Vegan Chocolate Market Definition
Industry Perspective:
The global vegan chocolate market size was worth USD 1,189.75 million in 2022 and is estimated to grow to USD 2,973.24 million by 2030, with a compound annual growth rate (CAGR) of approximately 12.13% over the forecast period. The report analyzes the vegan chocolate market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the vegan chocolate market.
Vegan Chocolate Market: Overview
Vegan chocolate is a variety of chocolate that uses no components produced from animals. It is created with plant-based components, including coconut sugar or agave nectar for sweetening, as well as cocoa butter and cocoa solids. Because it contains plant-based ingredients like rice, oats, or coconut, it lacks dairy goods like milk, eggs, or honey and has a somewhat different flavor than regular chocolate. People who eat a vegan diet or have lactose sensitivity frequently consume it. Because it has a lower carbon footprint than traditional chocolates, it’s also a terrific choice for those who care about the environment.
Additionally, it comes in a wide range of forms, including dark chocolate, milk chocolate, and white chocolate, all of which are produced with a higher proportion of cocoa solids, less sugar, and plant-based milk, among other ingredients. Chocolate bars, truffles, and baking chips are just a few of the vegan chocolate goods that are currently available from a number of different manufacturers. Vegan chocolate is thus growing in popularity among consumers all around the world.
nForming Legal Services Market Smart Book
The nForming Vegan Chocolate Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the vegan chocolate market. The vegan chocolate market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Vegan Chocolate Market: Recent Developments
The vegan chocolate industry is seeing a variety of developments. Among the major development areas are:
Recent Developments
- In January 2023, A vegan milk chocolate bar line with no added sugar was introduced by Moon Magic, a company based in the United States. Only 117 calories and 2g of oat milk-derived sugar are present in the new beverage.
- In November 2022, A new plant-based chocolate bar was added to the line-up by Swiss chocolatier and confectionery company Chocoladefabriken Lindt & Sprüngli AG in honor of Veganuary, an annual movement to support and encourage individuals to become vegans all over the world. A gluten-free oat beverage, almond paste, caramel bits, and sea salt make up the new vegan caramel sea salt bar.
Read more opportunities in the vegan chocolate market in the Smart Book.
Vegan Chocolate Market Drivers
Novel approaches to product creation to drive market growth
The market for vegan chocolate is expanding significantly due to novel approaches to product creation. The selection and accessibility of vegan chocolates have considerably increased over time. Many chocolate producers have separate vegan product lines or provide a variety of vegan options. A wider customer base has been drawn in as a result of the enhanced accessibility that has made it simpler for customers to look for them in grocery stores, specialized stores, and online sellers. Furthermore, the flavor and quality of these chocolates have been greatly enhanced by improvements in ingredient sourcing, production processes, and the addition of vital nutrients. For instance, the U.S.-based Functional Chocolate Company introduced their ethically sourced chocolate combined with nutraceuticals in January 2022. Nutrients, including vitamins, minerals, botanicals, and amino acids, are combined with the new vegan dark chocolate line to support a range of daily health needs like stress, sleep, and other activities.
Vegan Chocolate Market: Restraints
Higher production costs and limited supply hinder market growth.
The producers frequently employ premium and specialized ingredients like coconut milk, soy milk, or plant-based almond milk. These ingredients may be more expensive than their dairy-based competitors, which raises the production cost. Furthermore, compared to conventional chocolates, the market for plant-based chocolate might be smaller. Because of this, producers might make them in lesser quantities, raising the cost of production per unit. These items also serve particular customer niches that are looking for plant-based products. Therefore, the manufacturers focus on this narrow market, which may support higher prices and impede market expansion.
Read all the major drivers and trends of the vegan chocolate market in the Smart Book.
