The scope of our recent study on "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)," includes factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.
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 estimated to grow at a CAGR of 5.5% from 2022 to 2028.
The coconut candy market growth is likely to be driven by the increasing demand for confectionery products, including customized chocolate boxes, during festivals and special occasions. These gift boxes usually contain a variety of confectioneries, such as coconut-based candies, thereby boosting the market's growth.
The coconut candy market is segmented into five key regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2021, Asia Pacific dominated the market due to the easy availability of coconuts in countries like Indonesia, the Philippines, India, Sri Lanka, and Vietnam, which are the primary coconut producers. Additionally, consumers in the region often seek comfort foods and beverages to keep up with their busy lifestyles, and they take time to treat themselves amidst their busy schedules.
Impact of COVID-19 Pandemic on Coconut Candy Market
To protect their employees from the COVID-19 virus, several manufacturers limited their workforce or temporarily halted their operations. Confectionery products are known worldwide for providing comfort and indulgence. During the pandemic, consumers stockpiled food and beverages and other goods to ensure their short-term food security. However, trade and travel restrictions led to a slowdown in candy and chocolate production due to a lack of raw materials like cocoa, which is primarily exported by South Africa. As a result, consumer shopping behavior shifted towards innovative snack bars with specific nutritional profiles, such as organic, gluten-free, and GMO-free. With the reopening of markets and retail stores and the successful implementation of mass vaccination drives in 2021, economies began to revive. As a result, demand for coconut candies surged globally in recent months, leading key manufacturers to resume their operations and restore their normal production capacities.
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 coconut candy market is bifurcated into chocolate coconut candy and non-chocolate coconut candy. Based on the category, the market is segmented 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. Based on geography, the market is segmented into five main regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the coconut candy market, whereas Europe is expected to register the highest CAGR in the market during the forecast period. The sugar-free coconut candy is expected to record the fastest CAGR during the forecast period.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com