Coconut Candy Market Worth $1.8 Billion, Globally, by 2028 at 5.5% CAGR | The Insight Partners

NEW YORK, Oct. 28, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Coconut Candy Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Category, Distribution Channel, and Geography," the global coconut candy market size is expected to grow from USD 1.36 billion in 2022 to USD 1.88 billion by 2028; it is estimated to grow at a CAGR of 5.5% from 2022 to 2028.

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Global Coconut Candy Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 155 pages with 86 list of tables & 78 list of figures from the report, "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)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/coconut-candy-market

Coconut candy is prepared by the batch boiling of sugar syrup and the simultaneous addition of coconut shreds, grated coconut, or coconut flavor. Sugar used in the manufacturing of coconut candies forms a non-crystalline glassy structure. However, the crystallization is prevented by adding either invert sugar or corn syrup. Chocolate coconut candy is prepared by enrobing coconut ganache or candy with milk or dark chocolate. It generally contains sugar, desiccated coconut, glucose syrup, milk solids, cocoa butter, and cocoa mass. Bounty, Mounds, and Almond Joy are a few of the brands that provide chocolate coconut candy.

The coconut candy market, by distribution channel, is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. In 2021, the supermarkets and hypermarkets segment dominated the market. Further, the online retail segment is expected to register the highest CAGR during the forecast period. A surge in the demand for coconut candies through e-commerce websites can be attributed to the change in customers' shopping behaviors during the COVID-19 pandemic.

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The coconut candy market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the market. The sales of coconut candy in Asia Pacific are increasing due to the rising disposable income of customers. Moreover, the demand for sugar-free, gluten-free, organic, and non-GMO coconut candies has increased. These factors have encouraged confectionery manufacturers to develop new products according to consumer demand and expand their markets in developing economies of Asia Pacific.    

Impact of COVID-19 Pandemic on Global Coconut Candy Market:

Upon the onset of the COVID-19 pandemic, lockdown measures imposed in several countries led to an immediate decline in the world economy, tourism, and foreign direct investments (FDIs), followed by a slowdown in the global demand for exports. Preventive measures, travel restrictions, and social anxiety hampered the growth of the global tourism industry. Moreover, disruptions in supply chains led to adverse effects on retail trade, wholesale trade, and the manufacturing sector. This affected the supply of agri-food raw materials and consumer packaged goods, especially nonessential products. According to the International Trade Series report by United Nations, the arrival of tourists in South and Central America dropped by 100% by April 2020, whereas hotels, resorts, supermarkets, and retail shops were shut down. As a result, the consumption and sale of specifically categorized nonessential items and confectionery products, namely, coconut candies, dropped worldwide.

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In 2021, businesses started recovering with relaxation in social restrictions by various governments. Nevertheless, a shift in consumer preferences and shopping behavior, and the successful implementation of mass vaccination drives favored the resurgence of business activities in 2021. As a result of the reviving economies, the coconut candy market is also expected to grow significantly in the coming years as major candy manufacturers resumed their operations and normal production capacities.

The "Global Coconut Candy Market Analysis to 2028" is a specialized and in-depth study of the food and beverage industry, focusing on the coconut candy market trend analysis. The report aims to provide an overview of the market with detailed segmentation. The coconut candy market is segmented on the basis of product type, category, distribution channel, and geography. Based on product type, the market is segmented into chocolate coconut candy and non-chocolate coconut candy. The coconut candy market, by category, is segmented into sugar-free and conventional. On the basis of distribution channel, the coconut candy market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. In terms of geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. In 2021, Asia Pacific dominated the coconut candy market; however, Europe is expected to register the highest CAGR in the market during the forecast period.

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