Sugar-free Sweets Market
Sugar-free Sweets Market - By Product Type, By Nature, By Source, By Distribution Channel & Global Region - Market Size, Trends, Opportunity, Forecast 2021-2027Request Sample Request Discount
The global sugar-free sweets market size was estimated at USD 3.8 billion in 2019 and is expected to reach USD 5.9 billion by 2027, growing with a CAGR of 5.7% over the forecasted period of 2021 to 2027. Sugar-free sweets are broadly produced by food manufactures due to high demand from diabetic population. According to the International Diabetes Federation, 425 million people are living with diabetes till 2019 and it is projected that it will raise to 625 million by 2045. Moreover, raising diabetes disease amongst consumer is the biggest driver which has forced consumer to shift towards sugar-free sweets. The sugar-free sweets market is projected to grow in forecast period owing to raising awareness of health and wellness worldwide.
Rising health awareness and healthy dietary habits among consumers have led to an increase in the demand for sugar-free sweets market. Moreover, attractive packaging method adopted by stakeholders along with clean labels for product is further augmenting the growth of the market. Furthermore, raising consumer inclination towards vitamins, minerals and addition attributes have resulted in attracting huge consumer base in last couple of years which also resulted in boosting the market growth. Increasing demand for sugar-free confectionery due to benefits provided by them like healthy snacking, taste and convenience is further driving the growth of the sugar-free sweets market. Moreover, raising number of health conscious and vegan population is increasing exponentially owing to which demand for plant-based and gluten-free products is raising. Furthermore, increase in use of natural sweetener which has low calorie or no calorie, non-cariogenic and low glycemic index has further increased the consumption of sugar-free sweets. Natural sweeteners demand in food and beverages is raising owing to its qualities such as flavor enhancer, prevents fermentation & discoloration, stabilizer and others. In addition, it is also available in powder, liquid and other forms in the market which helps in making sugar-free sweets and hence results in boosting the market growth.
Moreover, there diversified application of sugar-free sweets is available in food industry and specifically in confectionary industry. In addition, the raising popularity of confectionary industry is due to increasing demand for soft chew ingredient which are especially produced for health-conscious consumers. Furthermore, sugar-free sweets have no calories which makes them lucrative in weight loss diets owing to which most of the dietitian prefer it. Stakeholders such as Nestle SA, Chupa Chups SA., Cadbury PLC., Kraft Foods Inc., Ferrero SpA., The Hershey Company, and others are engaged in online advertisement of their sugar-free sweets products which helps in increasing their customer reach.
North America market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period. This is attributed to raise in consumer concern towards health diseases such as obesity, diabetes, cardiac diseases and others. Moreover, raising consumer interest in low or no calorie sweets for weight management and healthy lifestyle has further boosted the sugar-free sweets market.
By source analysis, the sugar-free sweets market is segmented into animal based and plant based. The plant-based segment holds the major market share and it is expected to retain its dominance during the forecast period. Growing trend of consuming sugar-free sweets by health-conscious consumer and increase in demand for low calorie sugar products has boosted the sugar-free sweets market.
On the basis of nature, the sugar-free sweets market is divided into organic and conventional. The organic segment holds the major share owing to raising consumer awareness regarding health, along with clean labels for product is further augmenting the boosting the growth of the market.
Based on product type, the sugar-free sweets market is divided into jellies and gums, hard-boiled sweets, toffees and caramels, medicated confectionary, mints and others. The jellies and gums segment is projected to grow and is expected to retain its demand in forecast period.
By distribution channel, the sugar-free sweets market is segmented into hypermarkets/supermarket, specialty stores, brand stores, convenience and online sales channel. Convenience stores segment holds the major market share and it is expected to retain is dominance during the forecast period. Raising disposable income and rapid urbanization have resulted in emergence of convenience stores. In addition, serving more locations, longer open hours, and having shorter cashier lines have further resulted in popularity of convenience stores. Moreover, convenience stores are replacing old-fashioned general stores. Therefore, convenience stores are expected to emerge as the fastest distribution channels in the upcoming years.
Key Companies Profiled
The global sugar-free sweets market is characterized by the presence of various small and big players. The major market player includes Nestle SA, Chupa Chups SA., Cadbury PLC., Kraft Foods Inc., Ferrero SpA., The Hershey Company, Perfetti Van Melle S.P.A., Adams and Brooks Candy, Jelly Belly Candy, AS Kalev and Mapro Industries Ltd. As the market is competitive in nature, the players are indulged in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Custom Research Requirement? Questions to ask?Get in touch
Custom Research requirement.