Vegan Chocolate Market: Regional Landscape
Europe dominated the vegan chocolate market in 2022
Recent years have seen a substantial increase in the market share of vegan chocolate in Europe as a result of the rising popularity of products made without dairy and from plants. In the region, veganism and vegetarianism are growing in popularity as people look for alternatives to traditional dairy-based chocolate. Among the top markets were those in Germany, the U.K., France, and other European nations. According to the 2022 poll by Veganz, a vegan food manufacturer, 1.67 million people, or roughly 3.1% of the German population, identify as vegans. Additionally, changes in the vegan chocolate market in Europe were impacted by ethical, environmental, and growing animal welfare concerns.
Read more competitive developments in the Vegan Chocolate Market Smart Book.
Vegan Chocolate Market Key Companies
Barry Callebaut
Chocoladefacriken Lindt & Sprungli AG
Nestle
Endangered Species Chocolate
Alter Eco, Taza Chocolate
Theo, Tcho
Equal Exchange Coop
Goodio, Montezuma’s Direct Ltd.
Sjaak’s
Plamil Foods Ltd.
Dylan’s Candy Bar
Creative Nature Ltd.
Vegan Chocolate Market Segmentation:
The global vegan chocolate market has been segmented into type, product, and distribution channels.
Based on type, vegan dark chocolate, vegan milk chocolate, and vegan white chocolate are segments of the global vegan chocolate market. The vegan dark chocolate segment dominated the market in 2022 due to the abundance of antioxidants and other health advantages. It’s frequently regarded as a healthier substitute for milk chocolate. Dark chocolate is regarded as a functional food by the National Library of Medicine because of its anti-inflammatory, anti-diabetic, and anti-microbial qualities. Due to shifting consumer preferences and the rising popularity of premium and artisanal chocolates, the dark chocolate market is predicted to expand dramatically.
Based on product, the market is classified into molded bars, chips and bites, boxed assortments, countlines, and others. In 2022, the molded bar processing category dominated the global market. Customers looking for vegan substitutes for traditional chocolate bars have an easy and delectable option in molded bars. Additionally, many customers are becoming more and more concerned with their health and wellness, which is motivating them to look for more nutritious food options. Along with molded bars, vegan chocolate typically contains herbal and natural components and is free of animal products, artificial additives, and allergens, making it a desirable option for health-conscious consumers.
Based on distribution channels, the market is classified into hypermarkets and supermarkets, convenience stores, specialty stores, and online retail. In 2022, the hypermarkets/supermarkets category dominated the global market. Due to the huge range of brands and price points offered by such major supermarkets, consumers strongly prefer to shop in this area. Additionally, because these stores offer a multitude of products under one roof, customers find them to be a convenient option. To accommodate the rising demand, manufacturers are developing new product releases and putting them in supermarkets. For instance, in April 2023, NOMO, a well-known plant-based chocolate company in the U.K., introduced a brand-new vegan chocolate bar with a cookie dough flavor in supermarkets there.
Segmentation:
Vegan Chocolate Market, By Type |
|
Vegan Chocolate Market, by Product |
|
Vegan Chocolate Market, by Distribution Channel |
|
Vegan Chocolate Market, By Geography |
|
Frequently Asked Questions (FAQs):
- Which key factors will influence vegan chocolate market growth over 2023-2030?
The main reasons anticipated to propel the vegan chocolate market during the forecast period are changing consumer tastes in vegan and health-conscious goods.
- What will be the value of the vegan chocolate market during 2022-2030?
According to the report, the global vegan chocolate market size was worth USD 1,189.75 million in 2022 and is estimated to grow to USD 2,973.24 million by 2030, with a compound annual growth rate (CAGR) of approximately 12.13% over the forecast period.
- Which region will contribute notably towards the vegan chocolate market value?
Europe is anticipated to continue leading the vegan chocolate market throughout the projected period.
- Which are the major players leveraging the vegan chocolate market growth?
Some of the main competitors dominating the global vegan chocolate market include – Barry Callebaut, Chocoladefacriken Lindt & Sprungli AG, Nestle, Endangered Species Chocolate, Alter Eco, Taza Chocolate, Theo, Tcho, Equal Exchange Coop, Goodio, Montezuma’s Direct Ltd., Sjaak’s, Plamil Foods Ltd., Dylan’s Candy Bar, and Creative Nature Ltd.
