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Market Synopsis:Sugar-free confectioneries cover a wide range of products that re either devoid of sugar or contain healthier alternatives to sugar. The ongoing trend of healthy food pattern in the food & beverage industry is likely to influence the demand for these products greatly in the upcoming years. The assessment of the global sugar-free confectionery market by Market Research Future (MRFR) asserts that it is expected to exhibit moderate CAGR over the review period 2017 to 2023.
Increasing prevalence of diseases such as obesity and diabetes is likely to fuel the demand for sugar-free confectionery products in the foreseeable future. The statistics circulated by the World Health Organization (WHO) highlights that 1.6 million deaths occurred due to diabetes in 2016. In addition, diabetes can cause blindness, heart attacks, kidney failure, etc. The rising awareness about the adverse effects of diabetes is likely to push the shift towards sugar-free food products. This, in turn, is projected to boost the revenue generation of the sugar-free confectionery market over the next couple of years. However, the lack of traditional taste of sugar remains impediment to market growth.
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Competitive Dashboard:
The Hershey Company (U.S.), Mars Incorporated (U.S.), Nestlé (Switzerland), Mondelez International (U.S.), Ferrero (Italy), Chocoladefabriken Lindt & Sprüngli AG (Switzerland), and HARIBO of America, Inc. (Germany) are some of the major participants of the global sugar-free confectionery market. These players are expected to adopt strategies such as product innovation, product launches, distribution channel expansion, collaborations, mergers & acquisitions, etc. Increasing investments in research & development for the development of products without compromising on the taste of sugar is likely to boost the competition among the market participants in the years to come. The landscape of the sugar-free confectionery market is expected to remain highly competitive in the upcoming years, asserts MRFR.
Market Segmentation:
On the basis of Type, the global sugar-free confectionery market is segmented into chewing gum, sweets, candy nuts, candy, chocolates, and others. Among these, the chocolate segment is anticipated to retain the dominant position in the market place over the next couple of years. In addition, the sweets segment is expected to contribute considerably to the development of the market in the upcoming years.
Based on Packaging, the sugar-free confectionery market has been segmented into boxes, sachets, and others. The sachets segment is anticipated to register a moderate growth rate and hold the maximum market share through the assessment period. Meanwhile, the boxes segment is likely to expand at a comparatively higher CAGR over the review period.
By Distribution Channel, the global sugar-free confectionery market has been segmented into store-based distribution channel and non-store based distribution channel. Although the non-store based segment is projected to gain traction in the forthcoming years, the store-based segment is projected to maintain its standing at the pole position over the next few years.
Regional Analysis:
For a detailed geographical assessment of the Global Sugar-Free Confectionery Market, it has been segmented into North America, Asia Pacific, Europe, and the Rest of the World (RoW). North America holds the maximum market share an id likely to dominate the growth of the global market through the forecast period. The region is likely to benefit from the availability of wide variety of products by the key players based out of the region. In addition, increasing burden of diabetes and obesity are expected to propel the expansion of sugar-free confectionery market in the region over the next few years. Europe is likely to exhibit substantial growth owing to the shift in consumer behavior towards a healthy dietary pattern. Asia Pacific is also projected to exhibit rising consumption levels, thus, aiding market growth during the review period.
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