Coconut Candy Market is expected to reach US$ 1,881.64 Million by 2028

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.

Upsurge in Consumption of Coconut-Based Products Drives Global Coconut Candy Market

Coconut-based products are gaining considerable popularity among consumers owing to the health benefits and unique flavor of coconut. Coconut consumption helps improve bone, skin, and heart health; boosts immunity; and aids in weight loss. It is a rich source of dietary fibers, vitamins, minerals, and medium-chain triglycerides. Its antimicrobial properties are being studied for various health and nutritional benefits. Many consumers prefer coconut-based products as they have a slightly mild and exotic flavor with sweet notes. Manufacturers are using 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 Flavor 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 consumers, worldwide, 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. Thus, the rising consumption of coconut-based products is driving the global coconut candy market.

Coconut Candy Market Size, by Region, 2021–2028

Source: The Insight Partners Analysis

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 key players in the coconut candy market.

Impact of COVID-19 Pandemic on Coconut Candy Market

COVID-19 has adversely affected the growth of the food sector and the confectionery market. The onset of the COVID-19 pandemic in many countries compelled governments to announce social restrictions, resulting in the shutdown of malls, markets, schools, and universities as well as a ban on tourism activities. For instance, in 2020, major concerts, events, music festivals, carnivals, international art fairs, yoga festivals, and ITU World Triathlon lined up in Dubai or Qatar were either postponed or canceled. However, implementing measures to combat the spread of SARS-CoV-2 has negatively impacted the growth of the confectionery sector especially coconut candy industry. Industries dealing with non-essential food products, luxury food products, consumer goods, have been adversely affected by the sudden disruptions in operational efficiencies and value chains due to the sudden closure of national and international borders. The confectionery industry, comprising coconut candy manufacturing, was severely affected due to supply chain disruptions and low tourist arrival. The shutdown of supermarkets, hypermarkets and retail shops, along with the lack of labor, has caused the small-scale coconut candy manufacturers to halt operations. The major industry players were also affected by the pandemic resulting in a decline in revenue. Moreover, the disruption in the supply chain of confectionery products due to government regulations on non-essential products halted the manufacturing and distribution of coconut candies.

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.

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 segmented into chocolate coconut candy and non-chocolate coconut candy. In 2021, the chocolate coconut candy segment dominated the coconut candy market, while the non-chocolate coconut candy segment is expected to register a higher CAGR in the market during the forecast period. In terms of category, the coconut candy market is segmented into sugar-free and conventional. The market, by distribution channel, is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others.

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