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)

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 expected to grow at a CAGR of 5.5% from 2022 to 2028.

Coconut candy is manufactured using various forms of coconut, including cream, milk, grated coconut, flakes, and condensed milk, along with sugar or malt syrup. It can also be prepared by mixing coconut with nougat and enrobing it with chocolate or glazes. Differences in ingredient ratio led to variations in the taste and texture of coconut candies.   

Based on category, the coconut candy market is segmented into sugar-free and conventional. In 2021, the conventional segment held the largest market share, while the sugar-free segment is expected to register a higher CAGR during the forecast period. Sugar-free coconut candies are made with artificial sweeteners or sugar substitutes such as saccharin, aspartame, and sucralose, instead of table sugar. In terms of geography, the overall coconut candy market is segmented into Asia Pacific, Europe, the Middle East and Africa, North America, and South and Central America. In 2021, Asia Pacific held the largest share of the market, whereas Europe is expected to register the fastest CAGR during the forecast period. The growth of the coconut candy market in Asia Pacific is attributed to the increasing disposable income of people and the rising demand for confectionery in developing economies in this region. The growth of the market in Europe is attributed to the elevating demand for functional and innovative confectionery.

The COVID-19 pandemic had a global impact on economies and industries, resulting in various disruptions in supply chains, manufacturing, and product sales. The food and beverage industry also faced significant challenges due to lockdowns, travel restrictions, and business shutdowns implemented by governments worldwide. These factors affected the growth of several markets, including the coconut candy market. For instance, the closure of the Agricultural Produce Market Committee (APMC) in India impacted the coconut, copra, and coconut-based product dealing market.

The North America and Caribbean coconut candy market is dominated by several major players, including 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. To expand their market presence and customer base, these companies are adopting various strategies such as mergers and acquisitions, and product launches.

The market size of the coconut candy market has been determined using both primary and secondary sources. The research process started with an extensive secondary research study that involved using internal and external sources to obtain qualitative and quantitative information relevant to the market. Additionally, multiple primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders, who specialize in the coconut candy market. The primary research was conducted to validate the data collected and gain further analytical insights.