The coconut candy market in Asia Pacific is expected to grow from US$ 468.16 million in 2022 to US$ 638.49 million by 2028. It is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
Consumer Inclination Toward Vegan Candies
Veganism is gaining significant traction with consumers becoming increasingly concerned about animal cruelty, sustainability, and health and well-being. 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'ss 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 Asia Pacific coconut candy market during the forecast period.Market Overview
Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific are the key contributors to the coconut candy market in the Asia Pacific. Asia Pacific significantly contributes to the production and consumption of coconut-based products as the major plantations are found in countries such as Indonesia, the Philippines, India, Sri Lanka, and Vietnam. According to an article published by the Food and Agriculture Organization of the United Nations, the 15 member countries of the Asian and Pacific Coconut Community (APCC) account for a major share of area and production, occupying 10.7 million ha (87%) and 9.2 million MT of copra equivalent (82.81%). Indonesia, the Philippines, and India are the major producers of coconut in the world. Thus, it is convenient for manufacturers to procure raw materials for making coconut-based confectioneries such as coconut candy. These factors are anticipated to drive market growth in the region. Moreover, Vietnam is one of the well-established markets for coconut candies; Kẹo dừa; a Vietnamese coconut candy produced in Bến Tre province, Vietnam. This candy is made with coconut milk and coconut cream. Additionally, there are over a hundred coconut candy manufacturers in Bến Tre (Vietnam), making up 30% of local enterprises. However, the market is dominated by a handful of well-known brands, with most manufacturers producing candy under license for these brands. These candies are also exported to other Asian countries, such as Australia. Manufacturers offer a wider range of products in accordance with consumer needs; such as non-GMO, sugar-free, clean-label products; as consumers in the region are getting health conscious, resulting in the increasing demand for low-calorie and sugar-free confectionery products. Consumers in the region have diversified tastes and preferences and are fond of experimenting with new flavors. These factors are expected to drive the growth of the Asia Pacific coconut candy market in the region.Asia Pacific Coconut Candy Market Segmentation
The Asia Pacific 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 the 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 Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.
Table of Contents
1. Introduction1.1 Study Scope
1.2 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. APAC 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. APAC 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 - APAC Market Analysis
6.1 APAC Coconut Candy Market Overview
6.2 APAC Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
7. APAC Coconut Candy Market Analysis - By Product Type
7.1 Overview
7.2 APAC Coconut Candy Market Breakdown, by Product Type, 2021 & 2028
7.3 Chocolate Coconut Candy
7.3.1 Overview
7.3.2 Chocolate Coconut Candy: APAC 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: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
8. APAC Coconut Candy Market Analysis - By Category
8.1 Overview
8.2 APAC Coconut Candy Market Breakdown, by Category, 2021 & 2028
8.3 Sugar-Free
8.3.1 Overview
8.3.2 Sugar-Free: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
8.4 Conventional
8.4.1 Overview
8.4.2 Conventional: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
9. APAC Coconut Candy Market Analysis - By Distribution Channel
9.1 Overview
9.2 APAC Coconut Candy Market Breakdown, by Distribution Channel, 2021 & 2028
9.3 Supermarkets & Hypermarkets
9.3.1 Overview
9.3.2 Supermarkets & Hypermarkets: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
9.4 Convenience Stores
9.4.1 Overview
9.4.2 Convenience Stores: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
9.5 Online Retail
9.5.1 Overview
9.5.2 Online Retail: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
10. APAC Coconut Candy Market - Country Analysis
10.1 Overview
10.1.1 Asia Pacific: Coconut Candy Market, by Key Country
10.1.1.1 Australia: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Australia: Coconut Candy Market, by Product Type
10.1.1.1.2 Australia: Coconut Candy Market, by Category
10.1.1.1.3 Australia: Coconut Candy Market, by Distribution Channel
10.1.1.2 China: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 China: Coconut Candy Market, by Product Type
10.1.1.2.2 China: Coconut Candy Market, by Category
10.1.1.2.3 China: Coconut Candy Market, by Distribution Channel
10.1.1.3 India: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: Coconut Candy Market, by Product Type
10.1.1.3.2 India: Coconut Candy Market, by Category
10.1.1.3.3 India: Coconut Candy Market, by Distribution Channel
10.1.1.4 Japan: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Japan: Coconut Candy Market, by Product Type
