North America Coconut Candy Market Forecast to 2028

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)

Report Code : BMIRE00027743 | Region : North America | Industry : Food and Beverages | Published Date : 26/Dec/2022

The coconut candy market in North America is expected to grow from US$ 300.07 million in 2022 to US$ 413.28 million by 2028. It is estimated to grow at a CAGR of 5.5% from 2022 to 2028.

Strategic Initiatives by Key Market Players

The companies in the North America coconut candy market are adopting strategies such as product innovation and creative marketing campaigns to increase their customer reach. In June 2022, Cocomels, a US-based brand of JJ Sweets, launched a low-sugar caramel candy made of coconut milk. The product contains coconut cream as the main ingredient, which gives it a rich, nutty taste and mouthfeel. It is sweetened with low-calorie sweeteners, such as allulose and monk fruit, and is free from dairy, gluten, cholesterol, and corn syrup. With such product launches, Cocomels aims to target calorie-conscious consumers that are not willing to compromise on taste. Further, companies are launching customized gift boxes containing a mix of different candies for festivities and special occasions. 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 North America coconut candy market over the forecast period.

Market Overview

The US, Canada, and Mexico are the key contributors to the coconut candy market in the North America. The growth of the North America coconut candy market in North America is driven by the increasing young population, expanding confectionery sector, and rising popularity of chocolate-based coconut candies (especially among children). Moreover, the impulsive behavior of consumers has pushed producers to increase the availability of various candies on a massive scale in the market. Candy products have become prominent in households across North America due to the implementations and extensions of lockdowns imposed due to COVID-19 pandemic and its popularity among all age groups. The preference for sweet indulgence has increased as many consumers work from home, and some consumers opt for candies as snacks. Increasing lactose intolerance and rising veganism trend boost the demand for food products made with natural and plant-based ingredients. According to the Plant-Based Food Association, retail sales of plant-based food products in the US increased by 11% in 2019, compared to that in 2018, accounting for a market value of US$ 4.5 billion. According to the data from Cleveland Clinic, in 2019, 36% of Americans and 68% of the world population are lactose intolerant. Moreover, coconut is a major source of coconut candy. Thus, the rising demand for confectionery products, including coconut candies, made with plant-based ingredients is anticipated to drive the North America coconut candy market growth in North America during the forecast period. Companies operating in the North America coconut candy market perform business development strategies, including product launches, mergers and acquisitions, and collaborations with different organizations. High candy consumption can lead to health issues, such as diabetes. Therefore, key market players are developing sugar-free candies for the diabetic population. Such developments help lower the risk of potential diabetes among their customers. In June 2022, Cocomels, a brand of US-based JJ Sweet’s, introduced a low-sugar caramel candy made with coconut milk. The product contains coconut cream as the main ingredient, which gives it a rich, nutty taste and mouthfeel. Such development initiatives are anticipated to propel the North America coconut candy market in North America during the forecast period.

North America Coconut Candy Market Revenue and Forecast to 2028 (US$ Million)

North America Coconut Candy Market Segmentation

The North 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 a 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 the US, Canada, and Mexico. The US dominated the market share in 2022.

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.; and Weetabix Food Co. are the leading companies operating in the coconut candy market in the North America region.

At 5.5% CAGR, the North America Coconut Candy Market is speculated to be worth US$ 413.28 million by 2028, says The Insight Partners

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.

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. North America 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. North America 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 – North America Market Analysis

6.1 North America Coconut Candy Market –Revenue and Forecast to 2028 (US$ Million)

7. North America Coconut Candy Market Analysis – By Product Type

7.1 Overview

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

7.3 Chocolate Coconut Candy

7.3.1 Overview

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

8. North America Coconut Candy Market Analysis – By Category

8.1 Overview

8.2 North America Coconut Candy Market Breakdown, by Category, 2021 & 2028

8.3 Sugar-Free

8.3.1 Overview

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

8.4 Conventional

8.4.1 Overview

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

9. North America Coconut Candy Market Analysis – By Distribution Channel

9.1 Overview

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

9.3 Supermarkets & Hypermarkets

9.3.1 Overview

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

9.4 Convenience Stores

9.4.1 Overview

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

9.5 Online Retail

9.5.1 Overview

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

9.6 Others

9.6.1 Overview

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

10. North America Coconut Candy Market – Country Analysis

10.1 Overview

10.1.1 North America: Coconut Candy Market, by Key Country

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

10.1.1.1.1 US: Coconut Candy Market, by Product Type

10.1.1.1.2 US: Coconut Candy Market, by Category

10.1.1.1.3 US: Coconut Candy Market, by Distribution Channel

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

10.1.1.2.1 Canada: Coconut Candy Market, by Product Type

10.1.1.2.2 Canada: Coconut Candy Market, by Category

10.1.1.2.3 Canada: Coconut Candy Market, by Distribution Channel

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

10.1.1.3.1 Mexico: Coconut Candy Market, by Product Type

10.1.1.3.2 Mexico: Coconut Candy Market, by Category

10.1.1.3.3 Mexico: 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 Russell Stover Chocolates, LLC

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 The Hershey Company

12.3.1 Key Facts

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 Mars Incorporated

12.4.1 Key acts

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 Chocoladefabriken Lindt and Spruengli AG

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 Unreal Brands Inc.

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 Alfred Ritter GmbH & Co. KG

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 Tru Fru LLC

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

12.9 Godiva

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

12.10 Weetabix Food Co.

12.10.1 Key Facts

12.10.2 Business Description

12.10.3 Products and Services

12.10.4 Financial Overview

12.10.5 SWOT Analysis

12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Word Index

LIST OF TABLES.

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

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

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

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

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

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

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

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

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

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

Table 11. List of Abbreviation

LIST OF FIGURES.

Figure 1. North America Coconut Candy Market Segmentation

Figure 2. North America Coconut Candy Market Segmentation – By Country

Figure 3. North America Coconut Candy Market Overview

Figure 4. North America Coconut Candy Market, By Product Type

Figure 5. North America Coconut Candy Market, By Country

Figure 6. North America Porter's Five Forces Analysis

Figure 7. Expert Opinion

Figure 8. North America Coconut Candy Market, Ecosystem

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

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

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

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

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

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

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

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

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

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

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

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

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

Figure 22. North America: Coconut Candy Market, by Key Country- Revenue (2021) (US$ Million)

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

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

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

Figure 26. Mexico: 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

● Russell Stover Chocolates, LLC

● The Hershey Company

● Tru Fru LLC

● 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 North America 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 North America 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 North America 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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