Coconut Candy Market Size, Share | Global Report 2022, 2028

The coconut candy market is expected to grow from US$ 1,364.87 million in 2022 and  it is expected to grow at a CAGR of 5.5% from 2022 to 2028.

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.

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Coconut Candy Market: Strategic Insights

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Market Insights

Strategic Initiatives by Key Market Players to Provide Growth Opportunities to Market Players in Coming Years

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.

Product Type Insights

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. 

Coconut Candy Market Regional Insights

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.

Coconut Candy Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Ferrero International S.A
2. The Hershey Company
3. Russell Stover Chocolates, LLC.
4. Mars Incorporated
5. Chocoladefabriken Lindt and Spruengli AG

Disclaimer: The companies listed above are not ranked in any particular order.

Report Spotlights

• Progressive trends in the coconut candy industry to help players develop effective long-term strategies
• Business growth strategies adopted by companies to secure growth in developed and developing markets
• Quantitative analysis of the coconut candy market from 2019 to 2028
• Estimation of the demand for coconut candies
• Porter’s Five Forces Analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook, and factors driving and restraining the coconut candy market growth
• Understanding strategies that underpin commercial interest with regard to the coconut candy market growth, aiding in the decision-making process
• Coconut candy market size at various nodes of market
• Detailed overview and segmentation of the coconut candy market, and its industry dynamics
• Coconut candy market size in various regions with promising growth opportunities

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.     

Company Profiles

• 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
• Weetabix Food Co.