Candy, also known as sweets, toffies or lollies, is a sweet treat or a confection made with sugar or sugar substitutes like chocolates, combined with additives like fruits, nuts, etc. or a piece of such confection. Unlike a cake or a chocolate bar or a loaf of bread that can be shared among many people candy is usually made in smaller pieces. The definition of candy also depends upon people on how they treat the food. Unlike sweet pastries that are served as a dessert course at the end of the meal candies are often eaten casually as a mouth refreshment or between meals.
Global Confectionery Market size was valued at $184,056 million in 2015, and is expected to reach $232,085 million by 2022, supported by a CAGR of 3.4% during the forecast period 2016 - 2022. Confectionery market comprises array of food products such as chocolates, raw pastes, and various sugar-based products. In addition, it includes therapeutic and dietetic confectioneries that differ in formulations from traditional confections.
Product innovation in terms of formulations, processing, and packaging is the major factor that drives the growth of the confectionery industry. Moreover, retail market expansion and economic growth in advanced & emerging economies supplement the market growth. Asia-Pacific confectionery market showed the highest growth rate in 2015. Product portfolio extensions and new brand launches from established players are significant factors that fuel the market growth in Asia-Pacific.
Key players in the region largely invest on advertising campaigns and marketing to enhance their brand recognition and influence in the confectionery industry. Ferrero China Ltd., a confectionery company promotes its products as gifts for weddings and other occasions. Fluctuation in prices of raw materials, growth in health awareness among consumers about sugar intake, and diverse consumer spending habits limit the confectionery market growth. Rise in demand for low-calorie, organic, sugar-free and functional products provide lucrative growth opportunities to the confectionery industry.