Last Updated on May 22, 2020 by kristina
Research and advisory company Technavio has been monitoring the gluten-free chocolate market, and, undoubtedly, the market will grow by USD 480 million during 2019-2023, progressing at a CAGR of almost 13% during the forecast period. Their report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Technavio recommends three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 pandemic.
The gluten-free chocolate market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Endangered Species Chocolate, Mondelēz International, NibMor, The Hershey Company, and the Vosges are some of the major market participants. The initiatives for gluten-free consumption will offer immense growth opportunities.
To make the most of the opportunities, market vendors should concentrate more on the growth prospects in the fast-growing sectors, while maintaining their positions in the slow-growing sectors. Initiatives for gluten-free consumption has been instrumental in driving the growth of the market.
The global gluten-free chocolate market size was estimated at USD 1.40 billion in 2018. Moreover, gluten-free chocolates are a healthier option than the usual chocolates, which is also driving their demand. On the other hand, rising concerns regarding a large number of undiagnosed cases of individuals with a gluten allergy or gluten intolerance may have a negative impact on market growth over the years.