Research Nester has released a report titled “Sugar Free Chocolate Market – Global Demand Analysis & Opportunity Outlook 2023” which delivers detailed overview of the global sugar free chocolate market in terms of market segmentation by type, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global sugar free chocolate market is segmented by type into dark, milk and white, out of which, the dark chocolate segment held a value of USD 1367.10 million in the year 2016 is further anticipated to reach a value of USD 2105.16 million in the year 2023. The segment, which held a market share of 35.91% in the year 2016, is anticipated to register a CAGR of 6.36% during the forecast period, i.e. 2019-2023 and grow by 1.28x during the forecast period. Additionally, the segment is anticipated to gain an absolute $ opportunity of USD 460.23 million during the forecast period.
The global sugar free chocolate market is anticipated to achieve a CAGR of 6.28% during the forecast period and cross a value of USD 5831.40 million by the end of 2023 owing to the changing lifestyles of individuals backed by the increasing disposable incomes, along with the rapid growth of the food industry. On the other hand, the growing impulse buying behavior observed amongst consumers is also anticipated to promote the growth of the global sugar free chocolate market. The market, which held a value of USD 3807.26 million in the year 2016 is anticipated to gain an absolute $ opportunity of USD 1260.87 million during the forecast period and further grow by 1.27x during the forecast period. On the other hand, the market is anticipated to gain an incremental $ opportunity of USD 344.57 million in the year 2023 as compared to the previous year.
Regionally, the global sugar free chocolate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of nations, such as U.S. and Canada, where U.S. held the largest market share of 74.30% in the year 2016. The market in North America held a value of USD 1192.44 million in the year 2016, along with a share of 31.32% in the year 2016, and is further anticipated to cross a value of USD 1788.49 million in the year 2023 by registering a CAGR of 5.96% during the forecast period. On the other hand, the North America sugar free chocolate market is anticipated to gain an absolute $ opportunity of USD 369.8 million during the forecast period.
Increasing Concern for Diabetes
The metabolic disease diabetes is caused when the blood glucose, also called blood sugar, is too high. When the when the pancreas in the body is unable to make insulin, or when the body cannot make good use of the insulin it produces, diabetes is caused. Moreover, improper diet, increasing consumption of junk food and hectic lifestyles of individuals are some of the major factors that cause diabetes. The growing concern for diabetes amongst individuals, which is increasingly massively over the years, coupled with the health benefits of sugar free chocolate and the increasing health consciousness amongst people are some of the factors anticipated to drive the growth of the global sugar free chocolate market.
However, concerns for the high cost of sugar substitutes of natural sugar required to make sugar free chocolates, along with the rising preference of consumers towards normal chocolates in comparison to sugar free chocolates are some of the factors anticipated to limit the growth of the global sugar free chocolate market.
This report also provides the existing competitive scenario of some of the key players of the global sugar free chocolate market, which includes company profiling of Barry Callebaut (SWX: BARN), Venchi Chocolate, The Hershey Company (NYSE: HSY), Godiva, Lindt & Sprungli (SWX: LISN), Russell Stover Chocolates, LLC, Asher’s Chocolate Co., Lily’s Sweets, Pascha Chocolate Co. and The Cacao Group, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global sugar free chocolate market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.