Craft Wine Market to Hit a CAGR of 4.4% by 2020-2027

 The global craft wine market size is set to gain traction from the increasing need to develop exotic and innovative products by infusing various ingredients in wine. This information is given by Fortune Business Insights™ in a new study, titled, “Craft Wine Market Size, Share & COVID-19 Impact Analysis, By Type (Sparkling Wine, Still Wine, and Others), Flavor (Red Wine, White Wine, and Rose Wine), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2020 – 2027.” The study further mentions that the market size stood at USD 35.39 billion in 2019 and is projected to reach USD 48.77 billion by the end of 2027, exhibiting a CAGR of 4.4% in the forecast period.

COVID-19 Pandemic: Shutdown of Bars and Taprooms to Affect Growth Negatively

The COVID-19 pandemic has resulted in the shutdown of various bars, restaurants, wineries, and taprooms across the globe because of stringent norms, such as lockdown and social distancing by governments. But, supermarkets and e-commerce platforms are offering home delivery services of craft wine and other alcoholic beverages in many countries. The market is set to gain momentum in a few more months.

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List of the Leading Companies Profiled in the Global Craft Wine Market are:

• A Blooming Hill Vineyard & Winery (United States)
• Chateau Niagara Winery (United States)
• ALDI Inc. (Essen, Germany)
• House of Saka (California, United States)
• Koi Zen Cellars (United States)
• LGI Wines (France)
• Auscraft Wine (Australia)
• CRFT Wines (Australia)
• Clover Hill Wines (Australia)
• Scotch Church Road Vineyard (United States)

How Did We Develop This Report?

We have conducted extensive primary and secondary research to collect all the information required for this report. Some of our authentic sources include Food Processing & Certification Bodies, the Organization for Economic Co-operation and Development, Codex Alimentarius, Institute of Food Technologists, Eurostat, and others. In addition to that, we have gathered information from press releases, reports, and websites of end-user facilities, especially food service providers and manufacturers.

Drivers & Restraints

Increasing Usage of E-commerce Channels to Bolster Growth

Consumers nowadays are rapidly inclining towards beverages that have unique taste and are sophisticated. The International Wines and Spirits Record (U.K.) states that in the U.S., the consumption of premium-and-above wine surged by more than 5% in 2018. Besides, digitization is playing a significant role in educating the masses about various craft type of wines available in the market. Also, people are increasingly using e-commerce channels to purchase these drinks. These factors are expected to drive the craft wine market growth in the forthcoming years. However, the availability of other alcoholic beverages, such as craft spirits and craft beer in the market may hamper growth.

Segment

Sparkling Wine Segment to Grow Steadily Fueled by Availability in Various Flavors

Based on origin, the sparkling wine segment generated 40.79% in terms of the craft wine market share in 2019. This growth is attributable to the availability of these wines in numerous flavors, such as pear, citrus, blossom, and peach. They are also mildly sweet and possess a crisp acidity balance.

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Regional Insights

Europe to Remain at Forefront Stoked by Rising Consumption in Celebratory Occasions

Geographically, in 2019, Europe held USD 21.36 billion in terms of revenue. The region is considered to be one of the major producers of this type of wine globally. Developed nations, such as Spain, Italy, Germany, and France are the significant wine-producing countries in this region. Coupled with this, the rising consumption of craft wine on multiple celebratory occasions would contribute to growth.

North America, on the other hand, is anticipated to remain in the second position owing to the high demand for craft beer and wine from consumers. In Asia Pacific, the increasing disposable incomes of the middle-class population, as well as the surging usage of westernized cultures would propel growth. 

Probiotics Market to Hit a CAGR of 7.9% by 2027 | Rising Awareness of Product through Social Mediums to Surge Demand

 The global probiotics market size is expected to reach USD 94.48 billion by 2027 while exhibiting a CAGR of 7.9% between 2020 and 2027. This information is published by Fortune Business Insights in its report, titled "Probiotics Market, 2020-2027". The report further mentions that the market stood at USD 48.88 billion in 2019. The growing consumption of nutritional food among the health conscious section of the market is gaining popularity in recent years. For instance, the Nutrition Society of Malaysia has also introduced the Probiotics Education Program to educate consumers on the health benefits of these products.

