Coconut is associated with a variety of health benefits. It is rich in vitamins, minerals, carbohydrates, medium-chain triglycerides, and dietary fibers, which help improve immunity, skin and hair health, and bone health. Moreover, coconut has a unique exotic nutty flavor that imparts rich creaminess to confections and chocolates. Dark chocolate is one of the majorly used chocolates as it has long been recognized for its mood-altering properties. Moreover, the blending of coconut with chocolate creates a unique taste. Therefore, chocolate-based coconut candies are gaining huge popularity among consumers of all age groups.
The coconut candy market in the Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The global confectionery market, mainly coconut candy industry, is propelled by the shift in dietary patterns and eating habits of consumers. The increase in disposable income and buying preferences has also positively impacted the coconut candy market in the developing economies of Asia Pacific. Moreover, Asia Pacific significantly contributes to the production and consumption of coconut-based products as the major plantations are found in countries such as Indonesia, the Philippines, India, Sri Lanka, and Vietnam. According to an article published by the Food and Agriculture Organization of the United Nations, 15 member countries of the Asian and Pacific Coconut Community (APCC) account for a major share of the plantation area and production of coconuts, cumulatively, accounting for 10.7 million ha (87%) and 9.2 million MT of copra equivalent (82.81%). Indonesia, the Philippines, and India are the major producers of coconut in the world. Thus, it is easy for manufacturers to procure the raw material for making coconut-based confectioneries such as coconut candy.
The companies in the coconut candy market are adopting strategies such as product innovation and creative marketing campaigns to increase their customer reach. In June 2022, Cocomels, a US-based brand of JJ Sweets, launched a low-sugar caramel candy made with coconut milk. The product contains coconut cream as the main ingredient, which gives it a rich, nutty taste and mouthfeel. It is sweetened with low-calorie sweeteners, such as allulose and monk fruit, and is free of dairy, gluten, cholesterol, and corn syrup. With such product launches, Cocomels aims to target calorie-conscious consumers that are not willing to compromise on taste.
Further, companies are launching customized gift boxes containing a mix of different candies for festivities and special occasions. In April 2022, Ferrero launched a range of products specially curated for Easter, which included treats and gift boxes. For example, the Ferrero Collection Bunny Gift Box comprised 13 pieces of premium confections including Raffaello, containing coconut and almonds; Ferrero Rocher hazelnut chocolates; and Rondnoir dark chocolates with crisp wafers. Such innovative product offerings are expected to drive the sales of coconut candies during the forecast period.
Based on product type, the coconut candy market is segmented into chocolate coconut candy and non-chocolate coconut candy. In 2021, the chocolate coconut candy segment held the largest market share. Chocolate consumption helps reduce depressive behavior as chocolate has antioxidant and anti-inflammatory properties. Various types of chocolates are used as a filling or coating in coconut candy manufacturing. Dark chocolate is one of the majorly used chocolates as it has long been recognized for its mood-altering properties. Moreover, the blend of coconut and chocolate creates a unique taste. Therefore, chocolate-based coconut candy is highly popular among people of all ages.
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 the key players in the coconut candy market. The leading players adopt strategies such as mergers and acquisitions, and product launches to expand their geographic presence and clientele.
The regional trends and factors influencing the Coconut Candy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Coconut Candy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.36 Billion |
| Market Size by 2028 | US$ 1.88 Billion |
| Global CAGR (2022 - 2028) | 5.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Coconut Candy Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Coconut Candy Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Global Coconut Candy Market Analysis to 2028" is a specialized and in-depth study of the food and beverages industry, focusing on the coconut candy market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The coconut candy market is segmented on the basis of product type, category, and distribution channel. Based on product type, the market is divided into chocolate coconut candy and non-chocolate coconut candy. Based on the category, the market is bifurcated into sugar-free and conventional. Based on distribution channel, the coconut candy market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others.
The List of Companies - Coconut Candy Market
The rising consumption of coconut-based products, and innovations and product development by key market players such as coconut chocolate truffles, coconut filled chocolates or flavored coconut candies are some of the key driving factors for the coconut candy market.
Asia Pacific has few countries with the world’s largest population, majority of which are young. The youth form a significant consumer base of confectionery and specifically coconut candy. Therefore Asia-Pacific accounted for the largest share of the global coconut candy market in 2021.
Based on distribution channel, online retail is the fastest-growing segment. The growing e-commerce industry along with the development of online shopping websites, is driving the segment’s growth. Moreover, a shift towards online retail segment is observed due to the distinct benefits such as quick service, home delivery, easy access and many more.
The rise in demand for sugar-free and organic coconut candies, is expected to provide lucrative growth opportunities to the global coconut candy market during the forecast period.
The chocolate manufacturers innovate and develop new products such as enrobed chocolates, chocolate truffles, filled chocolates, pralines and many more, with distinct flavorings. This strategy helps chocolate manufacturers to expand their product portfolio and increase market share. Thus, coconut flavored or filled chocolate candies are widely produced due to rising customer preferences, thereby fueling the segment growth.
The major players operating in the global coconut candy market are Ferrero International S.A; The Hershey Company; Mars Incorporated; Chocoladefabriken Lindt and Spruengli AG; Alfred Ritter GmbH & Co. KG among others