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 & Hyper

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)

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.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe land survey equipment market.
Highlights key business priorities to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Europe land survey equipment 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 Europe market trends and outlook coupled with the factors driving the land survey equipment 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