Low Calorie Chocolate Market Expected to Reach $2,115.2 Million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Low Calorie Chocolate Market by Product, Source, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global low calorie chocolate market size is expected to reach $2,115.2 million by 2030 at a CAGR of 9.8% from 2021 to 2030.

The low calorie chocolate market is gaining rapid traction among the global consumers owing to the health benefits associated with the consumption of chocolate along with the low calorie content in the chocolate. Low calorie chocolate offers a healthier alternative to the regular chocolates. The low calorie chocolate market is driven by the rising prevalence of obesity among the adults and children across the globe. The rising health consciousness among the global population is fostering the demand for the low calories chocolates. Further, the demand for the organic low calorie chocolate is rapidly surging in the developed markets like North America and Europe. The organic segment is expected to drive the low calorie chocolate market in the foreseeable future.

The marketing strategies adopted by the key market players also has a crucial role to player in influencing the customers’ demand. Marketing strategy like story telling is the trending strategy. The consumers are highly captivated by the stories behind the products they buy and consume. The story behind the product may significantly influence the buying decision of the customer. The manufacturers and the processors of the chocolate products are paying utmost attention to storytelling in their branding strategies. Nestle Kit-Kat and Cadbury Bournville are the examples of chocolate brands that uses storytelling strategies.

The price fluctuations of the major raw material may hinder the market growth in the foreseeable future. Cocoa is a major raw material used for the production of chocolates all around the globe. As per the data published by the International Cocoa Organization in 2020, the price of the cocoa is rising at the rate of around 20% year-on-year basis. According to the International Cocoa Organization, the production cap by West African countries and unfavorable weather conditions had created a gap between the demand and supply of cocoa. This may result in a price hike and will ultimately reduce the profit margin of the low calorie chocolate producers. Hence, the price fluctuations of the cocoa may hinder the low calorie chocolate market growth.

According to the low calorie chocolate market analysis, the market is segregated based on product, source, and distribution channel. Based on the product, the global low calorie chocolate market is segmented into dark chocolate, white chocolate, and milk chocolate. Based on the source, it is categorized into organic and conventional. On the basis of distribution channel, the low calorie chocolate market is segmented into supermarket/hypermarket, convenience stores, specialty stores, and online sales channel.

Based on the region, the low calorie chocolate market is analyzed across North America (U.S., Canada, and Mexico), Europe (The Netherlands, Germany, Belgium, France, UK, Italy, Spain, Switzerland, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, UAE, and rest of LAMEA).

According to the low calorie chocolate market forecast, on the basis of product, the dark chocolate dominated the market, garnering a significant 52.3% of the global low calorie chocolate market share in 2020. This is attributable to the addition of new flavors to low calorie dark chocolate that has become a growing trend, in addition to its health benefits. The milk chocolate segment is expected to be the fastest-growing segment as milk chocolate can be consumed by children as it provides nutrition to improve health.

As per the low calorie chocolate market trends, the organic segment is expected to be the fastest-growing segment because a rapid surge in the demand for the organic food products has been registered in U.S. in 2020 and growing demand for the organic chocolate in Europe is fostering the organic sales.

According to the low calorie chocolate market opportunities, the online segment is estimated to grow at a rapid rate owing to the rising adoption of smartphones, growing penetration of internet, rising popularity of online groceries, and convenience associated with the online channels. Specialty stores segment accounted for the largest market share in 2020 owing to its increased penetration in developed markets and immense popularity among the consumers.

Based on the region, Europe dominated the market, accounting for 42.1% of the market share in 2020. This is attributed to the high demand for the chocolate coupled with rising health consciousness and rising prevalence of obesity. Asia-Pacific is estimated to be the fastest-growing due to rising disposable income, rising health consciousness, and rising awareness regarding the availability of low calorie chocolates, during the forecast period.

Players operating in the low calorie chocolate industry have used a variety of developmental strategies to expand their market share, exploit the processed meat market opportunities, and boost market profitability. The key players profiled for low calorie chocolate industry include Nestle S.A., Kraft Foods, The Hershey Company, Barry-Callebaut AG, Blommer Chocolate Company, Lindt & Sprungli, Ferrero SpA, Breyers, Mondelez International, Ben & Jerry's, Haagen Daaz, and Dreyer.

Key findings of the study 

• The low calorie chocolate market was valued at $894.7 million in 2020, and is estimated to reach $2,115.2 million by 2030, growing at a CAGR of 9.8% during the forecast period. 
• By product, the milk chocolate segment is estimated to witness the fastest growth, registering a CAGR of 10.5% during the forecast period.
• In 2020, depending on source, the conventional segment was valued at $816.1 million, accounting for 91.2% of the global share. 
• In 2020, the U.S. was the most prominent market in North America, and is projected to reach $568.2 million by 2030, growing at a CAGR of 9.9% during the forecast period