At 4.5% CAGR, the Middle East & Africa Coconut Candy Market is projected to be worth US$ 160.23 million by 2028, says Business Market Insights

According to the Insight Partners’ research, the Middle East & Africa coconut candy market was valued at US$ 123.22 million in 2022 and is expected to reach US$ 160.23 million by 2028, registering a CAGR of 4.5% from 2022 to 2028. Consumer inclination toward vegan candies and surging demand for sugar-free and organic coconut candies are the critical factors attributed to the market expansion.

Veganism is gaining significant traction with consumers becoming increasingly concerned about animal cruelty, sustainability, and health and well-being. Registrations for “Veganuary,” a nonprofit organization that encourages people to eat vegan food in January, are increasing at a dramatic rate, with 620,000 registrations in 2022. According to Veganuary, the veganism trend is becoming more than just a one-month commitment as a large number of people are permanently shifting toward plant-based food. The increasing preference for vegan food is mainly attributed to the perceived health benefits of plant-based food over animal-derived food. Moreover, the rising number of affiliations for animal safety is also favoring the vegan industry’s growth.  Vegan candies, constituting 100% plant-based ingredients, are highly suitable for consumers looking for healthy indulgence. Coconut candies are also expected to gain huge traction among consumers with a rising inclination toward vegan candies. Confectionery manufacturers are launching coconut candies with vegan claims to appeal to a large number of consumers. For example, in January 2021, Bounty, a brand of Mars Incorporated, launched vegan chocolate bars blended with diced coconut, inspired by tropical flavors. The product is 100% vegan and gluten free. Thus, the rising preference for vegan candies is likely to emerge as a new trend in the Middle East & Africa coconut candy market during the forecast period.

On the contrary, high sugar content of conventional coconut candies hurdles the growth of Middle East & Africa coconut candy market.

Based on product type, the Middle East & Africa coconut candy market is bifurcated into chocolate coconut candy and non-chocolate coconut candy. The chocolate coconut candy segment held 63.5% market share in 2022, amassing US$ 78.24 million. It is projected to garner US$ 98.39 million by 2028 to expand at 3.9% CAGR during 2022–2028.

Based on category, the Middle East & Africa coconut candy market is bifurcated into sugar-free and conventional. The conventional segment held 97.9% market share in 2022, amassing US$ 120.58 million. It is projected to garner US$ 155.96 million by 2028 to expand at 4.4% CAGR during 2022–2028.

Based on distribution channel, the Middle East & Africa coconut candy market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 62.3% market share in 2022, amassing US$ 76.79 million. It is projected to garner US$ 100.18 million by 2028 to expand at 4.5% CAGR during 2022–2028.

Based on country, the Middle East & Africa coconut candy market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 54.9% market share in 2022. It was assessed at US$ 67.68 million in 2022 and is likely to hit US$ 85.12 million by 2028, exhibiting a CAGR of 3.9% during the forecast period.

Key players profiles in the Middle East & Africa 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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