Asia Pacific Coconut Candy Market Forecast to 2028

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)

Report Code : BMIRE00027730 | Region : Asia Pacific | Industry : Food and Beverages | Published Date : 23/Dec/2022

The coconut candy market in Asia Pacific is expected to grow from US$ 468.16 million in 2022 to US$ 638.49 million by 2028. It is estimated to grow at a CAGR of 5.3% from 2022 to 2028.

Consumer Inclination Toward Vegan Candies

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 Asia Pacific coconut candy market during the forecast period.

Market Overview

Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific are the key contributors to the coconut candy market in the Asia Pacific. Asia Pacific significantly contributes to the production and consumption of coconut-based products as the major plantations are found in countries such as Indonesia, the Philippines, India, Sri Lanka, and Vietnam. According to an article published by the Food and Agriculture Organization of the United Nations, the 15 member countries of the Asian and Pacific Coconut Community (APCC) account for a major share of area and production, occupying 10.7 million ha (87%) and 9.2 million MT of copra equivalent (82.81%). Indonesia, the Philippines, and India are the major producers of coconut in the world. Thus, it is convenient for manufacturers to procure raw materials for making coconut-based confectioneries such as coconut candy. These factors are anticipated to drive market growth in the region. Moreover, Vietnam is one of the well-established markets for coconut candies—Kẹo dừa—a Vietnamese coconut candy produced in Bến Tre province, Vietnam. This candy is made with coconut milk and coconut cream. Additionally, there are over a hundred coconut candy manufacturers in Bến Tre (Vietnam), making up 30% of local enterprises. However, the market is dominated by a handful of well-known brands, with most manufacturers producing candy under license for these brands. These candies are also exported to other Asian countries, such as Australia. Manufacturers offer a wider range of products in accordance with consumer needs—such as non-GMO, sugar-free, clean-label products—as consumers in the region are getting health conscious, resulting in the increasing demand for low-calorie and sugar-free confectionery products. Consumers in the region have diversified tastes and preferences and are fond of experimenting with new flavors. These factors are expected to drive the growth of the Asia Pacific coconut candy market in the region.

Asia Pacific Coconut Candy Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Coconut Candy Market Segmentation

The Asia Pacific 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 Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China 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 Asia Pacific region.

At 5.3% CAGR, the Asia Pacific Coconut Candy Market is speculated to be worth US$ 638.49 million by 2028, says The Insight Partners

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.

TABLE OF CONTENTS

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection:

