Diet Candy Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1911
Diet Candy Market size is anticipated to witness a surge in demand due to rising applications in food & beverages industry. There has been an increase in product demand with growing weight gain concerns among adults and youngsters. As per study conducted by Centres for Disease Control and Prevention (CDC) one in every five children has obesity that has helped in their emergence. Further, government is promoting health initiatives to crack down high calorie and junk food. These factors are expected to propel diet candy market.
Sugar is the main source of calorie in food. Customer preference has shifted from high calorie food to healthier and low-calorie food. Its demand has increased with higher nutrition value and low sugar content. Candy market is growing above 3.5% up to 2024, that in turn has enhanced diet candy market growth. Better appearance, texture and flavours including mint and chocolate has further increased industry demand.
Diet candy is low calorie confectionary with low sugar content and added nutrition. These are in huge demand by consumers going for diet plan as it reduces the craving for sweet. It is preferred as eating 50 calorie bars is better than 200 calorie chocolates. These are of two types namely, nutritive and non-nutritive. Nutritive have mild sweet taste and added nutrition, while non-nutritive do not have any nutrition. New developments that includes yumearth organic sour worms have been introduced that are sugar coated worms made of organic fruit juice instead of fructose corn syrup. Government authorities including FDA (Food & Drug Administration) and USDA (United States Department of Agriculture) govern diet candy market.
Key restraint for diet candy market is its cost as compared to simple sweets. Further, their consumption triggers a sugar spike and body craves for more sweets. It contains chemicals that are unhealthy if taken in excessive quantity and can pose digestive problem. These are less preferred as sometimes customers end up consuming more calories than traditional candies. These factors will pose a threat to die candy market growth.
Based on type, diet candy market is segmented into sugar free and reduced calorie. Reduced calorie has larger share as these have better capability to meet sugar craving as compared to sugar free. Sugar free is gaining share with growth in sugar free product sector, which is expanding at a CAGR of around 7%. These are further classified into hard and chewy candies. Hard candies have major share in diet candy market as it moistens the mouth and coats the throat that in turn reduces the hunger sensation. Chewy type helps controlling the blood sugar level and chewing helps the body to realize satiety before consumption.
Based on distribution channel, diet candy market is classified into super/ hyper stores, department & convenience stores, service stations, independent retailers and online. Super stores have major share as urban and semi urban population prefer these owing to ease in availability and better comparison between products. Retail segment is growing above 3.5% and there has been considerable increase in number of stores with major players including Walmart.
North America leads the global diet candy market. Rising obesity among children and adults is main driver for product expansion in the region. Further, presence of key players including TruJoy and Hersey increases its availability. Asia Pacific is showing significant growth as confectionery industry is growing at fast pace and has more than 50% share. In addition, investments by companies in emerging market have reduced the product price. Latin America, led by Brazil and Argentina has substantial share with growing sugarcane industry. Their consumption as an alternative to chocolate is expected to increase.
Some of the major players of diet candy market are TruJoy Sweets, Hersey, Nestle, Russel Strover, Tootsie Roll, Mars, Toms Confectionary and Canel. Companies including Nestle are employing localization and customization strategy to enhance customer satisfaction factors as different regions have different eating habits.
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