10.1.1.4.2 Japan: Coconut Candy Market, by Category
10.1.1.4.3 Japan: Coconut Candy Market, by Distribution Channel
10.1.1.5 South Korea: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 South Korea: Coconut Candy Market, by Product Type
10.1.1.5.2 South Korea: Coconut Candy Market, by Category
10.1.1.5.3 South Korea: Coconut Candy Market, by Distribution Channel
10.1.1.6 Rest of Asia Pacific: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of Asia Pacific: Coconut Candy Market, by Product Type
10.1.1.6.2 Rest of Asia Pacific: Coconut Candy Market, by Category
10.1.1.6.3 Rest of Asia Pacific: 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 The Hershey Company
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 Mars Incorporated
12.3.1 Key acts
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 Chocoladefabriken Lindt and Spruengli AG
12.4.1 Key Facts
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 Unreal Brands Inc.
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 Alfred Ritter GmbH & Co. KG
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 Godiva
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 Weetabix Food Co.
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
13. Appendix
13.1 About the Publisher
13.2 Word Index
List of Tables
Table 1. APAC Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Table 2. Australia Coconut Candy Market, by Product Type- Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia Coconut Candy Market, by Category- Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia Coconut Candy Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 5. China Coconut Candy Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 6. China Coconut Candy Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 7. China Coconut Candy Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 8. India Coconut Candy Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 9. India Coconut Candy Market, by Category -Revenue and Forecast to 2028 (US$ Million)
Table 10. India Coconut Candy Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 11. Japan Coconut Candy Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 12. Japan Coconut Candy Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 13. Japan Coconut Candy Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 14. South Korea Coconut Candy Market, by Product Type - Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea Coconut Candy Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 16. South Korea Coconut Candy Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of Asia Pacific Coconut Candy Market, by Product Type -Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Asia Pacific Coconut Candy Market, by Category -Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Asia Pacific Coconut Candy Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 20. List of Abbreviation
List of Figures
Figure 1. APAC Coconut Candy Market Segmentation
Figure 2. APAC Coconut Candy Market Segmentation - By Country
Figure 3. APAC Coconut Candy Market Overview
Figure 4. APAC Coconut Candy Market, By Product Type
Figure 5. APAC Coconut Candy Market, By Country
Figure 6. APAC Porter's Five Forces Analysis
Figure 7. Expert Opinion
Figure 8. APAC Coconut Candy Market, Ecosystem
Figure 9. APAC Coconut Candy Market: Impact Analysis of Drivers and Restraints
Figure 10. APAC: Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 11. APAC Coconut Candy Market Breakdown, by Product Type, 2021 & 2028
Figure 12. Chocolate Coconut Candy: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. Non-Chocolate Coconut Candy: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Coconut Candy Market Breakdown, by Category, 2021 & 2028
Figure 15. Sugar-Free: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 16. Conventional: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Coconut Candy Market Breakdown, by Distribution Channels, 2021 & 2028
Figure 18. Supermarkets & Hypermarkets: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 19. Convenience Stores: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 20. Online Retail: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 21. Others: APAC Coconut Candy Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Asia Pacific: Coconut Candy Market, by Key Country- Revenue (2021)
Figure 23. Asia Pacific: Coconut Candy Market Revenue Share, by Key Country (2021 and 2028)
Figure 24. Australia: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Figure 25. China: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Figure 26. India: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Figure 27. Japan: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Figure 28. South Korea: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Figure 29. Rest of Asia Pacific: Coconut Candy Market -Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- 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.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 104 |
| Published | December 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 468.16 Million |
| Forecasted Market Value ( USD | $ 638.49 Million |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 8 |
