Covid-19 Analysis on Sugar-Free Chocolate Market Demand, Key Players by Forecast to 2023
Market Overview
Chocolate is extracted from mixed cocoa butter, cocoa, and sugar or substitutes of sugar to produce different forms of confectionaries. There are a number of chocolate types available in the market. The classification of the chocolates is broken down as per the proportion of cocoa being used in a particular formulation. With the changing consumer lifestyle and an evolving dietary pattern, there has been a shifting inclination towards healthy food & beverages. Healthy foods & beverages dictate an immensely important role in determining the food choices of consumers in the modern world. This has led to the trend of consuming sugar-free, GMO-free, fat-free, and other healthy product types. The trend initially began from the western world and rapidly spread across different regions worldwide. Today, consumers are willing and eager to consume sugar-free substitutes of products, however, not at the expense of enjoyment and satisfaction, especially in the case of chocolates.
Amidst all these, the declining production of cocoa poses to be a major market threat. With economic and weather conditions playing a highly important role behind the production of cocoa, unfavorable conditions of the same can cause a major decline in the production of sugar-free chocolates.
Competitive Landscape
Global Covid-19 Analysis on Sugar-Free Chocolate Market comprises leading market players like Russell Stover (U.S.), Ghirardelli Chocolate Company (U.S.), Lindt & SprĂĽngli (France), Thin (U.S.), Guilin (Belgium), Hershey (U.S.), Godiva Chocolatier (U.S.) and others.
March 6th, 2019, Artisan Kettle, a leading brand in organic baking chocolates, announced the introduction of a new Dark Chocolate Chips that is 72% Cacao with no sugar added. The keto-friendly product promises to be a favorite among consumers looking for healthier eating options.
January 23rd, 2019, Burton’s Biscuit Company announced the launch of a sugar-free version of its already popular Maryland Cookies to target the consumers looking to cut down on their sugar and calorie intake. The launch follows the recent sugar reduction program that was initiated by the company.
Market Segmentation
Global Sugar-Free Chocolates Market segmentation is categorized into distribution channel, main ingredients, category, and type.
By type, the market includes white, milk, dark, and others. The dark sugar-free chocolate segment is expected to garner the highest growth percentage over the forecast period.
By category, the market includes no added sugar and 100% sugar-free products. The 100% sugar-free segment dominates the market and is expected to most likely continue on its period of dominance during the forecast period as well.
By main ingredients, the market includes sugar substitute, fat & oil, cocoa butter, cocoa liquor, cocoa beans, and others. Cocoa beans segment is said to dominate this segment in the forthcoming years.
By distribution channel, the market divides into store-based and non-store-based. The non-store-based segment is anticipated to hold the maximum market share in the global sugar-free chocolate market during the review period between 2019 and 2023.
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Regional Analysis
The regional market segmentation of sugar-free chocolates covers the following regions: Asia Pacific, Europe, North America, and Rest of the World.
Europe holds the maximum market percentage and is expected to maintain its dominance over the forecast period with a projected CAGR of 6.81%.
Asia Pacific is calculated to be the fastest growing regional market with a CAGR of 6.97%. Emerging nations in this region like China, Japan, India, and ASEAN nations are some of the biggest contributors to the market and will continue to hold significant importance in propelling the growth percentage of the Asia Pacific region over the forecast period.
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