Taffy is often sold alongside bubblegum and hard candy. Taffy is made by stretching or pulling a sticky mass of boiled sugar, butter or vegetable oil, flavorings, and coloring until it becomes aerated (meaning that tiny air bubbles are produced, resulting in a light, fluffy and chewy candy).hey are shaped pieces of candy very similar to soft toffee but without the caramel flavouring, and can be found in the form of popular brands such as Chewits or Starburst. Caramel candies are sometimes referred to as taffy (taffy apples), but are very different from common salt water taffy.