(MENAFN- EIN Presswire) EINPresswire/ -- 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.

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.

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The rising wellness trends in the confectionery industry is boosting the demand for organic, GMO-free, and low-calorie confectionery products across the globe. Manufacturers are eliminating high fructose corn syrup and artificial additives in the making of hard-boiled candies and opting for natural ingredients.

Consumer habits, tastes, and preferences are constantly evolving. This has led to innovation in the field of hard-boiled confectionery market trends that drives market growth. Manufacturers are increasing their product range by including functional ingredients, organic herbal fillings, tropical fruit, and nut-based & exotic flavors in product formulations to meet changing consumer demands. Furthermore, the trend of gifting confectionery products has enabled to propel the hard-boiled confectionery market growth in recent years. Brands are constantly establishing unique engaging techniques to seek consumer attention as confectionery products are significantly purchased due to impulse buying. These factors have cumulatively enabled to drive the market for hard-boiled confectionery products. However, the volatile nature of raw material price of sugar can hamper the growth of the hard-boiled confectionery market.

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The hard-boiled confectionery market is segmented on the basis of type, flavor, age group, distribution channel, and region. On the basis of type, the market is categorized into suckers and lollipops, jawbreakers, candy canes, rock candy, drops and disks, and others. By flavor, it is segmented into cherry, watermelon, lemon, strawberry, orange, butterscotch, and others. Depending on the age group, the market is categorized into children, adult, and geriatric. By distribution channel, the market is divided into supermarkets and hypermarkets, convenience stores, specialty stores, e-commerce, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa).

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 size, 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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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

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