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