Sugar Free Chocolate Market Segmentation By Type (Dark, Milk and White) and By Distribution Channel {Store Based (Supermarkets, Specialty Stores and Convenience Stores) and Non-Store Based} - Global Industry Demand Analysis and Opportunity Assessment 2016-2023
Buy Now Report ID: 2511 | Published Date: Feb 07, 2023Global Sugar Free Chocolate Market
1. Market Introduction
1.1. Market Definition
1.2. Scope Of The Study
1.3. List Of Assumptions
1.4. Market Structure
1.5. Key Buying Criteria
2. Research Methodology
2.1. Research Process
2.2. Primary Research
2.3. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Executive Summary : Global Sugar Free Chocolate Market
4. Market Dynamics
4.1. Introduction
4.2. Drivers
4.2.1. Increasing Consumer Awareness About Diabetes
4.2.2. Health Benefits Of Chocolate
4.3. Restraints
4.3.1. High Cost Of Sugar Substitute
4.3.2. Changing Preference Of Consumer
4.4. Opportunities
4.4.1. Growing Disposable Income
4.4.2. Impulse Buying Behavior Of Consumers
4.5. Challenges
4.5.1. Side Effect Of Consumption
4.5.2. Growing Cases Of Tooth Problems
4.6. List Of Manufacturers & Suppliers
4.7. Porter’s Five Force Analysis
4.7.1. Threat Of New Entrants
4.7.2. Bargaining Power Of Suppliers
4.7.3. Bargaining Power Of Buyers
4.7.4. Threat Of Substitutes
4.7.5. Competitive Rivalry
5. Global Sugar Free Chocolate Market Analysis And Forecasts, By Type
5.1. Introduction
5.2. Market Value Share And Attractiveness Analysis, By Type, 2016-2023 (Usd Million)
5.2.1. Dark
5.2.2. Milk
5.2.3. White
6. Global Sugar Free Chocolate Market Analysis And Forecasts, By Distribution Channel
6.1. Introduction
6.2. Market Value Share And Attractiveness Analysis, By Distribution Channel, 2016-2023 (Usd Million)
6.2.1. Store Based
6.2.1.1. Supermarkets & Hypermarkets
6.2.1.2. Specialty Stores
6.2.1.3. Convenience Stores
6.2.2. Non-Store Based
7. Global Sugar Free Chocolate Market Analysis And Forecasts, By Region
7.1. Introduction
7.2. Market Value Share And Attractiveness Analysis, By Region, 2016-2023 (Usd Million)
7.2.1. North America
7.2.2. Europe
7.2.3. Asia-Pacific
7.2.4. Rest Of The World (Row)
8. North America Sugar Free Chocolate Market Analysis And Forecasts
8.1. Introduction
8.2. Market Value Share And Attractiveness Analysis By Country, 2016–2023 (Usd Million)
8.2.1. U.S.
8.2.2. Canada
8.2.3. Mexico
8.3. Market Value Share And Attractiveness Analysis By Type, 2016–2023 (Usd Million)
8.3.1. Dark
8.3.2. Milk
8.3.3. White
8.4. Market Value Share And Attractiveness Analysis By Distribution Channel, 2016–2023 (Usd Million)
8.4.1. Store Based
8.4.1.1. Supermarkets & Hypermarkets
8.4.1.2. Specialty Stores
8.4.1.3. Convenience Stores
8.4.2. Non-Store Based
9. Europe Sugar Free Chocolate Market Analysis And Forecasts
9.1. Introduction
9.2. Market Value Share And Attractiveness Analysis By Country, 2016–2023 (Usd Million)
9.2.1. Germany
9.2.2. Uk
9.2.3. France
9.2.4. Italy
9.2.5. Spain
9.2.6. Rest Of Europe
9.3. Market Value Share And Attractiveness Analysis By Type, 2016–2023 (Usd Million)
9.3.1. Dark
9.3.2. Milk
9.3.3. White
9.4. Market Value Share And Attractiveness Analysis By Distribution Channel, 2016–2023 (Usd Million)
9.4.1. Store Based
9.4.1.1. Supermarkets & Hypermarkets
9.4.1.2. Specialty Stores
9.4.1.3. Convenience Stores
9.4.2. Non-Store Based
10. Asia Pacific Sugar Free Chocolate Market Analysis And Forecasts
10.1. Introduction
10.2. Market Value Share And Attractiveness Analysis By Country, 2016–2023 (Usd Million)
10.2.1. China
10.2.2. Japan
10.2.3. India
10.2.4. Australia & New Zealand
10.2.5. Rest Of Asia Pacific
10.3. Market Value Share And Attractiveness Analysis By Type, 2016–2023 (Usd Million)
10.3.1. Dark
10.3.2. Milk
10.3.3. White
10.4. Market Value Share And Attractiveness Analysis By Distribution Channel, 2016–2023 (Usd Million)
10.4.1. Store Based
