The global North America sugar free chocolate market size is expected to touch USD 391.8 million by 2028, exhibiting a CAGR of 5.42% during the forecast period. The market value stood at USD 242.0 million in 2020 and reached USD 270.7 million in 2021. Increasing health awareness and rising cases of diabetes globally are expected to boost the market growth. Fortune Business Insights™ mentions this information in its report titled “Sugar Free Chocolate Market, 2021-2028.”
Sugar free chocolate is a healthier and low-calorie snack with antioxidants, increasing its demand. Rising awareness regarding good health led to the adoption of healthier snacks, thereby increasing the adoption of sugar-free chocolates. Rising per-capita income and evolving buying preferences led to the adoption of healthy food alternatives in North America, which, in turn, may boost the product’s sales. Furthermore, rising cases of diabetes lead to the adoption of sugar-free food, which in turn may positively impact the industry. As per the International Diabetes Federation, nearly 463 million adults suffer from diabetes, which is expected to spike drastically. Therefore, these factors are likely to spike the market’s progress in the upcoming years.
List of Key Players Profiled in the North America Sugar Free Chocolate Market Report
- The Hershey Company (Pennsylvania, U.S.)
- Ferrero SpA (Alba, Italy)
- Chocoladefabriken Lindt & Sprüngli AG (Kilchberg, Switzerland)
- Godiva Chocolatier (Midtown Manhattan, U.S.)
- KOHLER Co. (Wisconsin, U.S.)
- Jackie’s Chocolate (Wisconsin, U.S.)
- Pascha Chocolate (Toronto, Canada)
- Pobeda Confectionery Ltd. (Moscow, Russia)
- Asher’s Chocolate Company (Pennsylvania, U.S.)
- Barry Callebaut AG (Zürich, Switzerland)
Source Link :
https://www.fortunebusinessinsights.com/north-america-sugar-free-chocolate-market-106285
Segments
By product type, the market is segmented into white chocolate, dark chocolate, and milk chocolate.
By distributional channel, it is classified into online retail, convenience stores, specialty stores, and supermarkets/hypermarkets. By country, it is grouped into U.S., Canada, and Mexico.
Report Coverage
The North America sugar free chocolate sector report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Rising Awareness Regarding the Benefits of Sugar-Free Chocolates to Incite Market Growth
Rising shift to healthier foods, rising per-capita income, and evolving preferences fuel demand for healthier food products. Rising trends of healthy snacking have led to the adoption of sugar free chocolates, which, in turn, may propel sales. Manufacturers focus on the development of products that adhere to consumers’ demands. For example, As per the International Food Information Council’s Food and Health Survey in 2020, approximately 76% of U.S. consumers look forward to eliminating sugar intake from their diets. Furthermore, incorporating the product in muffins, puddings, cakes, and others is expected to boost sugar-free chocolate. These factors are likely to drive the North America sugar free chocolate market growth.
However, higher production and raw material costs may hinder the market’s progress.
Country Insights
High Chocolate Consumption Among the U.S. Population to Foster Market Development in U.S.
U.S. is expected to dominate the North America sugar free chocolate market share because of the rising consumption of chocolates in the U.S. Rising obesity is expected to boost the adoption of chocolate in the country. As per the information provided by the Centers for Disease Control and Prevention (CDC), diabetes cases touched 42.4% in 2018 compared to 30.5% in 2000.
Canada is expected to be driven by the consumption of locally produced premium chocolates. Further, in Toronto, approximately 20 chocolatiers aim to differentiate their product range. In addition, festivals such as Christmas, Thanksgiving, Easter, and others are likely to boost sugar free chocolate adoption.
Competitive Landscape
Major Players Launch Novel Products to Boost Market Position
Prominent companies operating in the North America sugar free chocolate sector sector launch novel products to attract consumers and boost their market position. For example, in June 2021, Russel Stover Chocolates, a brand owned by Lindt & Sprungli AG, announced its Joy Bites chocolate bars. It is a sugar free chocolate made from Fairtrade cocoa and sweetened using stevia extract. This launch may enable the company to attract consumers and boost its market position. Furthermore, the adoption of research and development may enable manufacturers to develop innovative chocolates with flavors to attract consumers’ attention and improve their brand image.
Industry Development
- July 2021: Kohler Co., a leading organization in the North America sugar free chocolate sector announced their latest handmade and sugar free chocolate containing enhanced cocoa and premium ingredients. The flavors are available in nine, four, and two pieces and are extremely healthy.