Sugar Free chocolate Market Scope:
The global sugar-free chocolate market size was valued at USD 1.92 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2020 to 2027.
Sugar Free chocolate Market Growth Boosters and Impediments:
Diabetes has turned into a global health challenge, with escalating number of people suffering from extremely high blood sugar. Some of the key causes of diabetes include unhealthy diet, rising consumption of oily or junk food and following a hectic lifestyle. The mounting concerns regarding diabetes, growing healthcare costs and the health benefits offered by Sugar Free chocolate Market has been favourable for the global market. The surge in health consciousness among consumers and the increasing need to cater to their sweet tooth encourage them to opt for sugar free chocolates. Even the individuals focused on maintaining their weight or interested in losing weight account for a large portion of the consumer base.
In the past couple of years, global health organizations have been giving their approval for incorporating sugar substitutes, like Saccharin, acesulfame, aspartame, stevia, sucralose, hydrogenated starch hydrolysates and sorbitol in chocolates. Therefore, sugar-free chocolate manufacturers spending generously on using these ingredients in their goods. Also, extensive usage of natural sweeteners in chocolates is the latest trend among manufacturers. Speaking of trends, sugar-free dark chocolate is a highly popular confectionary among consumers, given that these are rich in cocoa, which is known for lowering the sugar as well as milk content.
Sugar Free chocolate Market Eminent Vendors:
Prominent contenders in the global market for sugar-free chocolates include Godiva Chocolatier (U.S.), Thin (U.S.), Guilin (Belgium), Ghirardelli Chocolate Company (U.S.), Hershey (U.S.), Lindt & Sprüngli (France), Russell stover (U.S.), and more.
Sugar Free chocolate Market Segmental Review:
Category, ingredient, type, and distribution channel are the major segments outlined in the MRFR report, in order to offer an extensive layout of the sugar-free chocolate industry.
Sugar-free chocolate categories available in the market include No Added Sugar and 100% Sugar Free. The demand for 100% sugar-free chocolates is a lot higher than no added sugar chocolates, and therefore, these form the leading segment in the global market.
The key ingredients in sugar-free chocolates are Cocoa liquor, Sugar Substitute, Cocoa beans, fat & oil, Cocoa butter, and other. Cocoa beans are the top segment in the global market.
Sugar-free chocolate types are Milk, Dark, and White. Dark sugar-free chocolates are presumed to capture the highest share in the global market over the analysis period.
Sugar Free Chocolate Target are sold via various distribution channels, namely store based as well as non-store based. Non-store-based channels are expected to secure the top spot in the market. Some of the major benefits of non-store based or online distribution channels are that these provide the manufacturers with the option of breaking the physical barrier and in turn, widening their customer base. Moreover, these channels help cut down the expenses generally associated with constructing a shop, while enhancing the profit margin for the manufacturers.
Europe, Asia Pacific/APAC, North America, as well as RoW/rest of the world are the primary markets for Organic Sugar Free Chocolate.
Europe should retain its leading position throughout the analysis period and will manage to capture a strong growth rate of 6.81% between 2020 and 2027. A highly favorable aspect can be the significant consumer awareness regarding different options available in the market. the strong gains of the European market are also due to the high health consciousness among the people and the general focus on well-being. The desire to maintain the link between health as well as craving for confectionaries also prompt the consumers to opt for sugar-free chocolates. The massive pool of renowned vendors offering extensive ranges of sugar-free confectionaries in the region should elevate the market position in the years to come.
Asia Pacific is progressing steadily and will soon procure the fastest growth rate of 6.97% in the coming years, with great support from developing countries like China, Japan, and India. These countries are viewed as the prime hubs for many of the international players, given the surging popularity of cocoa as well as cocoa flavored items among consumers. Improving economic standards and the high interest in trying new food items will also foster the market expansion in the region.
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