COVID-19 Impact

Market Experiences High Demand Backed by Increasing Consumption of Product

The outbreak of coronavirus resulted in consumers panic buying immunity-boosting supplements to minimize the impact of infection. The increasing demand for products resulted in expanding the distribution channel networks. Many prominent companies shifted to selling their products online also to generate high revenue. There was an increased amount of investment during the pandemic to research for a product that can deliver immunity-boosting in the human body. Strategic advertising and promotional activities on digital platforms during the pandemic also generated revenue for nutraceuticals.

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List of Top 10 Key Players Profiled in the Probiotics Market:

• Danone S.A. (Paris, France)
• Lallemand Inc. (Canada)
• Yakult Honsha (Japan)
• Nestle S.A. (Vevey, Switzerland)
• DuPont (Danisco A'S) (Delaware, United States)
• Chr. Hansen (Horsholm, Denmark)
• Kerry Inc. (Tralee, Ireland)
• Post Holdings, Inc. (Missouri)
• Pepsico, Inc. (New York, United States)
• Evolve Biosystems, Inc. (Davis, California)

Market Segmentation

On the basis of microbial genus, the market is segmented into lactobacillus, bifidobacterium, and yeast. Based on drug class, the insulin segment held a market share of about 43.7% in 2018.

Based on application, the market is trifurcated into functional food and beverage, dietary supplement, and animal feed. On the basis of distribution channel, the market is segmented into supermarkets/hypermarkets, pharmacies/health stores, convenience stores, online retail, and others. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

What Does the Report Contain?

The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.

Driving Factor

Rising Awareness of Product through Social Mediums to Surge Demand

The numerous health benefits of the product are augmenting the probiotics market growth. The increasing awareness and advertisement by prominent personalities are creating a demand in the market. Various athletes and yoga instructors are emphasizing the health benefits of nutraceuticals through social media as paid partnerships. Also, a considerable chunk of health-conscious vegan consumers prefers to get their nutrients from nutraceutical sources. The industry is also experiencing heavy investment in research and development for innovation. For example, in February 2020, Amorepacific Group inaugurated its novel green tea probiotics Research Centre for studying lactobacillus found in Jeju organic green tea.

Regional Insights

Rising Awareness of Health Benefits to Aid Growth in Asia Pacific

Asia-pacific is expected to hold the largest probiotics market share due to high consumption in China and Japan. The rising awareness of the health benefits of the product is garnering significant demand from the region. For instance, Yakult Honsha declared the company sales of 9,540 bottles of Yakult every day in Japan.

North America is anticipated to showcase considerable growth in the forthcoming years. This is due to the well-established food industry in the region. Moreover, a rising preference for a healthy diet owing to the prevalence of lifestyle diseases in the region is anticipated to incur product demand.

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Competitive Landscape

Collaboration by Prominent Companies to Brighten Their Market Prospects

The competitive landscape of the market for probiotics enlightens us with details on prominent players of this industry. Technological advancement by key players is being researched to gain traction in the market. Several market giants are also collaborating on production facilities to expand their business horizons. Some companies are also using awareness campaigns to strategically introduce their products in regions with minimal awareness to expand their horizons. Several more strategic collaborations, acquisitions, partnerships, product launches, technological advancement, and others are spread across the market horizon of this product.

Key Industry Development:

April 2020: Chr. Hansen Inc. introduced a science based online probiotic platform in the US. The platform is aimed at educating consumers and healthcare professionals on the benefits of probiotics.

Europe Cigarette Market to Hit a CAGR of 5.76% by 2026

 Fortune Business Insights in a new study, titled “EUROPE CIGARETTE MARKET ANALYSIS, INSIGHTS AND FORECAST, 2019-2026” entails some of the Europe cigarette market trends and provides an in-depth analysis in the forecast period. The report offers a detailed evaluation of the drivers enabling growth in the market. The report gives a detailed analysis of the market size of different segments. In addition to the segment information, the reader can gain information on drivers, opportunities, restraints, and trends in the Europe cigarette market. The report gives information on the competitive landscape by offering insights into some of the recent industry developments and over the forecast period. Primary and secondary sources have been used to collect and analyze the information.