10.4.1.1. Supermarkets & Hypermarkets
10.4.1.2. Specialty Stores
10.4.1.3. Convenience Stores
10.4.2. Non-Store Based
11. Central & South America Sugar Free Chocolate Market Analysis And Forecasts
11.1. Introduction
11.2. Market Value Share And Attractiveness Analysis By Country, 2016–2023 (Usd Million)
11.2.1. Brazil
11.2.1. Rest Of Csa
11.3. Market Value Share And Attractiveness Analysis By Type, 2016–2023 (Usd Million)
11.3.1. Dark
11.3.2. Milk
11.3.3. White
11.4. Market Value Share And Attractiveness Analysis By Distribution Channel, 2016–2023 (Usd Million)
11.4.1. Store Based
11.4.1.1. Supermarkets & Hypermarkets
11.4.1.2. Specialty Stores
11.4.1.3. Convenience Stores
11.4.2. Non-Store Based
12. Middle East & Africa Sugar Free Chocolate Market Analysis And Forecasts
12.1. Introduction
12.2. Market Value Share And Attractiveness Analysis By Country, 2016–2023 (Usd Million)
12.2.1. Saudi Arabia
12.2.2. U A E
12.2.3. South Africa
12.2.4. Rest Of M E A
12.3. Market Value Share And Attractiveness Analysis By Type, 2016–2023 (Usd Million)
12.3.1. Dark
12.3.2. Milk
12.3.3. White
12.4. Market Value Share And Attractiveness Analysis By Distribution Channel, 2016–2023 (Usd Million)
12.4.1. Store Based
12.4.1.1. Supermarkets & Hypermarkets
12.4.1.2. Specialty Stores
12.4.1.3. Convenience Stores
12.4.2. Non-Store Based
13. Competitive Landscape
13.1. Company Market Share Analysis
13.2. Four Quadrant Competitor Positioning Matrix
13.3. Company Profiles
13.3.1. The Hershey Company
13.3.1.1. Company Overview
13.3.1.2. Financial Overview
13.3.1.3. Product Offerings
13.3.1.4. Swot Analysis
13.3.1.5. Key Strategies
13.3.2. Govida Chocolatier
13.3.3. Lindt & Sprüngli Ag
13.3.4. Russell Stover Candies, Inc
13.3.5. Callebaut Chocolate
13.3.6. Asher's Chocolates
13.3.7. Lily's Chocolate
13.3.8. Venchi S.P.A
13.3.9. Pascha Chocolate Co.
13.3.10. Amber Lyn Chocolates
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.
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).
Growth Indicators
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.
Barriers
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.
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.
February 2020: Barry Callebaut has announced that it has launched the commercial scale production of the world’s first personalized 3D printed chocolate through its brand Mona Lisa, a brand that is made up from Belgian chocolate.
March 2020: Venchi Chocolate has announced a partnership with an innovative dynamic discounting solution, UniCredit, developed by the fintech FinDynamic, for being its strategic partner for its products. With the tool that helps to optimize the working capital and further supports the supply chain, Venchi has aimed to support its suppliers.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Anil Kumar, Ipsheeta Dash
Ans: Increasing concern for diabetes amongst individuals, along with the increasing health consciousness amongst people are some of the major factors that are driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of 6.28% over the forecast period, i.e. 2019-2023.
Ans: The market in Europe is anticipated to display promising growth for business opportunities in the future.
Ans: The major players 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
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is majorly segmented by type, distribution channel and by region.
Ans: The dark chocolate segment, which is a sub-segment of the type segment, held the largest market share of 35.91% in the year 2016, and is anticipated to display significant growth opportunity.
Ans: Growing concerns for the high cost of sugar substitutes of natural sugar required to make sugar free chocolates is one of the major factors anticipated to act as a barrier towards the growth of the market.
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