Report : Asia Pacific Coconut Candy Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Chocolate Coconut Candy and Non-Chocolate Coconut Candy), Category (Sugar-Free and Conventional), and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
At 5.3% CAGR, the Asia Pacific Coconut Candy Market is speculated to be worth US$ 638.49 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific coconut candy market was valued at US$ 468.16 million in 2022 and is expected to reach US$ 638.49 million by 2028, registering a CAGR of 5.3% from 2022 to 2028. Surging demand for sugar-free and organic coconut candies and consumer inclination toward vegan candies are the critical factors attributed to the market expansion.
People, nowadays, are becoming more concerned about the health impacts of consuming sugar-dense food and beverages. As a result, they are shifting to sugar-free or low-sugar alternatives to stay fit. This trend is gaining traction in the confectionery industry, which is significantly driving the demand for sugar-free coconut candies. Many companies also offer certified organic coconut candies that are gaining immense popularity among consumers. Organic ingredients are perceived to be healthier than conventional ones as they are obtained from farming practices that are free of pesticides, genetically modified organisms, and chemical additives. Moreover, these ingredients are grown following stringent agricultural practices that avoid the use of growth hormones and synthetic additives. Thus, the growing inclination toward sugar-free and organic coconut candies is expected to provide lucrative growth opportunities to the Asia Pacific coconut candy market in the coming years.
On the contrary, high sugar content of conventional coconut candies hurdles the growth of Asia Pacific coconut candy market.
Based on product type, the Asia Pacific coconut candy market is bifurcated into chocolate coconut candy and non-chocolate coconut candy. The chocolate coconut candy segment held 63.2% market share in 2022, amassing US$ 295.85 million. It is projected to garner US$ 394.66 million by 2028 to expand at 4.9% CAGR during 2022–2028.
Based on category, the Asia Pacific coconut candy market is bifurcated into sugar-free and conventional. The conventional segment held 97.5% market share in 2022, amassing US$ 456.31 million. It is projected to garner US$ 618.73 million by 2028 to expand at 5.2% CAGR during 2022–2028.
Based on distribution channel, the Asia Pacific coconut candy market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 62.4% market share in 2022, amassing US$ 292.04 million. It is projected to garner US$ 397.31 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on country, the Asia Pacific coconut candy market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 25.3% market share in 2022. It was assessed at US$ 118.60 million in 2022 and is likely to hit US$ 173.24 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players profiles in the Asia Pacific coconut candy market report are Alfred Ritter GmbH & Co. KG; Chocoladefabriken Lindt and Spruengli AG; Ferrero International S.A.; Godiva; Mars Incorporated; The Hershey Company; Unreal Brands Inc.; and Weetabix Food Co., among others.
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