Despite the buzz around better-for-you products, consumers still have indulgent cravings. In fact, the global confectionery market is projected to reach $232 billion by 2022, according to Allied Market Research, Portland, Ore. Here are three trends moving the needle.
1. New-product blitz.
The year 2016 saw high-profile hits from major brands, including The Hershey Co.’s Reese’s Pieces Peanut Butter Cups and Mars’ Caramel M&M’s. What that means for innovation in 2017 remains to be seen, but big candy brands aren’t resting on their laurels.
2. Occasion-based treating.
Gifting is on the rise. Holidays and candy go hand in hand, sure, but major manufacturers are upping their seasonal games. Expect convenient and innovative twists on old standards to help boost those holiday candy sales.
3. Go gummy.
With new shapes and unique flavors, gummy candy is currently seeing unprecedented growth. Certainly, strong industry sales could be due to the fast pace of innovation, but retailers are also devoting more space to the segment.
Increase in c-store sales of nonchocolate chewy candy in 2016