Report : North America 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 5.5% CAGR, the North America Coconut Candy Market is speculated to be worth US$ 413.28 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America coconut candy market was valued at US$ 300.07 million in 2022 and is expected to reach US$ 413.28 million by 2028, registering a CAGR of 5.5% from 2022 to 2028. Rising consumption of coconut-based products and strategic initiatives by key market players are the critical factors attributed to the market expansion.
Coconut-based products are gaining considerable popularity among consumers owing to the health benefits and unique nutty flavor of coconut. Coconut consumption helps improve bone, skin, and heart health; boost immunity; and aid weight loss. It is a rich source of dietary fibers, vitamins, minerals, and medium-chain triglycerides. Its antimicrobial properties are being studied for various health and nutritional benefits. Many consumers prefer coconut-based products as they have a slightly mild and exotic flavor with sweet notes. Manufacturers are using coconut in a variety of food and beverages including candies, chocolates, bakery products, and beverages. Firmenich, a leading flavor and fragrances company, announced coconut as its “2016 Flavour of the Year.” Moreover, the demand for plant-based and 100% natural ingredients has surged with an increase in health concerns among people. Coconut candies are becoming highly popular among consumers as these candies satisfy sweet cravings and boost mood. 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 a sense of relief. Further, the trend of gifting premium chocolate boxes that include coconut confections is rising. Thus, the rising consumption of coconut-based products coupled with increasing popularity of coconut flavored confections among consumers is driving the growth of the North America coconut candy market.
On the contrary, high sugar content of conventional coconut candies hurdles the growth of North America coconut candy market.
Based on product type, the North America coconut candy market is bifurcated into chocolate coconut candy and non-chocolate coconut candy. The chocolate coconut candy segment held 63.9% market share in 2022, amassing US$ 191.66 million. It is projected to garner US$ 248.22 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on category, the North America coconut candy market is bifurcated into sugar-free and conventional. The conventional segment held 97.5% market share in 2022, amassing US$ 292.60 million. It is projected to garner US$ 400.64 million by 2028 to expand at 5.4% CAGR during 2022–2028.
Based on distribution channel, the North America coconut candy market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 60.5% market share in 2022, amassing US$ 181.46 million. It is projected to garner US$ 248.04 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on country, the North America coconut candy market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.3% market share in 2022. It was assessed at US$ 223.05 million in 2022 and is likely to hit US$ 305.54 million by 2028, exhibiting a CAGR of 5.4% during the forecast period.
Key players profiles in the North America coconut candy market report are Alfred Ritter GmbH & Co. KG; Chocoladefabriken Lindt and Spruengli AG; Ferrero International S.A.; Godiva; Mars Incorporated; Russell Stover Chocolates, LLC; The Hershey Company; Tru Fru LLC; Unreal Brands Inc.; Weetabix Food Co., among others.
- Aug-2021, Ferrero International S.A. launched Ferrero Premium Bars in seven flavors, each made with selective ingredients and different chocolate varieties. The Ferrero Rocher Bars include milk, dark and white chocolate combined with hazelnuts, almonds and salted caramel flavor, while the Raffaello are made of white chocolate blended with coconut, almonds, and pineapple.
- Jan-2020, Russell Stover Chocolates LLC made several changes to the production, retail, and distribution networks across North America. The company planned expansion facilities in Corsicana, Texas, and Abilene and Iola, Kansas, aiming to add approximately 300 jobs in total in these three locations. Moreover, the company closed selected low-traffic stores over the course of one year.
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