additionally, certain studies showed that eating dark chocolate in moderation can be beneficial for the heart, which was a major element in growing the market for dark chocolate. Eating a chocolate bar will probably have a similar result, saving money and providing a taste.
High Sugar Content in Chocolate Candies
High sugar content in chocolate candies leads to diseases like diabetes, and obesity. Dental issues can occur due to sweet consumption. Factors like low nutrition, weight gain and dental problems restrict the growth of the Chocolate-Flavored candy market.
Chocolate-Flavored Candy Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is expected to hold the higher share of the Chocolate-Flavored Candy Market due to high demand of confectionary and huge investment in food industry. Asia Pacific is predicted to grow fast, following North America due to high demand of food and popularity of Chocolate-Flavored candies.
The global spread of the COVID-19 pandemic has had a negative impact on the Chocolate-Flavored Candy Market. During the pandemic, the industry saw a drop in sales of the Chocolate-Flavored Candy Market. The COVID-19 pandemic affected the production and demands of Chocolate-Flavored candies. So, the supply chain and market were disrupted. Due to COVID-19, awareness of health consciousness in people increased and this restricted the demands for the chocolate market and ultimately downfall occurred in the market.
|Market size value in 2021||USD 76.6 Billion|
|Revenue forecast in 2031||USD 103.6 Billion|
|Growth Rate||CAGR of 3.1% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Distribution Channel, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Hershey’s, Nestle, Mars, Tootsie Roll, Forestall Foods, Colombina S.A., Tora Foods, LLC, Carmit Candy Industries, Natural Food Works Group, August Stork KG, Lowell International Polska, and Other Prominent Players.|
Chocolate-Flavored Candy Market size was estimated at USD 76.6 billion in 2021 and is expected to reach USD 103.6 billion in 2031.
Chocolate-Flavored candy is a sweet containing sugar and chocolate. Candy is recognized by the remarkable use of sugar or its substitutes.
The Milk chocolate segment both segments accounted for the largest Chocolate-Flavored Candy Market share.
Key players in the Chocolate-Flavored Candy Market include Hershey’s, Nestle, Mars, Tootsie Roll, Forestall Foods, Colombina S.A., Tora Foods, LLC, Carmit Candy Industries, Natural Food Works Group, August Stork KG, Lowell International Polska, and Other Prominent Players.
The factors driving the growth of the Chocolate-Flavored Candy Market include growing demands for confectionary food, popularity of chocolates, longer shelf-life, changing lifestyles, and innovations in chocolate industries.
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