Global Vegan Chocolate Confectionery Market is expected to reach a market size of US$ 1200 million by 2028: Ken Research

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Global Vegan Chocolate Confectionery Market was valued at ~US$ 335 million in 2017. The demand for vegan products has been driven by consumers’ growing acceptance of such lifestyles, particularly among teenagers and employees in the workplace, and the market is expected to expand significantly during the estimated period. It is estimated to be ~US$ 575 million in 2022 and is expected to reach a market size of ~US$ 1,200 million by 2028 growing at a CAGR of ~13% during 2022-2028.

vegan-hocolate-confectionery-market

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An increase in consumer health awareness is driving up demand for vegan chocolate since a well-planned vegan diet that follows healthier dietary guidelines provides a body with all the nutrients it requires.

  • Consumers are becoming more sensitive and empathetic to animals as they become more aware of the conditions and environments in which animals are raised. Because of animal welfare issues, consumers are rapidly turning to plant-based foods, especially plant-based chocolates. Vegan chocolate is produced without the use of dairy milk, which many people these days believe is a significant contributor to environmental problems.
  • Vegan chocolate is very nutrient-dense for consumers, but since it is more expensive than normal than traditional chocolate, vegan chocolate producers find it challenging to compete in the world market.
  • The COVID-19 pandemic had a negative impact on the market since most countries imposed lockdowns, which hindered the supply of cocoa around the world, reduced output, and limited sales.

Key Trends by Market Segment

By Product- Molded Bars dominated the market in 2021 since chocolate bars have become the most popular type worldwide.

  • Molded bars are becoming increasingly popular among young adults. As a result, industry manufacturers have the advantage of launching new products targeted at such age groups. In addition, the convenient size of the product adds to its growth.
  • Molded bars are used in premium bakery products for various festivals and small events grows.
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By Type- The milk segment accounted for the highest market share in 2021, due to the increasing demand for such products because of its sweet and creamy flavor.

  • Major market players are also developing vegan versions of well-known chocolate confectionery. Such an approach allows the firm to enjoy global brand loyalty that results in increased sales of such products.
  • Endangered Species Chocolate introduced a new Animal-Free range of Oat Milk Chocolate in March 2020. This product line includes oat milk bars that are vegan and gluten-free and come in three flavors.

By Distribution Channel- Hypermarkets/Supermarkets dominated the market in 2021, due to the public preference for buying food and snacks from Hypermarkets/Supermarket.

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  • Such dominance can be attributed to consumers’ strong preference to purchase goods from large supermarkets since they have a wide variety of brand and pricing options.
  • Furthermore, vegan chocolate is offered at a discount and is a premium quality food product at supermarkets and hypermarkets.

By Geography: North America accounted for the largest market share among all regions in 2021, owing to the region’s growing vegan population is expected to boost the market growth.

  • As the vegan population in Canada and the United States grows, North America will see a rise in vegan chocolate confectionery.
  • Furthermore, owing to the subcontinent’s existing recognized product manufacturers and the introduction of new food innovations supporting the market value of vegan diets among the younger population, this region will witness significant growth in market size.

 Competitive Landscape

The Global Vegan Chocolate Confectionery Industry is competitive with ~100 players which include globally diversified players, regional players as well as several country-niche players each with their niche in Vegan Chocolate Confectionery. Large global players constitute ~15% of competitors, while country players represent the largest number of competitors. Some of the major players in the market include Alter Eco, Endangered Species Chocolate, LLC, Endorfin Foods., Equal Exchange Coop, Goodio, Mondelēz International, Nestle, No Whey Chocolate, The Hershey Company, Theo Chocolate, Inc., and others.

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Recent Developments Related to Major Players

  • In April 2021, Mondelez International, Inc., a world leader in snacking, and Olam Food Components (OFI), a top supplier of cocoa beans and cocoa ingredients announced a new collaboration in Indonesia to establish the largest sustainable commercial cocoa plantation in the world.
  • In January 2021, Alter Eco launched two new super-dark chocolate bars to their Blackout range: Total Blackout and Raspberry Blackout.

Conclusion

The Global Vegan Chocolate Confectionery Market is anticipated to grow significantly during the projected period (2022-2028) due to an increase in the number of initiatives and public awareness about environmental protection and animal suffering. Furthermore, adolescents and adults are dealing with issues such as food allergies and lactose intolerance, which have influenced individual eating habits in recent years. Though the market is competitive with ~100 participants, few country-niche players control the dominant share and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Ken Research has recently published report titled, Global Vegan Chocolate Confectionery Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 segmented into Product, Type, and Distribution Channel. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Million.

Market Taxonomy 

By Product      

  • Molded Bars
  • Chips & Bites
  • Boxed
  • Truffles & Cups
  • Others

By Type            

  • Milk
  • Dark
  • White

By Distribution Channel         

  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Specialty Stores
  • Online Retail
  • Others

By Geography

  • North America

USA

Canada

Mexico

  • Europe

France

Italy

Germany

Spain

UK

Rest of Europe

  • Asia Pacific

China

India

Japan

South Korea

Australia

Rest of Asia Pacific

  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Players     

  • Alter Eco
  • Endangered Species Chocolate, LLC
  • Endorfin Foods.
  • Equal Exchange Coop
  • Goodio
  • Mondelēz International
  • Nestle
  • No Whey Chocolate
  • The Hershey Company
  • Theo Chocolate, Inc.
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