Hard-Boiled Confectionery Market to Reach $21.3 Billion, Globally, by 2031 at 3.2% CAGR: Allied Market Research

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Jan 24, 2023, 07:30 ET

Economic growth, surge in the number of working couples, rise in disposable income, and rise in affordability drive the growth of the global hard-boiled confectionery market.

PORTLAND, Ore., Jan. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hard-Boiled Confectionery Market by Type (Suckers and Lollipops, Jawbreakers, Candy Canes, Rock Candy, Drops and disks, Others), by Flavor (Cherry, Watermelon, Lemon, Strawberry, Orange, Butterscotch, Others), by Age Group (Children, Adult, Geriatric), by Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031". According to the report, the global hard-boiled confectionery industry generated $15.6 billion in 2021, and is anticipated to generate $21.3 billion by 2031, witnessing a CAGR of 3.2% from 2022 to 2031.

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Prime determinants of growth

Economic growth, surge in the number of working couples, rise in disposable income, and rise in affordability drive the growth of the global hard-boiled confectionery market. However, fluctuations in the prices of raw materials and rise in prevalence of type 1 diabetes among children restrict the market growth. Moreover, manufacturers are boosting their investments toward development of new flavors along with the adoption of innovative fillings to enhance the taste of the hard-boiled confectioneries, which is presenting new opportunities for the market growth in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global hard-boiled confectionery market, owing to temporary closure of hard-boiled confectionery manufacturing firms during the lockdown.
Not only the production but also the sale of hard-boiled confectionery was hampered due to closure of specialty stores across the world, especially in the initial period of the pandemic.
However, growing penetration of low-calorie or sugar-free trends in the global food and beverage industry is expected to boost the demand for low-calorie hard-boiled confectioneries in the forthcoming years.

The suckers and lollipops segment to maintain its leadership status throughout the forecast period

Based on type, the suckers and lollipops segment held the highest market share in 2021, accounting for around two-fifths of the global hard-boiled confectionery market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 3.8% from 2022 to 2031. The huge popularity of lollipops and suckers among children all over the globe is the major reason behind the huge demand for suckers and lollipops.

The strawberry segment to maintain its leadership status throughout the forecast period

Based on flavor, the strawberry segment held the highest market share in 2021, accounting for nearly one-fifths of the global hard-boiled confectionery market, and is estimated to maintain its leadership status throughout the forecast period. Strawberry is one of the most commercially important berry fruits produced and consumed due to its high nutritious content and delicious flavor. However, the butterscotch segment is projected to manifest the highest CAGR of 4.0% from 2022 to 2031. Butterscotch is known for its various health benefits such as improved digestion, anti-inflammation, reduced anxiety, improved vision, and enhanced brain functioning. These benefits propel the demand for butterscotch-flavored candies in the market.

The children segment to maintain its lead position during the forecast period

Based on age group, the children segment accounted for the largest share in 2021, contributing to nearly three-fifths of the global hard-boiled confectionery market, and is projected to maintain its lead position during the forecast period. The candy products have gained immense traction in the children owing to the new product innovations pertaining to the shapes and flavor of the hard-boiled candies. However, the adult segment is expected to portray the largest CAGR of 3.7% from 2022 to 2031. The growing demand for the snacks among the people is boosting the consumption of hard candies across the globe. According to the National Library of Medicine, around 97% of all Americans eat candy at least once per year.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global hard-boiled confectionery market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 3.7% from 2022 to 2031. Product portfolio extensions and new brand launches from established players are significant factors that drive the hard-boiled confectionery market in the region. Key players in the region actively invest high amounts on advertising campaigns and marketing to enhance their brand recognition, thereby influencing the market growth even more.

Leading Market Players:

Mondelez International Inc.,
Nestlé S.A,
Parle products pvt. ltd,
Perfetti Van Melle,
The Hershey Company,
Tootsie Roll Industries, Inc.,
Valeo foods group,
Lotte Corporation,
Mars, Incorporated,
FERRERO INTERNATIONAL S.A

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3kBBkAU

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