North America and Caribbean Coconut Candy Market

The North America and Caribbean coconut candy market size is expected to grow from US$ 302.43 million in 2022 to US$ 416.49 million by 2028; it is expected to grow at a CAGR of 5.5% from 2022 to 2028.

Market Introduction

Coconut candy is majorly categorized into chocolate coconut candy and non-chocolate coconut candy. Chocolate coconut candy is made by covering grated coconut with a thick chocolate coating. Moreover, coconut milk and cream, and desiccated coconut can also be added to chocolates to add a rich, creamy, and exotic flavor of coconut. Coconut caramel candies are produced using coconut milk, salt, and white granulated sugar or glucose syrup. These candies are packaged in attractive packaging with vibrant colors and prints. The North America and Caribbean coconut candy market is highly competitive, with domestic and international manufacturers having strong distribution networks and well-established clientele. Product differentiation, quality, and price are the major competing parameters for these players. Many companies in the coconut candy market are developing plant-based, gluten-free, organic, and non-genetically modified organism (GMO) products to gain a competitive edge. In January 2021, Mars Incorporated launched a vegan candy under its brand Bounty, containing diced coconut.

North America and Caribbean Coconut Candy Strategic Insights

Strategic insights for the North America and Caribbean Coconut Candy provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America and Caribbean Coconut Candy Report Scope

North America and Caribbean Coconut Candy Regional Insights

The geographic scope of the North America and Caribbean Coconut Candy refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

Veganism is gaining significant traction with consumers becoming increasingly concerned about animal cruelty, sustainability, and health and well-being. According to the Ipsos Retail Performance study, 9.7 million Americans followed a plant-based diet in 2020. 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 North America and Caribbean coconut candy market during the forecast period.

Key Market Segments

Based on category, the market is segmented into sugar-free and conventional. In 2021, the conventional segment held the largest market share, whereas the sugar-free segment is projected to register the highest CAGR during the forecast period. Sugar-free candies gained commercial momentum in recent years due to the rising desire for no/low-sugar chocolates/confectionery products among health-conscious consumers. According to the International Diabetes Federation, 537 million individuals aged 20–79 years suffer from diabetes, and the number will reach 643 million by 2030 and 783 million by 2045. Thus, the increasing diabetic population is expected to push the sales of sugar-free products, such as sugar-free coconut candies in North America and the Caribbean.

Major Sources and Companies Listed

A few major primary and secondary sources referred to while preparing the report on the North America and Caribbean coconut candy market are paid databases (Factiva), publications, Hoovers, investor presentations, newsletters, sec archives, annual reports, and other information available on the public domain. Ferrero International S.A.; Russell Stover Chocolates, LLC.; The Hershey Company; Mars Incorporated; Chocoladefabriken Lindt and Spruengli AG; Unreal Brands Inc.; Alfred Ritter GmbH & Co. KG; Tru Fru LLC.; Ocho Candy Inc.; and Creative Natural Products Inc. are among the major players operating in the North America and Caribbean coconut candy market.

Reasons to Buy Report

• Progressive industry trends in the North America and Caribbean coconut candy market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the North America and Caribbean coconut candy market from 2020 to 2028
• Estimation of the demand for coconut candy in North America and the Caribbean
• Recent developments to understand the competitive market scenario and the demand for coconut candies in North America and the Caribbean.
• Market trends and outlook, and drivers and restraints governing the growth of the North America and Caribbean coconut candy market.
• Decision-making process by understanding strategies that underpin commercial interest with regard to the market growth
• North America and Caribbean coconut candy market size at various nodes of market
• Detailed overview and segmentation of the market, as well as its dynamics in the industry
• North America and Caribbean coconut candy market size in various countries with promising growth opportunities

The "North America and Caribbean Coconut Candy Market Analysis to 2028" is a specialized and in-depth study of the food & beverages industry, focusing on the North America and Caribbean coconut candy market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The North America and Caribbean coconut candy market is segmented into product type, category, and distribution channel. Based on product type, the market is segmented into chocolate coconut candy and non-chocolate coconut candy. In terms of category, the North America and Caribbean coconut market is categorized into sugar-free and conventional. The North America and Caribbean coconut candy market, by distribution channel, is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.