Analysts in the report found that the market was valued at US$ 218.61 Bn in 2018 and is anticipated to reach US$ 363.30 Bn by 2026. Furthermore, it was found that the market for cigarettes in Europe is expected to rise at a CAGR of 5.76% during the forecast period.

As per the report, premium cigarettes account for 46.12% in the overall Europe cigarette market share. Increasing modernization and purchasing power of consumers are factors attributing to the growth of this segment. As per, the regular size cigarettes are in high demand in Europe than economy or ultra-low cigarettes. 

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As per the World Health Organization (WHO), Europe witnesses the highest prevalence of tobacco use, which is 29% of the worldwide tobacco consumption. The demand for cigarettes is increasing in different age groups, which is the major factor driving the Europe cigarette market. The cigarette consumption trend is rising among adult and young population, even after the implementation of government initiatives to combat tobacco consumption. A survey conducted by the National Bureau of Economic Research stated that tobacco consumption is related to income levels. The study found that people with either lowest or highest income levels smoke less compared to the middle-class population in European countries. However, the well-known campaign “Cigarette smoking is bad for health” has worked wonders and cigarette consumption has declined in the region. On the market values of cigarettes is increasing owing to the rising consumer trend towards consuming premium cigarettes. This, coupled with the rise in cigarette prices and change in taxes on cigarettes, is siding the Europe cigarette market growth.

Germany to Hold 13.04% Share Owing to the Growing Customer Base

Tobacco consumption is higher in Germany than in other European countries. The growth is attributable to the rising trend of dining-out, increasing modernization, and preference towards night lounges. These factors are responsible for building a strong customer base of cigarette consumers in Germany. People aged between 15 and 23 years consume the highest number of cigarettes as the young population is more likely to start smoking. Now manufacturers are planning to introduce nicotine-free cigarettes to attract women and young population in the country. This will fuel demand for new cigarettes, thereby widening the Europe cigarette market scope.

Philip Morris International Completes the 100% Acquisition of Costa Rican Affiliates

As per the report, Europe cigarette market highlights some of the major market shareholders significantly driving the market. These companies are mentioned below:

Manufactures continue to focus on new product launches and acquisitions to increase their customer base and broaden product portfolio. These manufacturers produce new cigarettes as per age group and gender preferences.

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Some of the recent development made by companies are mentioned below:

March 2018: Philip Morris International announced the acquisition of the remaining 49% interest in Mendiol S.A. and Tabacalera Costarricense. With this acquisition of US$ 95 million, the company now owns 100% of these Costa Rican affiliates.

October 2018: Philip Morris International launched two heated tobacco products called IQOS 3 and IQOS 3 Multi. These products were officially launched in Switzerland, Russia, UK, and Columbia in November 2018. These products just heat the tobacco instead of burning it and is one of the best alternatives for cigarette smoking.

Edible Animal Fat Market to Hit a CAGR of 4.9% by 2021-2028

 The global edible animal fat market size is expected to experience significant growth by reaching USD 63.98 billion by 2028. Fortune Business Insights in its latest report, titled, “Edible Animal Fat Market, 2021 – 2028.”, mentions that the market stood at USD 41.50 billion in 2020 and is projected to exhibit a CAGR of 4.9% between 2021 and 2028. Factors such as the increasing preference for sustainable animal fat oil is expected to propel the demand for the product worldwide. 

COVID-19 Impact: Market Exhibited a Sluggish Growth Rate of 15% in 2020

The shutdown of convenience stores and halted industrial operations have led to the slowdown of the market. The animal husbandry sector has also suffered owing to the lockdown announced by government agencies worldwide. These factors led to the market suffering from a falling growth rate of 15% in 2020.

Key Market Segmentation:

Based on type, the global market is segregated into butter, lard, tallow, and others. On the basis of source, the market is categorized into cattle, pig, and others. Moreover, on the basis of application, the market is bifurcated into food and non-industry.

Based on application, the food segment is expected to experience considerable growth backed by the increasing adoption of animal by-products in several food applications across the globe.

Lastly, on the basis of region, the market is segmented into Asia-Pacific, North America, Europe, Latin America, the Middle East and Africa.

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What does the Report Include?

