Coconut Candy Market size is USD 2.8 billion by 2029 it will grow at a CAGR of 6% till 2029 : GreyViews

Coconut Candy Market Size By Product (Chocolate Coconut Candy and Non-Cholate Coconut Candy), By Category (Sugar-Free and Convectional), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others), Regions, Segmentation, and forecast till 2029.

Pune India, Dec. 28, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Coconut candy market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the coconut candy market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, category, distribution channel and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global coconut candy market are McCormick & Company Inc,Goya Food Inc, Celebes Coconut Corp, Vita Coco, Celebes Coconut Corp, Thai Agri-Food Public Co. Ltd, Danone SA, Pureharvest, Thai Coconut Public Company, Dabur India Ltd among others. To achieve a substantial market share in the worldwide coconut candy market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

The coconut is the best source of food, oil, coconut water, milk, and medicine. Coconut milk, cream, and water can be combined in numerous ways with other ingredients to create coconut-based chocolates. Depending on the intended drinking quality and desired price of the coconut candy, these ingredients may change. The primary ingredients of recombined coconut candies are water, additives, coconut source, lipids, and oils. Sugar is the primary ingredient in coconut candies. Due to its numerous health benefits and use in numerous food and beverage categories, coconut is a developing and well-liked ingredient. According to data, younger consumers are increasingly concerned with their health and wellness. Since, for instance, 51% of millennials avoid fast food, the market for healthy beverages like those derived from coconut and those made by mixing coconut sources with other ingredients is growing at a faster rate. As consumers seek out products with the highest health benefits, the various health benefits of coconut have recently begun to coincide with a fast-growing megatrend in health and wellbeing. This has also contributed to the expansion of the coconut beverage market worldwide.

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Scope of Coconut candy market Report

Report Metric Information
Study Period 2021-2029
Base Year           2021
Forecast Period 2022-2029
Market Share Unit Billion
Segments Covered Product, Category, Distribution Channel and Regions
Regions Covered North America, Europe, Asia-Pacific, South America, and Middle-East and Africa
Major Players McCormick & Company Inc, Goya Food Inc, Celebes Coconut Corp, Vita Coco, Celebes Coconut Corp, Thai Agri-Food Public Co. Ltd, Danone SA, Pureharvest, Thai Coconut Public Company, Dabur India Ltd among others.

Segmentation Analysis

The chocolate coconut candy segment is expected to be the fastest-growing segment in 2021. 

The product segment is Chocolate Coconut Candy and Non-Chocolate Coconut Candy. The chocolate coconut candy segment is expected to witness the highest growth rate during the forecast period. When creating coconut candy, grated coconut, coconut flavour, or coconut shreds are mixed in when the sugar syrup is batch-boiled. Coconut candies are made using sugar that has a non-crystalline glassy structure. Inverted sugar or corn syrup, however, prevents the crystallisation. Chocolate coconut candies are made by dripping milk or dark chocolate over coconut ganache or candy. Typically, there is sugar, desiccated coconut, glucose syrup, milk solids, cocoa butter, and cocoa mass. Among others, the brands Bounty, Mounds, and Almond Joy are used to market chocolate coconut sweets.

The conventional segment is expected to be the fastest-growing segment in 2021. 

The category segment is Sugar-Free and Convectional. The conventional segment is expected to witness the highest growth rate during the forecast period. Conventional coconut candy has been reported to have been the top product category over time, having been the first item to be offered on the market.

The supermarkets/hypermarkets segment is expected to be the fastest-growing segment in 2021. 

The distribution channel segment is Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others. The supermarket/hypermarkets segment is expected to witness the highest growth rate during the forecast period. Supermarkets and hypermarkets accounted for the majority of the market. In the online retail sector, the forecast year is anticipated to have the highest CAGR. The COVID-19 epidemic changed the way consumers shop, which increased the demand for coconut sweets on online purchasing sites.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the aesthetic lasers include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

  • The Asia Pacific region witnessed a major share. Sales of coconut candies are expanding in Asia and the Pacific as a result of rising consumer disposable income. The market for organic, non-GMO, and sugar-free coconut treats is also expanding. These factors have compelled confectionery manufacturers to develop new products in response to consumer demand and to expand their markets in expanding Asia Pacific countries.

Country Analysis

  • Germany

Germany’s coconut candy market size was valued at USD 0.02  billion in 2021 and is expected to reach USD 0.028 billion by 2029, at a CAGR of 4.5% from 2022 to 2029.
The market for coconut candies is expanding significantly as a result of the globalisation of the food and beverage sector. The key drivers of growth in this industry are consumer preference for coconut candy consumption in this region and rising consumer knowledge of the various benefits of coconut candy. Offering customers a range of products to fit their interests is one of the major developments in this business.

  • China

China’s coconut candy market size was valued at USD 0.038 billion in 2021 and is expected to reach USD 0.058 billion by 2029, at a CAGR of 5.5% from 2022 to 2029. Before they became popular, there was only one type of organic coconut candy, and it has since established a stronghold on the regional market for coconut sweets all across the world. One of the things driving this market’s expansion is the fact that conventional coconut candy is considerably less expensive than organic coconut candy. One of the trends boosting the demand for the product in this region is the various ways that coconut is used in different recipes.

  • India

India’s coconut candy market size was valued at USD 0.035 billion in 2021 and is expected to reach USD 0.051 billion by 2029, at a CAGR of 5% from 2022 to 2029. In 2021, businesses started to rebound as a result of different governments easing social restrictions. The effective implementation of mass immunisation initiatives, however, along with modifications in consumer shopping habits and tastes, enabled the recovery of economic activity in 2021. As a result of the economy’s improvement and the fact that major candy manufacturers have resumed operations and normal production levels, it is anticipated that the market for coconut candies will grow significantly in the years to come.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven by the increasing awareness regarding the benefits associated with coconut candies.

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