3.2.2 Primary Interviews:

3.2.3 Hypothesis Formulation:

3.2.4 Macro-economic Factor Analysis:

3.2.5 Developing Base Number:

3.2.6 Data Triangulation:

3.2.7 Country Level Data:

4. APAC Coconut Candy Market Landscape

4.1 Market Overview

4.2 Porter’s Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers

4.2.3 Threat of New Entrants

4.2.4 Intensity of Competitive Rivalry

4.2.5 Threat of Substitutes

4.3 Expert Opinion

4.4 Ecosystem Analysis

5. APAC Coconut Candy Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Rising Consumption of Coconut-Based Products

5.1.2 Strategic Initiatives by Key Market Players

5.2 Market Restraints

5.2.1 High Sugar Content of Conventional Coconut Candies

5.3 Market Opportunities

5.3.1 Surging Demand for Sugar-Free and Organic Coconut Candies

5.4 Future Trends

5.4.1 Consumer Inclination Toward Vegan Candies

5.5 Impact Analysis of Drivers and Restraints

6. Coconut Candy – APAC Market Analysis

6.1 APAC Coconut Candy Market Overview

6.2 APAC Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

7. APAC Coconut Candy Market Analysis – By Product Type

7.1 Overview

7.2 APAC Coconut Candy Market Breakdown, by Product Type, 2021 & 2028

7.3 Chocolate Coconut Candy

7.3.1 Overview

7.3.2 Chocolate Coconut Candy: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

7.4 Non-Chocolate Coconut Candy

7.4.1 Overview

7.4.2 Non-Chocolate Coconut Candy: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

8. APAC Coconut Candy Market Analysis – By Category

8.1 Overview

8.2 APAC Coconut Candy Market Breakdown, by Category, 2021 & 2028

8.3 Sugar-Free

8.3.1 Overview

8.3.2 Sugar-Free: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

8.4 Conventional

8.4.1 Overview

8.4.2 Conventional: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

9. APAC Coconut Candy Market Analysis – By Distribution Channel

9.1 Overview

9.2 APAC Coconut Candy Market Breakdown, by Distribution Channel, 2021 & 2028

9.3 Supermarkets & Hypermarkets

9.3.1 Overview

9.3.2 Supermarkets & Hypermarkets: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

9.4 Convenience Stores

9.4.1 Overview

9.4.2 Convenience Stores: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

9.5 Online Retail

9.5.1 Overview

9.5.2 Online Retail: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

9.6 Others

9.6.1 Overview

9.6.2 Others: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

10. APAC Coconut Candy Market – Country Analysis

10.1 Overview

10.1.1 Asia Pacific: Coconut Candy Market, by Key Country

10.1.1.1 Australia: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

10.1.1.1.1 Australia: Coconut Candy Market, by Product Type

10.1.1.1.2 Australia: Coconut Candy Market, by Category

10.1.1.1.3 Australia: Coconut Candy Market, by Distribution Channel

10.1.1.2 China: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

10.1.1.2.1 China: Coconut Candy Market, by Product Type

10.1.1.2.2 China: Coconut Candy Market, by Category

10.1.1.2.3 China: Coconut Candy Market, by Distribution Channel

10.1.1.3 India: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

10.1.1.3.1 India: Coconut Candy Market, by Product Type

10.1.1.3.2 India: Coconut Candy Market, by Category

10.1.1.3.3 India: Coconut Candy Market, by Distribution Channel

10.1.1.4 Japan: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

10.1.1.4.1 Japan: Coconut Candy Market, by Product Type

10.1.1.4.2 Japan: Coconut Candy Market, by Category

10.1.1.4.3 Japan: Coconut Candy Market, by Distribution Channel

10.1.1.5 South Korea: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

10.1.1.5.1 South Korea: Coconut Candy Market, by Product Type

10.1.1.5.2 South Korea: Coconut Candy Market, by Category

10.1.1.5.3 South Korea: Coconut Candy Market, by Distribution Channel

10.1.1.6 Rest of Asia Pacific: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

10.1.1.6.1 Rest of Asia Pacific: Coconut Candy Market, by Product Type

10.1.1.6.2 Rest of Asia Pacific: Coconut Candy Market, by Category

10.1.1.6.3 Rest of Asia Pacific: Coconut Candy Market, by Distribution Channel

11. Industry Landscape

11.1 Product launch

11.2 Expansion

11.3 Collaboration

11.4 Company News

12. Company Profiles

12.1 Ferrero International S.A.

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 The Hershey Company

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Mars Incorporated

12.3.1 Key acts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Chocoladefabriken Lindt and Spruengli AG

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Unreal Brands Inc.

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Alfred Ritter GmbH & Co. KG

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 Godiva

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 Weetabix Food Co.

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES.

Table 1. APAC Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

Table 2. Australia Coconut Candy Market, by Product Type– Revenue and Forecast to 2028 (US$ Million)

Table 3. Australia Coconut Candy Market, by Category– Revenue and Forecast to 2028 (US$ Million)

Table 4. Australia Coconut Candy Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 5. China Coconut Candy Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)

Table 6. China Coconut Candy Market, by Category – Revenue and Forecast to 2028 (US$ Million)

Table 7. China Coconut Candy Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 8. India Coconut Candy Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 9. India Coconut Candy Market, by Category –Revenue and Forecast to 2028 (US$ Million)

Table 10. India Coconut Candy Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 11. Japan Coconut Candy Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)

Table 12. Japan Coconut Candy Market, by Category – Revenue and Forecast to 2028 (US$ Million)

Table 13. Japan Coconut Candy Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 14. South Korea Coconut Candy Market, by Product Type – Revenue and Forecast to 2028 (US$ Million)

Table 15. South Korea Coconut Candy Market, by Category – Revenue and Forecast to 2028 (US$ Million)

Table 16. South Korea Coconut Candy Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 17. Rest of Asia Pacific Coconut Candy Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)

Table 18. Rest of Asia Pacific Coconut Candy Market, by Category –Revenue and Forecast to 2028 (US$ Million)

Table 19. Rest of Asia Pacific Coconut Candy Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)

Table 20. List of Abbreviation

LIST OF FIGURES.

Figure 1. APAC Coconut Candy Market Segmentation

Figure 2. APAC Coconut Candy Market Segmentation – By Country

Figure 3. APAC Coconut Candy Market Overview

Figure 4. APAC Coconut Candy Market, By Product Type

Figure 5. APAC Coconut Candy Market, By Country

Figure 6. APAC Porter's Five Forces Analysis

Figure 7. Expert Opinion

Figure 8. APAC Coconut Candy Market, Ecosystem

Figure 9. APAC Coconut Candy Market: Impact Analysis of Drivers and Restraints

Figure 10. APAC: Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 11. APAC Coconut Candy Market Breakdown, by Product Type, 2021 & 2028

Figure 12. Chocolate Coconut Candy: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 13. Non-Chocolate Coconut Candy: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 14. APAC Coconut Candy Market Breakdown, by Category, 2021 & 2028

Figure 15. Sugar-Free: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 16. Conventional: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 17. APAC Coconut Candy Market Breakdown, by Distribution Channels, 2021 & 2028

Figure 18. Supermarkets & Hypermarkets: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 19. Convenience Stores: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 20. Online Retail: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 21. Others: APAC Coconut Candy Market – Revenue and Forecast to 2028 (US$ Million)

Figure 22. Asia Pacific: Coconut Candy Market, by Key Country- Revenue (2021)

Figure 23. Asia Pacific: Coconut Candy Market Revenue Share, by Key Country (2021 and 2028)

Figure 24. Australia: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

Figure 25. China: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

Figure 26. India: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

Figure 27. Japan: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

Figure 28. South Korea: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

Figure 29. Rest of Asia Pacific: Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

● Alfred Ritter GmbH & Co. KG

● Chocoladefabriken Lindt and Spruengli AG

● Ferrero International S.A.

● Godiva

● Mars Incorporated

● The Hershey Company

● Unreal Brands Inc.

● Weetabix Food Co.

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific coconut candy market.

● Highlights key business priorities in order to assist companies to realign their business strategies

● The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific coconut candy market, thereby allowing players across the value chain to develop effective long-term strategies

● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets

● Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the coconut candy market, as well as those hindering it

● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

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