The global market for the edible animal fat report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

DRIVING FACTORS

Increasing Preference for Sustainable Animal Fat Oil to Aid Growth

The increasing awareness regarding the health benefits of sustainable animal fat oil such as fish oil is expected to boost its consumption across the globe. Fish oil contains Omega-3 fatty acids that are termed as vital nutrients, which aid in the prevention and management of heart ailments. Moreover, the carbon footprint of animal fat oil is far less compared to vegetable oils. Therefore, the increasing adoption of animal fat is expected to contribute to the global edible animal fat market growth in the forthcoming years.

REGIONAL INSIGHTS

Asia-Pacific to Remain Dominant; Increasing Consumption of Butter to Aid Growth

Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global edible animal fat market share in the forthcoming years. This is attributable to the increasing consumption of butter and lard as they are perceived as healthy food products in countries such as India, China, and Australia. Asia Pacific stood at USD 12.64 billion in 2020.

The market in North America is expected to showcase considerable growth backed by the increasing adoption of edible animal fat in the food and non-food industry. For instance, butter is consumed in large quantities by consumers in countries such as the U.S. Moreover, tallow is adopted in industrial application to produce animal feed.

COMPETITIVE LANDSCAPE

 Facility Expansion by Major Companies to Intensify Industry Competition

The global market for edible animal fat comprises small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to cater to the growing demand from several industrial verticals. Moreover, other key players are striving to maintain their presence by adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the global marketplace.

Key Industry Development:

July 2019 - PTUE SARIA, a part of the SARIA Group, announced the development of a new production facility in Belarus. The company reports that EBRD will be providing them with an overall loan of EURO 17 million to develop the facility. This is expected to increase its production facility and manufacture high-quality animal by-products that will enable it to strengthen its position in the European market.

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List of the Companies Profiled in the Global Edible Animal Fat Market:

• Ten Kate Holdings (Musselkanaal, Netherlands)
• Cargill, Inc. (Wayzata, United States)
• Darling Ingredients, Inc. (Irving, United States)
• Archer Daniels Midland Company (Chicago, United States)
• Bunge Limited (Chesterfield, United States)
• Sanimax (Montréal, Canada)
• Baker Commodities Inc. (Vernon, United States)
• York Foods Pty Ltd (Goulburn, Australia)
• Saria Group (Selm, Germany)
• Colyer Fehr Tallow Pty Ltd. (Mount Druitt, Australia)

Kombucha Market to Hit a CAGR of 23.2% by 2020-2027

 The global kombucha market size is projected to reach USD 10.45 billion by 2027, exhibiting a CAGR of 23.2% during the forecast period. The increasing presence of small-scale kombucha companies will redefine the contours of innovation in this market, postulates Fortune Business Insights™ in its report, titled “Kombucha Market Size, Share & COVID-19 Impact Analysis, By Type (Natural and Flavored), Distribution Channel (Supermarkets/ Hypermarkets, Convenience Stores, Health Stores, and Online Retail), and Regional Forecast, 2020 – 2027”. Kombucha is a type of fermented tea and has been gaining rapid popularity worldwide as it offers the ideal alternative to alcoholic beverages. To capture the burgeoning market for this beverage, several small-scale companies have cropped up over the past few years that have been providing innovative flavors to kombucha enthusiasts. For example, Delhi-based Atmospheric Kombucha, launched in April 2018, offers completely raw and organic fermented tea infused with fruit flavors and dried herbs. Their teas are also available in unique flavors such as lavender blueberry, mango, and guava. Similarly, US-based Health-Ade was started in 2012 and is today one of the largest and the most innovative kombucha-making company in the US, offering flavors such as jalapeño-kiwi-cucumber, cloves, and chocolates. The deepening presence of these kombucha-specializing entities is opening expansion portals for this market.

Humanity is reeling under the unexpected eruption of the COVID-19 pandemic that has severely damaged the global economy, triggered widespread supply-demand disturbances, and has caused unprecedented social, political, and economic anxiety worldwide. Several sectors, industries, and markets are experiencing a period of deep stress and unbearable apprehension. In such dire circumstances, businesses are in desperate need of holistic insights into the impact of the coronavirus outbreak on different markets. At Fortune Business Insights™, we aim to provide just that. Based on our experience and expertise, we offer market research reports with high-quality market analysis to enable your business to tide over these challenging times.

