At 3.3% CAGR, the South & Central America Coconut Candy Market is projected to be worth US$ 101.69 million by 2028, says Business Market Insights

According to the Insight Partners’ research, the South & Central America coconut candy market was valued at US$ 83.46 million in 2022 and is expected to reach US$ 101.69 million by 2028, registering a CAGR of 3.3% from 2022 to 2028. Strategic initiatives by key market players and rising consumption of coconut-based products are the critical factors attributed to the market expansion.

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. 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. 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.

On the contrary, high sugar content of conventional coconut candies hurdles the growth of South & Central America coconut candy market.

Based on product type, the South & Central America coconut candy market is bifurcated into chocolate coconut candy and non-chocolate coconut candy. The chocolate coconut candy segment held 63.0% market share in 2022, amassing US$ 52.57 million. It is projected to garner US$ 63.69 million by 2028 to expand at 3.3% CAGR during 2022–2028.

Based on category, the South & Central America coconut candy market is bifurcated into sugar-free and conventional. The conventional segment held 97.8% market share in 2022, amassing US$ 81.63 million. It is projected to garner US$ 98.89 million by 2028 to expand at 3.2% CAGR during 2022–2028.

Based on distribution channel, the South & Central America coconut candy market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 62.2% market share in 2022, amassing US$ 51.93 million. It is projected to garner US$ 63.51 million by 2028 to expand at 3.4% CAGR during 2022–2028.

Based on country, the South & Central America coconut candy market has been categorized into Brazil, Argentina, and the Rest of South and Central America. Our regional analysis states that Brazil captured 53.3% market share in 2022. It was assessed at US$ 44.51 million in 2022 and is likely to hit US$ 55.54 million by 2028, exhibiting a CAGR of 3.8% during the forecast period.

Key players profiles in the South & Central America 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.; Weetabix Food Co., among others.

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