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.
New York, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America and Caribbean Coconut Candy Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type, Category, and Distribution Channel" - https://www.reportlinker.com/p06362993/?utm_source=GNW
The popularity of coconut candies is increasing among people of all age groups in North America and the Caribbean owing to the unique nutty and exotic flavor of coconut.Therefore, manufacturers are increasingly launching innovative products and gift boxes with coconut confections and a mix of different candies for festivities and special occasions to attract a large number of consumers.
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 North America and Caribbean coconut candy market during the forecast period.Several manufacturers are also launching innovative marketing campaigns to improve product reach and enhance brand image.
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 flavors. 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, product launches and innovative marketing campaigns are expected to significantly drive the North America and Caribbean coconut candy market growth during the forecast period.
The North America and Caribbean coconut candy market is segmented into product type, category, and distribution channel.Based on distribution channel, the North America and Caribbean coconut candy market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.
The supermarkets & hypermarkets segment held the largest share of the market in 2021, whereas the online retail segment is expected to register the highest CAGR from 2022 to 2028.Online retail stores offer various products with heavy discounts, and consumers can conveniently buy desirable products remotely from these platforms.
Furthermore, home delivery services attract a large group of customers to shop through e-commerce platforms, such as Amazon.com, Walmart, and E-bay. Moreover, these websites offer descriptive product information and user reviews, which helps buyers compare products and make informed decisions. During the COVID-19 pandemic, online retail channels gathered significant popularity as they offered home delivery services. Thus, the rising online sales of coconut candies are expected to drive the North America and Caribbean coconut candy market growth during the forecast period.
Based on country, the North America and Caribbean coconut candy market is segmented into the US, Canada, Mexico, Bahamas, Cuba, and the rest of the Caribbean.In 2021, the US accounted for the largest share of the North America and Caribbean coconut candy market.
The growth of the coconut candy market in the US is majorly attributed to the rising consumption of chocolate and confections, the presence of a well-established confectionery industry in the country, and the rising trend of gifting premium chocolates and confections to loved ones on special occasions such as birthdays and anniversaries.Further, the increasing demand for coconut-based confections among children is also driving the market.
According to the US Census Bureau, in 2016, children aged 0-17 accounted for 73.6 million. The growing availability of different candies, both chocolate, and non-chocolate candies, has led to their high demand among children. Manufacturers also indulge in innovative marketing strategies to lure their target customers, as children are considered a very influential population group.
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 a few of the major players operating in the North America and Caribbean coconut candy market. These companies have their presence in both developed and developing regions, which provides lucrative opportunities to them for growth.
The overall North America and Caribbean coconut candy market has been derived using both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the North America and Caribbean coconut candy market.
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