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

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)

Publication Month : Oct 2022

  • Report Code : TIPRE00029761
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 155
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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

coconut-candy-market
Market Size Value inUS$ 1,364.87 Million in 2022
Market Size Value byUS$ 1,881.64 Million by 2028
Growth rateCAGR of 5.5% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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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.

Coconut Candy Market Share, by Product Type, 2021 Vs. 2028

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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. 

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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type, Category, and Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Can you list some of the major players operating in the global coconut candy market?

The major players operating in the global coconut candy market are Ferrero International S.A; The Hershey Company; Mars Incorporated; Chocoladefabriken Lindt and Spruengli AG; Alfred Ritter GmbH & Co. KG among others

What are the opportunities for coconut candy in the global market?

The rise in demand for sugar-free and organic coconut candies, is expected to provide lucrative growth opportunities to the global coconut candy market during the forecast period.

Based on the product type, why does the chocolate coconut candy segment have the largest revenue share?

The chocolate manufacturers innovate and develop new products such as enrobed chocolates, chocolate truffles, filled chocolates, pralines and many more, with distinct flavorings. This strategy helps chocolate manufacturers to expand their product portfolio and increase market share. Thus, coconut flavored or filled chocolate candies are widely produced due to rising customer preferences, thereby fueling the segment growth.

What is the largest region of the global coconut candy market?

Asia Pacific has few countries with the world’s largest population, majority of which are young. The youth form a significant consumer base of confectionery and specifically coconut candy. Therefore Asia-Pacific accounted for the largest share of the global coconut candy market in 2021.

Based on distribution channel, which is the fastest-growing segment in the coconut candy market?

Based on distribution channel, online retail is the fastest-growing segment. The growing e-commerce industry along with the development of online shopping websites, is driving the segment’s growth. Moreover, a shift towards online retail segment is observed due to the distinct benefits such as quick service, home delivery, easy access and many more.

What are the key drivers for the growth of the global coconut candy market?

The rising consumption of coconut-based products, and innovations and product development by key market players such as coconut chocolate truffles, coconut filled chocolates or flavored coconut candies are some of the key driving factors for the coconut candy market.

The List of Companies - Coconut Candy Market

  1. Ferrero International S.A
  2. The Hershey Company
  3. Russell Stover Chocolates, LLC.
  4. Mars Incorporated
  5. Chocoladefabriken Lindt and Spruengli AG
  6. Unreal Brands Inc.
  7. Alfred Ritter GmbH & Co. KG
  8. Tru Fru LLC.
  9. Godiva
  10. Weetabix Food Co.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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