The coconut candy market in South & Central America is expected to grow from US$ 83.46 million in 2022 to US$ 101.69 million by 2028. It is estimated to grow at a CAGR of 3.3% from 2022 to 2028.
Rising Consumption of Coconut-Based Products
The companies in the South & Central America coconut candy market are adopting strategies such as product innovation and creative marketing campaigns to increase their customer reach. In April 2022, Ferrero launched a range of products specially curated for Easter, which included treats and gift boxes. For example, the Ferrero Collection Bunny Gift Box comprised 13 pieces of premium confections—including Raffaello, containing coconut and almonds; Ferrero Rocher hazelnut chocolates; and Rondnoir dark chocolates with crisp wafers. Such innovative product offerings are expected to drive the sales of coconut candies during the forecast period. Many companies are launching innovative marketing campaigns to boost their sales of coconut candies. For instance, in April 2019, M&M, a brand of Mars Incorporated, launched a marketing campaign where Canadian consumers had to choose among their favorite M&M candy flavor. The consumers were encouraged to try all three flavors—Thai Coconut Peanut, Mexican Jalapeño Peanut, and English Toffee Peanut—and submit their votes online. Such marketing campaigns are expected to attract a large number of consumers. Thus, strategic initiatives such as product launches, and innovative marketing campaigns are expected to significantly drive the growth of the South & Central America coconut candy market over the forecast period.
Market Overview
Brazil, Argentina, and the Rest of South & Central America are the key contributors to the coconut candy market in the South & Central America. Cocada is a traditional coconut confectionery found in many countries of South & Central America. They are particularly popular in Argentina, Bolivia, Brazil, Colombia, and Chile, among other countries. As coconuts contain zero cholesterol and are rich in vitamins minerals, and amino acids, the demand for coconut-based products is increasing. The confectionery industry is well-established in South & Central America. According to the Fine Cacao and Chocolate Institute, there are fewer than 500 fine chocolate makers and manufacturers worldwide, and 100 of these are based in South & Central America. Thus, the demand for chocolate-based coconut candy is increasing in the region among all age groups and is further expected to drive market growth during the forecast period.
South & Central America Coconut Candy Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Coconut Candy Market Segmentation
The South & Central America coconut candy market is segmented into product type, category, distribution channel, and country.
Based on product type, the market is bifurcated into chocolate coconut candy and non-chocolate coconut candy. The chocolate coconut candy segment registered the larger market share in 2022.
Based on category, the market is bifurcated into sugar-free and conventional. The conventional segment held a larger market share in 2022.
Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held the largest market share in 2022.
Based on country, the market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the market share in 2022.
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. are the leading companies operating in the coconut candy market in the South & Central America region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 83.46 Million |
| Market Size by 2028 | US$ 101.69 Million |
| CAGR (2022 - 2028) | 3.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South & Central America Coconut Candy Market is valued at US$ 83.46 Million in 2022, it is projected to reach US$ 101.69 Million by 2028.
As per our report South & Central America Coconut Candy Market, the market size is valued at US$ 83.46 Million in 2022, projecting it to reach US$ 101.69 Million by 2028. This translates to a CAGR of approximately 3.3% during the forecast period.
The South & Central America Coconut Candy Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Coconut Candy Market report:
The South & Central America Coconut Candy Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Coconut Candy Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Coconut Candy Market value chain can benefit from the information contained in a comprehensive market report.
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