Food: Specialty/Candy

The Food: Specialty/Candy industry is a dynamic segment of the consumer non-durables sector, encompassing a wide array of products and catering to both institutional/restaurant demand and household consumption. The global candy market was valued at approximately $213.6 billion in 2023 and is projected to reach $291.2 billion by 2030, growing at a CAGR of 4.5%. The U.S. confectionery market is one of the largest and most innovative globally, valued at over $83.54 billion in 2024. This sector is characterized by a blend of tradition and innovation.

The Food: Specialty/Candy industry is influenced by rising disposable incomes, product innovation, and the expansion of e-commerce channels. Consumers are increasingly demanding healthier options like sugar-free and plant-based alternatives, and sustainability is becoming a crucial factor. Seasonal and festive demand remains a major driver, and technological advancements are enhancing efficiency and innovation.

The Food: Specialty/Candy industry is dominated by major players such as Mondelez International, Mars, Incorporated, The Hershey Company, Nestlé S.A., Kraft Heinz Company, General Mills, and Campbell Soup Company. The Hershey Company controls approximately 46% of the domestic chocolate market. Mondelez International is known for brands such as Oreo and Cadbury. Mars, Incorporated is a global leader with iconic brands like M&M's and Snickers. Nestlé S.A. offers a diverse range of candy products, including KitKat and Smarties. Kraft Heinz Company is known for its diverse portfolio of comfort foods and condiments. These companies compete on brand recognition, product innovation and distribution networks. Strategic acquisitions and partnerships are also key strategies for growth and market diversification.

The Food: Specialty/Candy industry has shown resilience, with candy sales reaching an all-time high of $48 billion in the U.S. in 2023 and projected to exceed $61 billion by 2028. The global candy market was valued at $213.6 billion in 2023 and is projected to grow to $291.2 billion by 2030. The confectionery market experienced a 6% growth in the past 52 weeks leading up to July 2024, reaching a market size of $39 billion. The industry is poised for continued growth, driven by innovation and adaptation to evolving consumer preferences, with a focus on healthier, sustainable, and personalized options. E-commerce is anticipated to play an increasingly vital role in distribution.

The Food: Specialty/Candy industry faces risks including economic sensitivity affecting consumer spending, regulatory exposure related to ingredients and packaging, commodity price volatility for key ingredients, and changing consumer preferences towards healthier options. Intense competition from niche players and private labels also impacts market share.