Report : North America and Caribbean 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)
Rising Consumption of Coconut-Based Products Drives North America and Caribbean Coconut Candy Market
According to our latest market study on "North America and Caribbean Coconut Candy Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type, Category, and Distribution Channel," the market is expected to grow from US$ 302.43 million in 2022 to US$ 416.49 million by 2028; it is expected to grow at a CAGR of 5.5% from 2022 to 2028. The report highlights key factors driving the North America and Caribbean coconut candy market growth and prominent players along with their developments in the market.
Coconuts are widely used in the confectionery industry due to their rich creamy and nutty flavor. The North America and Caribbean coconut candy market is expected to witness significant growth owing to the rising preference for healthy indulgence, growing inclination toward sugar-free and vegan-friendly candies, and rising trend of gifting premium chocolates and confections on festivals such as Halloween, Valentine's Day, and Christmas. Coconut candies satisfy sweet cravings and lift up the mood of consumers. Hectic lifestyles and busy work schedules refrain people from spending time on food indulgence. As a result, they indulge in comfort food and beverages that provide them with a sense of relief. Further, coconut has been a staple ingredient of Caribbean cuisine for a long. Thus, the rising consumption of coconut-based products is driving the North America and Caribbean coconut candy market growth.
Ferrero International S.A.; Russell Stover Chocolates, LLC.; The Hershey Company; Mars Incorporated; Chocoladefabriken Lindt and Spruengli AG; Unreal Brands Inc.; Alfred Ritter GmbH & Co. KG; Tru Fru LLC.; Ocho Candy Inc.; and Creative Natural Products Inc. are among the major players operating in the North America and Caribbean coconut candy market. Market players are highly focused on the development of innovative product offerings to fulfil the customer's requirements.
Impact of COVID-19 Pandemic on North America and Caribbean Coconut Candy Market Growth
The COVID-19 pandemic had adverse effects on the agri-food supply chains in countries in North America and the Caribbean, especially the US, Mexico, the Bahamas, and Cuba, mainly due to the lockdown and border restrictions imposed by the governments. Coconut and coconut derivative suppliers suffered significant economic losses during the first wave of the COVID-19 pandemic due to international border restrictions and the shutdown of processing units. However, the demand for sweets and confections during the pandemic increased significantly as consumers were subject to both physical and mental stress, which compelled them to seek little comfort and emotional relief. This factor favored the North America and Caribbean coconut candy market; particularly, the demand for sugar-free candies surged significantly among health-conscious consumers.
In 2021, with a slowdown in the spread of SARS-CoV-2, relaxation of government restrictions, and the rise in vaccination rates, the marketplace in North American and Caribbean countries started recovering from financial losses incurred earlier. Moreover, coconut candy manufacturers began operating at full capacities, which helped them overcome the demand and supply gap.
The "North America and Caribbean Coconut Candy Market Analysis to 2028" is a specialized and in-depth study of the food & beverages industry, focusing on the North America and Caribbean coconut candy market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The North America and Caribbean coconut candy market is segmented on the basis of product type, category, and distribution channel. Based on product type, the market is segmented into chocolate coconut candy and non-chocolate coconut candy. Based on category, the North America and Caribbean coconut market is segmented into sugar-free and conventional. Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.
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