Sugar Free Chocolate Market Overview
The growth of the global sugar free chocolate market is thriving on the back of the changing lifestyles of individuals backed by the increasing disposable incomes, along with the rapid growth of the food industry. With the realization of the ever-growing threat to health on the consumption of poorly processed food, consumers are increasingly becoming conscious regarding the preference of food. As such there is a rising demand for sugar free chocolates, which was once considered as a premium product. Additionally, growing impulse buying behavior observed amongst consumers is also anticipated to contribute towards the growth of the global sugar free chocolate market.
The global sugar free chocolate market reached a value of USD 3807.26 million in the year 2016 and is expected to garner a value of USD 5831.40 million by the end of 2023 by registering a CAGR of 6.28% across the globe over the forecast period 2019-2023. Further, the worldwide market of sugar free chocolates is anticipated to gain an absolute $ opportunity of USD 1260.87 million during the forecast period. The market is anticipated to grow by 1.27x during the forecast period and further gain an incremental $ opportunity of USD 344.57 million in the year 2023 as compared to the previous year.
Growth Highlights based on Region during 2016-2023
The global sugar free chocolate market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America held a value of USD 1192.44 million in the year 2016. The market, which held a share of 31.32% in the year 2016, is primarily driven by 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 region 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. Additionally, the market in the region is also anticipated to gain an absolute $ opportunity of USD 369.8 million during the forecast period.
On the other hand, the market in Europe is anticipated to grow by registering a CAGR of 7.03% during the forecast period and cross a value of USD 1380.29 million in the year 2023.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
The global sugar free chocolate market is segmented by type into dark, milk and white. The dark chocolate segment held the largest market share of 35.91% in the year 2016 and is further anticipated to reach a value of USD 2105.16 million in the year 2023 by registering a CAGR of 6.36% across the globe during the forecast period. The segment, which held a value of USD 1367.10 million in the year 2016, is further anticipated to gain an absolute $ opportunity of USD 460.23 million during the forecast period. Additionally, the segment is further anticipated to grow by 1.28x during the forecast period. Sugar free dark chocolates are made without adding milk solids in them. The main ingredients of sugar free dark chocolates are cocoa solid, cocoa butter and polyols including mannitol, sorbitol and xylitol among others. There are different varieties of dark chocolates like 30%, 75% and 80% which indicates the percentage of cocoa content present in dark chocolate. There are various nutritional benefits of consumption of sugar free dark chocolates owing to which they are consumed in large quantities. Dark chocolates are packed with antioxidants and are rich in elements including iron, copper, magnesium and phosphorus among others.
Market Drivers and Challenges
Diabetes is a chronic disease which takes place 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 a metabolic disease that occurs when the blood glucose, also called blood sugar, is too high. This kind of disease can strike anyone, from any walk of life. Diabetes is caused due to improper diet, increasing consumption of junk food and hectic lifestyles of individuals. Moreover, consumers are very concerned about the health characteristics of their food, and of environmental and social impact, now more than ever. This transition from a conventional mindset to a well-being-conscious one has compelled the manufacturers to come up with more innovative products to edify their product offerings. The increasing demand for low-calorie chocolate and the associated cost-cutting advantage of using sugar substitutes is perhaps considered to be the foremost reason for the growth of the sugar-free chocolate market. The increasing concern for diabetes and the need to have foods that help avoid diabetes, coupled with the numerous health benefits associated with the consumption of sugar free chocolates are some of the factors that are driving the growth of the global sugar free chocolate market.
The high cost of sugar substitutes of natural sugar required to make sugar free chocolates coupled with the increasing preference of consumers towards normal chocolates in comparison to sugar free chocolates are some of the factors anticipated to impact negatively towards the growth of the global sugar free chocolate market.
Top Featured Competitive Landscape
Some of the affluent industry leader in the global sugar free chocolate market are Barry Callebaut, Venchi Chocolate, The Hershey Company, Godiva, Lindt & Sprungli, Russell Stover Chocolates, LLC, Asher’s Chocolate Co., Lily’s Sweets, Pascha Chocolate Co. and The Cacao Group, Inc.