Candy, a crystallized form of sugar syrup, has been in high demand all throughout the world, particularly among children. There has been an increase in demand for chocolate sweets all over the world, which has significantly contributed to the development and expansion of the candy business. According to Coherent Market Insights, for example, the worldwide chocolate candy market climbed to US$ 71,533.7 Mn in 2019 from US$ 68,851.0 Mn in 2018. The worldwide candy market is expected to exceed US$ 1,44,459.0 million in revenue by the end of 2027, with a CAGR of 3.4 percent during the forecast period (2020 to 2027).
The increased demand for chocolate candies is likely to propel the candy sector forward. Chocolate sweets are popular not only among children but also among adults, which has contributed to the global expansion of the candy sector. Chocolate sweets are popular as desserts at many celebrations across the world, from Halloween to Diwali and Eid. As a result, the increased usage of chocolate candies for various festivals and events is expected to contribute to the worldwide growth and expansion of the candy industry. Halloween candies are recognized to be the most popular among children in the United States. Furthermore, the introduction of new chocolate candy items has increased global demand for sweets. New product introductions, such as chocolate candies containing fruits and nuts, have also contributed to the global growth and expansion of the candy industry. Snickers, for example, stated in April 2021 that almond brownie taste chocolate candy will be available in August 2021.
In terms of revenue, Asia Pacific dominated the worldwide candy market in 2019, accounting for 35.54 percent of the total, followed by Europe and North America.