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List of Key Companies Profiled in the Kombucha Market are:

• Revive Kombucha (California, United States)
• Humm Kombucha, LLC (United States)
• Reed’s Inc. (Connecticut, United States)
• Molson Coors Beverage Company (Chicago, United States)
• The Hain Celestial Group (New York, United States)
• Health-Ade Kombucha (United States)
• PepsiCo, Inc. (New York, United States)
• The Coca Cola Company (Georgia, United States)

The report states that the global market value was at USD 1.84 billion in 2019 and shares the following:

• A detailed assessment of the trends, drivers, and restraints influencing market growth;
• Holistic analysis of the regional developments impacting the market;
• Thorough research into the key players’ profiles and their strategies; and
• A comprehensive study of all market segments.

Driving Factor

Multiple Health Benefits of Fermented Tea to Ensure Stable Market Growth

The health benefits of kombucha have been proven through several scientific studies and the growing awareness about these benefits is expected to further augment the adoption of this beverage. For example, a study by researchers from University College Cork in Ireland found that since kombucha is fermented, it contains a large amount of lactic acid bacteria that can function as a probiotic. As a result, this drink can be made part of regular diets as probiotics are known to strengthen gut health, improve digestion, and even aid in weight loss. Further, evidence gathered by researchers from the University of Toulouse in France shows that kombucha prepared from green tea can stimulate calorie-burning processes in the body, improve cholesterol levels, control blood sugar, and reduce belly fat. With consumers becoming more health conscious, especially in urban areas, the demand for this beverage is likely to spike as its visibility increases in retail stores and supermarkets around the globe.

Regional Insights

Rising Demand for Alternative Beverages to Accelerate Market Growth in North America

North America, with market size of USD 0.97 billion in 2019, is expected to retain its leading position in the kombucha market share throughout the forecast period. The changing dynamics of the market in North America have backed by the increasing preference of drinkers in the region towards healthy beverage alternatives to regular soda and soft drink products. Europe is set to emerge as the second-largest region for this market owing to the booming popularity of probiotic drinks in major economies such as the UK and Germany. In Asia Pacific, rising disposable incomes of consumers is leading to a steady increase in the demand for unique and premium beverages.

Competitive Landscape

Promotion of Novel Preparations to be the New Growth Strategy of Key Players

Recognizing the broad scope for creativity in the kombucha category, key players in the market are aggressively promoting novel preparations of this beloved drink among consumers. Additionally, companies, especially large organizations, are adopting innovative design strategies to expand the visibility of their products across supermarkets, departmental stores, and retail outlets.

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Key Industry Developments:

• September 2020: UK-based Woodies announced the launch of a new line of kombuchas infused with cannabidiol (CBD). The drink will combine the health benefits of CBD and fermented tea and will be available in Hibiscus & Raspberry, Orange, and Ginger flavors.
• March 2020: KeVita unveiled the new, enhanced look for its kombucha bottles, promoted by the company’s new owner, PepsiCo, to enable the brand to gain prominence on store shelves. The move is being advocated by PepsiCo to boost the slow sales of the company in the fermented tea category.

Shrimp Market To Reach USD 53.63 Billion by 2021-2028 | Rising Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth

The global shrimp market size was USD 28.45 billion in 2020. It was valued at USD 33.81 billion in 2021 and reached USD 53.63 billion in 2028, exhibiting a CAGR of 6.81% during the forecast period. Innovations in the seafood sector and the rising trend of flexitarian diet are expected to boost the market growth. Fortune Business Insights™ presents this information in its report titled “Shrimp Market, 2021-2028.”

Rising technological advancements in the seafood sector are expected to boost seafood products' demand. The rising demand for healthy snacking leads to the adoption of shrimp in consumers’ diets. Further, rising focus on the supply and storage of seafood is expected to surge the product demand. Moreover, the rising trend of flexitarian trends is expected to boost the product adoption. In addition, the entry of new players is expected to bolster market development in the coming years.

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COVID-19 Impact:

Disruptions in Supply Chain and Reduced Seeding Activities to Impede Market Progress

This market is expected to be negatively affected during the COVID-19 pandemic due to disruptions in the supply chain. The sudden spike in COVID infections led to the adoption of lockdown, thereby negatively affecting seeding and storage activities. Furthermore, the halt on transport led to wastage, thereby affecting business. Moreover, lack of raw materials led to a decline in seeding activities. However, the adoption of reduced capacities, technologically advanced production machinery, and sanitization methods may enable manufacturers to recover their losses. These factors may positively impact market development during the pandemic.

