Coconut Candy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Chocolate Coconut Candy and Non-Chocolate Coconut Candy), Category (Sugar-Free and Conventional), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
The coconut candy market is expected to grow from US$ 1,364.87 million in 2022 to US$ 1,881.64 million by 2028. It is expected to grow at a CAGR of 5.5% from 2022 to 2028.
Coconut candy is manufactured using various forms of coconut, including cream, milk, grated coconut, flakes, and condensed milk, along with sugar or malt syrup. It can also be prepared by mixing coconut with nougat and enrobing it with chocolate or glazes. Differences in ingredient ratio lead to variations in the taste and texture of coconut candies.
Based on category, the coconut candy market is segmented into sugar-free and conventional. In 2021, the conventional segment held the largest market share, while the sugar-free segment is expected to register a higher CAGR during the forecast period. Sugar-free coconut candies are made with artificial sweeteners or sugar substitutes such as saccharin, aspartame, and sucralose, instead of table sugar. In terms of geography, the overall coconut candy market is segmented into Asia Pacific, Europe, the Middle East and Africa, North America, and South and Central America. In 2021, Asia Pacific held the largest share of the market, whereas Europe is expected to register the fastest CAGR during the forecast period. The growth of the coconut candy market in Asia Pacific is attributed to the increasing disposable income of people and the rising demand for confectionery in developing economies in this region. The growth of the market in Europe is attributed to the elevating demand for functional and innovative confectionery.
The COVID-19 pandemic affected economies and industries in various countries across all continents, mainly due to lockdowns, travel restrictions, and business shutdowns embraced by governments to keep their population safe. These measures led to disturbances in global supply chains, manufacturing activities, delivery schedules, and essential and non-essential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Further, the bans imposed by governments of the US, China, India, Germany, and Italy, among others, on international travel forced several companies to discontinue their collaboration and partnership plans. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the coconut candy market. For instance, in India, the Agricultural Produce Market Committee (APMC), i.e., the coconut, copra, and coconut-based product dealing market, was shut down in 2020.
Ferrero International S.A; The Hershey Company; Russell Stover Chocolates, LLC.; Mars Incorporated; Chocoladefabriken Lindt and Spruengli AG; Unreal Brands Inc.; Alfred Ritter GmbH & Co. KG; Tru Fru LLC.; Godiva; and Weetabix Food Co. are among the leading players in the coconut candy market. These companies are adopting strategies such as mergers and acquisitions, and product launches to expand their geographic presence and consumer bases.
The overall coconut candy market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—including valuation experts, research analysts, and key opinion leaders—specializing in the coconut candy market.
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