CAGR: 6%Current Market Size: USD 1.8 billionFastest Growing Region: North America
Largest Market: APACProjection Time: 2022-2029Base Year: 2021
The global coconut candy market is expected to grow from USD 1.8 billion in 2021 to USD 2.8 billion by 2029, at a CAGR of 6% during the Projection period 2022-2029. The growth of this market is mainly driven by the increasing awareness regarding the benefits associated with the products coupled.
The best source of food, oil, coconut water, milk, and medication is the coconut. Coconut-based candies can be made in countless ways by combining coconut milk, cream, and water with additional ingredients. These ingredients may vary depending on the intended drinking quality and desired cost of the coconut candy. Water, additions, coconut source, lipids, and oils are the main components of recombined coconut candies. The main component of coconut candies is sugar. Coconut is a growing and popular ingredient since it has a number of health advantages and is utilized in a variety of culinary and beverage categories. Data indicate that younger customers are paying more attention to their health and wellness. The market for healthy beverages like those made from coconut and made by combining coconut sources with other components, for example, is expanding at a higher pace since, for example, 51% of millennials shun fast food. The different health advantages of coconut have recently started to coincide with a rapidly escalating megatrend in health and wellness, as customers look for items with the greatest health benefits. The rise of the global market for coconut beverages has also been aided by this.
Sample Request: - Global Coconut Candy Market
Market Dynamics:
Drivers:
The demand for sugar-free sweets, low-sugar chocolates, and confectionary items has increased along with rising health consciousness in recent years. As more people experience a sugar rush after consuming chocolates with a high sugar content, there is a surge in demand for sugar-free candies among the general public. Furthermore, the increasing awareness of benefits of coconut also adds impetus to the market’s growth.
Restraints:
The primary issues impeding the growth of the global candy market are the high sugar content of candies, an increase in dental problems due to heavy candy consumption, and weight gain. Additionally, it is projected that rising health consciousness among the populace will lower candy demand and restrain market expansion throughout the Projection period.
Opportunities:
The key elements to creating favorable opportunities for the candies market are the market's ongoing development and customers' rising purchasing power. The widely distributed candy is created for both children and the younger demographic. Consumer preferences, population growth, and consumer inclinations are the main factors influencing confectionery consumption. Large multinational corporations have a significant advantage over medium-sized businesses in terms of manufacturing and purchasing economies. Significant market players in the candy industry may have excellent revenue-generating prospects as a result of the production of sweets with fewer sugar additions. A big opportunity for major firms to increase their revenue and market share is also presented by the inclusion of valuable ingredients, additional nutrients, and minerals in candies.
Challenges:
The market for coconut candies has suffered as a result of the COVID-19 outbreak. The tight regulations and lockdown during the pandemic had an adverse impact on the supply of raw materials, such as agricultural produce, intermediate food products, food ingredients, trade & logistics, uncertain consumer demand, demand-supply volatility, and the workforce at the industrial level in the coconut candy industry. One of the key variables that had an impact on the coconut candy sector during the epidemic was a drop in sales as a result of fewer people gifting and making impulsive purchases. However, during the Coronavirus, online purchasing increased the demand for candy.
Segmentation Analysis:
The global coconut candy market has been segmented based on product, category, distribution channel, and region.
By Product
The product segment is Chocolate Coconut Candy and Non-Choclate Coconut Candy. The chocolate coconut candy segment led the largest share of the coconut candy market with a market share of around 60.99% in 2021. When making coconut candy, sugar syrup is batch-boiled while grated coconut, coconut flavor, or coconut shreds are added at the same time. The sugar used to make coconut candies takes the shape of a non-crystalline glassy structure. However, adding inverted sugar or corn syrup stops the crystallization. By drizzling milk or dark chocolate over coconut ganache or candy, chocolate coconut candies are created. Sugar, desiccated coconut, glucose syrup, milk solids, cocoa butter, and cocoa mass are typically present. Chocolate coconut candies are sold under the labels Bounty, Mounds, and Almond Joy, to name a few.
By Category
The category segment is Sugar-Free and Convectional. The conventional segment led the largest share of the coconut candy market with a market share of around 71.08% in 2021. Since it was the first item to be released on the market, convectional coconut candy has been noted to have been the top product category over time.
By Distribution Channel
The distribution channel segment is Supermarkets/Hypermarkets, Convenience Stores, Online Retail, and Others. The supermarkets/hypermarkets segment led the largest share of the coconut candy market with a market share of around 40.54% in 2021. The market was dominated by the category of supermarkets and hypermarkets. Additionally, the Projection year is expected to have the highest CAGR in the online retail industry. The COVID-19 pandemic caused a change in consumer shopping habits that resulted in an increase in demand for coconut candies on e-commerce platforms.
Global Coconut Candy Market- Sales Analysis.
The sale of coconut candy expanded at a CAGR of 3.4% from 2015 to 2021.
The demand is anticipated to be driven by rising consumer knowledge of the items' advantages as well as rising demand from important developed nations like Europe and North America. The market has benefited from the growing diversity of coconut derivatives and their health advantages. During the Projection period, increasing consumption of key coconut derivatives such as oil and milk is anticipated to further fuel the market. Manufacturers of foods, beverages, and cosmetics are spending money on research and development to get the most out of the fruit and improve their product line.
Lockdown measures implemented in various nations during the COVID-19 epidemic caused an immediate fall in the global economy, tourism, and foreign direct investments (FDIs), followed by a downturn in demand for exports. Preventive measures, travel restrictions, and social fear have impeded the expansion of the world tourism business. In addition, supply chain interruptions hurt manufacturing, wholesale commerce, and retail. This impacted the supply of consumer packaged goods and agri-food raw materials, particularly non-essential items. In contrast to the closure of hotels, resorts, supermarkets, and retail stores, the number of visitors visiting South and Central America decreased by 100% by April 2020, according to the United Nations' International Trade Series report.