Segmentation

Type, Form, End-user, Distributional Channel, and Region are studied for the Market

By type, the market is segmented into brown, white, pink, and others. As per form, it is classified into canned and frozen. Based on end-user, it is classified into commercial and residential. On the basis of distributional channel, it is categorized into online sales channels, specialty stores, convenience stores, and hypermarkets/ supermarkets. Geographically, it is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Report Coverage

The 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 Demand for High Protein Diet and Sustainable Seafood Choices to Foster Market Growth

Consumers' demand for a healthy protein-rich diet and rising spending is expected to propel the demand for the product. As a result, manufacturers focus on developing better storage and preservation techniques to provide fresh foods to consumers. Furthermore, support for fishing activities from several countries is expected to boost industry growth. In the U.S., sustainable fishing initiatives are helping to spread awareness regarding seafood consumption. The National Oceanic and Atmospheric Administration (NOAA) supports U.S. participation in several global fisheries agreements and takes several measures to tackle illegal fishing. These factors may bolster the shrimp market growth during the upcoming years.

However, trade wars between several countries are expected to hinder the market's progress.

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Regional Insights

Rising Adoption of the Crustaceans in Cuisines to Foster Market Development in Asia Pacific

Asia Pacific is expected to dominate the shrimp market share due to the adoption of seafood in several cuisines in India, China, Japan, Vietnam, and Australia. The market in Asia Pacific stood at USD 10.74 billion in 2020 and is expected to gain a considerable share globally. Further, the rising adoption of crustaceans from the foodservice sector is expected to bolster market development. These factors may propel industry development.

In North America, robust demand for big-sized decapod crustaceans and brown shrimps is expected to fuel the industry's development. Further, the rising adoption of seafood as a protein source and increasing import activities are expected to bolster the market growth.

In Europe, the rising popularity of decapod crustaceans from consumers is expected to bolster market development. In addition, the rising adoption of seafood products may fuel market development.

Competitive Landscape

Major Players Acquire Companies to Increase Resources and Establish Market Presence

Prominent companies operating in the market devise acquisition strategies to increase their resources and dominate their presence. For example, Cooke aquaculture acquired a Honduras-based decapod crustacean producer “Seajoy” in February 2019. This acquisition may enable Cooke to establish a remarkable brand presence globally. Furthermore, the adoption of research and development, mergers, novel product launches, partnerships, and expansion strategies may enable companies to boost their brand image globally.

Industry Development

• March 2021: BioMar acquired a major share of Viet-Uc to expand its presence in fish hatcheries, shrimp farming, and shrimp hatcheries industries.

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List of Key Players Profiled in the Report

• Aqua Star Corp. (Seattle, U.S.)
• Avanti Feeds Ltd. (Hyderabad, India)
• Clearwater Seafoods Inc. (Bedford, Canada)
• High Liner Foods Inc. (Lunenburg, Canada)
• Marine Harvest (Bergen, Norway)
• Maruha Nichiro Corporation (Tokyo, Japan)
• Nippon Suisan Kaisha (Tokyo, Japan)
• Nordic Seafoods A/S (Hirtshals, Denmark)
• Surapon Foods (Muang, Thailand)
• Thai Union Group (Bangkok, Thailand)

North America Sugar-Free Chocolate Market to Hit a CAGR of 5.42% by 2021-2028 | Rising Awareness Regarding the Benefits of Sugar-Free Chocolates to Incite Market Growth

 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 “North America 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.

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COVID-19 Impact

Rising Demand for Healthy Comfort Foods to Fuel Market Progress

The North America sugar-free chocolate sector is expected to be positively impacted by the COVID-19 pandemic because of the rising demand for healthy comfort foods. Rising consumer preferences for a healthier lifestyle and snacking may boost the demand for the product. Further, the adoption of reduced capacities, part-time shifts, and production machinery may boost the market’s growth during the pandemic. Moreover, rising cases of diabetes led to the adoption of sugar-free alternatives, thereby promoting industry growth during the pandemic.

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.

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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.

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List of Key Players Profiled in this 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)