Coconut candy is made from grated coconut, desiccated coconut, sweetened condensed milk, coconut milk, sugar syrup and many other ingredients depending upon the type of candy or chocolate. Coconut candy is preferred globally as it is a traditional sweet in several countries, such as the US, Vietnam, Mexico, Brazil and many more countries.
The coconut candy market size is expected to reach US$ 1,881.64 million by 2028 and registering at a CAGR of 5.5% from 2022 to 2028 , according to a new research study conducted by The Insight Partners.
Coconut-based products such as coconut candies, coconut crème filled chocolates, coconut truffles are gaining considerable popularity among consumers. The coconut products also possess health benefits and has a distinct flavor. Several studies have shown the benefits of coconut consumption that are improvement in bone, skin, and heart health; immunity boost; and it aids weight loss. It is a rich source of dietary fibers, vitamins, minerals, and medium-chain triglycerides. Many consumers prefer coconut-based products as they have a slightly mild and exotic flavor with sweet notes. Manufacturers utilize coconut in a variety of food and beverages including candies, chocolates, bakery products, and beverages. Firmenich, a leading flavor and fragrances company, announced coconut as its “2016 Flavour of the Year.” Moreover, the demand for plant-based and 100% natural ingredients has surged with an increase in health concerns among people.
Coconut candies are becoming highly popular among the global consumer base as these candies satisfy sweet cravings and boost mood. Hectic lifestyles and busy work schedules refrain people from spending time on food indulgence. As a result, they indulge in comfort food and beverages that provide them a sense of relief. Further, the trend of gifting premium chocolate boxes that include coconut confections, especially on Easter, Halloween, and Valentine’s Day is rising. Thus, the rising consumption of coconut-based products coupled with increasing popularity of coconut flavored confections among consumers is driving the growth of coconut candy market.
A few players operating in the coconut candy market are Ferrero International S.A; The Hershey Company; Mars Incorporated; Chocoladefabriken Lindt and Spruengli AG; Alfred Ritter GmbH & Co. KG; among few others.
The global confectionery market has recovered post pandemic from the losses as the governments globally announced relaxation in the restrictions. Confectionery manufacturers were permitted to operate with full capacity, helping them overcome the supply gap. Moreover, the rising vaccination rate boosted the industry’s overall growth. However, companies in the coconut candy market focused on the reinforcement of their e-commerce platforms, considering the popularity of these candies among consumers. Moreover, relaxation in travel and tourism restrictions led to the rise in demand for premium chocolates and other traditional sweets during the post-pandemic recovery period. The global market players seek more investment opportunities as coconut candy businesses gain momentum in stable and emerging economies, thereby providing the impetus for market growth.
