LONDON — Global technology research and advisory company Technavio projected the global gluten-free chocolate market to grow at a CAGR of over 13% during the next three years in a new market research study.
The study analyzed the market in terms of revenue, top drivers and emerging trends, and provided insight and forecasts for all market segments across different geographies. Twenty-seven per cent of market growth will come from North America.
Programs and initiatives by governments and other health groups aimed at increasing awareness about the health conditions associated with gluten consumption are stimulating demand for gluten-free products. This rising support group initiative is a key driver for the global gluten-free chocolate market, according to the report.
To increase market penetration across the United Kingdom, United States and other countries, several manufacturers in the gluten-free chocolate market have entered into agreements with various retailers and agencies. The Hershey Co. has partnered with Motibhai Group to provide sweets, chocolates and other products to duty-free shops in Fiji’s Nadi International Airport.
“Apart from strategic partnerships by manufacturers, and rising support group initiatives for gluten-free food consumption, other factors such as the increasing consumption of gluten-free foods, and the growing global chocolates market will have a significant impact on the growth of the gluten-free chocolate market size during the forecast period,” a senior analyst at Technavio said.
Other top players driving market growth include Endangered Species Chocolate, Mondelez International, NibMor and Vosges.