Thus, owing to the aforementioned factors, the global coconut candy market is expected to grow at a CAGR of 6% during the Projection period from 2022 to 2029.
Global Coconut Candy Market- By Regional Analysis:
The regions analyzed for the coconut candy market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the coconut candy market and held a 42% share of the market revenue in 2021.
Asia Pacific dominates the market. Due to rising consumer disposable income, sales of coconut candy are booming in Asia and the Pacific. Additionally, there is a growing market for organic, non-GMO, and sugar-free coconut sweets. These elements have pushed confectionery producers to create new goods in response to consumer demand and broaden their markets in Asia Pacific developing nations.
North America is anticipated to experience significant growth during the Projection period. Due to the rising rates of obesity and lactose intolerance, it is one of the primary leading regions in the use of coconut milk. In addition, due to the multiple health advantages of coconut milk, many customers in this region are switching to it, which is causing the market to expand. The largest revenue in this industry is a result of the rising adoption of a healthy lifestyle and high disposable income.
Global Coconut Candy Market- Country Analysis:
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 coconut candy market is becoming a significant growth opportunity as a result of the global expansion of the food and beverage industry. Consumer preference for coconut candy consumption in this region and growing consumer awareness of the different advantages of coconut candy is the main growth reasons. One of the key trends in this industry is offering consumers a variety of products to suit their preferences.
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. There was only one category of organic coconut candies before they gained popularity, and it has since consolidated its hold on the local market for coconut candies worldwide. The fact that conventional coconut candy is significantly less expensive than organic coconut candy is one factor causing this market to grow. Different uses of coconut in preparing various recipes are one of the trends driving the product demand in this region.
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. Businesses began to recover in 2021 due to various governments relaxing social restraints. However, changes in consumer shopping habits and preferences and the effective implementation of mass immunization efforts, supported the revival of economic operations in 2021. The market for coconut candies is anticipated to expand greatly in the years to come due to the recovering economy, as major candies producers have resumed operations and normal production levels.
Key Industry Players Analysis:
To increase their market position in the global coconut candy business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
6% |
Market Size |
1.8 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Category, By Distribution Channel And By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
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. |
By Product |
|
By Category |
|
By Distribution Channel |
|
Regional scope |
|
Scope of the Report
Global Coconut Candy Market By Product:
Global Coconut Candy Market By Category:
Global Coconut Candy Market By Distribution Channel:
Global Coconut Candy Market By Region:
Global coconut candy market is expected to reach USD 2.8 billion by 2029, at a CAGR of 6% from 2022 to 2029.
The coconut candy market is projected to have a CAGR of 6%.
On the basis of product, the coconut candy market is segmented into Chocolate Coconut Candy and Non-Cholate Coconut Candy.
Leading market players active 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.
Segments covered in coconut candy market are product, category, and distribution channel.
Political Factors- Every component of the coconut candy sector is subject to extensive regulatory frameworks from governments across the world. This encompasses the criteria for produce storage and transportation, commercial kitchen cleanliness, and even the qualifications for workers in the industry. This unquestionably makes the coconut candy industry one of the most strictly regulated of all industries. On the good side, this prevents customers from receiving nourishment that is of low taste and quality, but the complexity of regulation undoubtedly reduces the margins of the industry.
Economical Factors- The world's population is generally trending toward greater wealth. The poor, middle, and upper classes so all have more money to spend on sweets. As a result of people preferring eating sweets post food more frequently, the coconut candy industry's overall revenue is increasing. This benefits everyone in the region, including wholesalers, and the specific employees that work for these establishments. As workers are now making more money, disposable incomes are rising. In general, all industries are seeing an increase in the cost of acquiring personnel. This is brought on by rising government expectations for minimum wages as well as rising employment demand.
Social Factor- Scientists now have a greater understanding than ever before of how food affects our bodies. Consumers are aware that there is a direct link between the food we eat and our personal health. Many people are searching for better ways to feed their bodies as a result. This doesn't necessarily have a good or bad impact on the coconut candy industry, but it does mean that companies will need to change in order to remain competitive. For instance, coconut cany vendors would probably need to switch from serving typical, high-calorie, full of sugar sweets to healthier options. Consumers are more educated about their specific dietary restrictions in addition to knowing what foods are and aren't healthful.
Technological Factors- In the food business, several forms of automation are becoming more prevalent. The use of self-checkout screens at shops and restaurants. Recent viral videos of a hotel robot making scrambled eggs caused social media platforms to go bonkers. Laborers won't be as necessary as technology, particularly robots, is used more and more in the food business. Overall, this is advantageous for the sector because it will help companies increase their profitability and lessen the possibility of human error.
Environmental Factors- A growing number of people are becoming aware of the effects dietary choices have on both health and the environment. Coconut candy is one food category that poses special environmental challenges as it also required proper packaging, temperature setting, and more. Many companies are working towards sustainability. It not only helps in making the environment sustainable but also it improves the lives of the farmers from whom coconut is sourced. Many companies has also started using foil covering instead of plastic covering in an attempt to reduce the environmental pollution.
Legal Factors- For safety-related issues, the coconut candy business has rigorous standards. Every nation has several regulations regarding the transportation, storage, and preparation of food, including guidelines on the maximum temperatures that certain food kinds may withstand, the proper way to clean them, and other issues. Although this is primarily a political issue, if any of these rules are ever broken, it turns into a legal matter. As a result, in order to avoid expensive litigation, those in the food industry must exercise considerable caution to make sure they adhere to these regulations.
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