Candies are one of the most preferred sugar confectionery products across the world. Caramels, gummies, hard boiled candy, chewing gum, sours, and lollipops are the different types of candies that are consumed all across the globe. Hard boiled candy is popular among all age groups. Hard boiled candy is available in different colors, flavors, shapes, and sizes in the market. The growing number of confectionaries are the main reason that is driving the market for hard boiled candy. The tween population is also having a great impact on hard boiled candy market. Product innovation and increasing the target consumer base are the main drivers that are anticipated to boost the market during the forecast period.
Growing Number of Confectioneries Boosting Hard Boiled Candy Market
The demand for hard boiled candy is mainly driven by the growth of population, increasing disposable income, as well as the increasing consumer preferences and tastes for candies. Hard boiled candy is mainly prepared by sugar and can cause several health issues. Keeping consumer health in mind, manufacturers have started using artificial sweetening agents in their confectionery products. These artificial sweetening agents do not cause any harm and can be consumed by all. Hard boiled candy is available in numerous flavors such as chocolate, milk, herbs, fruits, and nuts. To attract kids, manufacturers of hard boiled candy have started using attractive packaging. The main target population for hard boiled candy is mostly children and youngsters.
Global Hard Boiled Candy Market: Key Players
The global hard boiled candy market is increasing because of continuous innovations in processing, packaging, and formulations. Moreover, expansion of the retail market and economic growth in emerging and advanced countries supplement the growth of the hard boiled candy landscape. Due to several health issues, manufacturers of hard boiled candy have started launching low calorie-products such as sugar-free hard boiled candy and others. Global key players of hard boiled candy include Lotte, Kafts (Mondelez), Mars, Surya Foods (Priyagold), DS Foods, Nestlé Nestle SA, Ferrara Candy Co., and DeMet’s Candy Co. among others. Due to the huge demand for confectionery products, manufacturers of hard boiled candy are focusing on the expansion of their manufacturing as well as regional footprints.
Opportunities for Market Participants
Competition between manufacturers in the global hard boiled candy market is comparatively strong, with the existence of a huge number of companies and a diverse range of product offerings. It is difficult for new players/entrants to enter this market because of the strong positioning of prominent companies. Increasing population as well as increasing per capita income are the key factors that are booming the market for confectionery products such as hard boiled candy and other products. Large MNCs (Multinational Companies) have a substantial benefit over medium-scale and small companies in terms of manufacturing and purchasing. Increasing product availability with variations for hard boiled candy is leading to very high demand that is fuelled by the spontaneous purchasing behavior of consumers. To cater to the demand, manufacturers of hard boiled candy are coming up with innovative flavors and tastes.
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- Asia Pacific followed by North America are the leading regions in terms of sales of confectionery products. Children and the young population are the main target costumers for hard boiled candy. Several countries are focusing on media advertisements and campaigns for innovative hard boiled candy, which is directly influencing sales. Manufacturers are gradually launching new products with enhanced flavors to woo more consumers.