Global Vegan Chocolate Market - 2022-2029

Global Vegan Chocolate Market - 2022-2029

Market Overview

Vegan Chocolate Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Vegan chocolates are made without the ingredient that comes from animals. Vegan chocolates are made from cacao beans grown on cacao trees. High-quality dark chocolate is popular chocolate for vegan chocolate consumers as it is made with cocoa butter instead of milk and other additives. Vegan chocolates are available in various flavors such as almonds, dry fruits, and mint flavors. Consumption of vegan chocolate boosts healthy blood sugar. It helps in the management of diabetes and acts as a mood booster. The global vegan chocolate market is significantly driven by the increasing population of vegans and flexitarians.

Market Dynamics: Increasing health awareness among consumers increases the demand of vegan chocolate

Vegans are extremely conscious about their diet; hence the availability of vegan chocolate provides them a better option than normal chocolate. Vegan chocolates are free from dairy products, so they are a healthy food alternative to regular chocolates. It is free from processed sugar, so it is a good alternative for diabetic patients. Vegan chocolates are protein-rich and have low-fat content, which benefits weight loss. Also, they help to boost the immune system and regulate blood flow in the body. Vegan chocolates are similar to caffeine, which energizes the brain and helps to stay active. Daily consumption of vegan chocolate helps to increase focus on the task. Gluten-free chocolates are beneficial for cardiovascular disease patients. Consumption of vegan chocolate lowers the level of bad cholesterol. Vegan chocolate has antioxidants that are beneficial for brain functioning. Veganism helps to promote healthy eating habits and avoid a risk associated with animal fats. Plant-based chocolates are rich in vitamins, essential fibers, and minerals. Thus, demand for vegan chocolates is increasing across the globe.

Furthermore, consumers are becoming increasingly sensitive and sympathetic to animals, considering the conditions and surroundings in which animals are raised. Many plant-based product options are available due to animal welfare concerns. According to consumers, antibiotics and bovine growth hormones are given to the cow to increase their milk production, adversely affecting animal health. Vegan chocolate is free from dairy milk, which many people now perceive as a significant environmental issue source.

Market Segmentation: Dark vegan chocolate segment accounted for the highest share in global vegan chocolate market

In 2021, dark vegan chocolate held the largest market share due to its popularity from the consumers due to its color and taste. Dark vegan chocolates are free from dairy products, and also, they are gluten-free. They are mostly made from cocoa beans. Dark chocolates are free from processed sugars.

Based on distribution channel, the online retail stores segment held highest market revenue share in the year 2021. Consumers prefer online shopping instead of the shopping from stores. Online shopping is very convenient, and many options are available in the online store. Some popular online shopping stores for vegan chocolates are vegan ducan, vegan mall, urban platter, vvegano, pink harvest farm and others. These stores offer a wide range of products from various vegan brands across several categories. Home delivery option increased the demand for online retail stores.

Geographical Penetration: Europe is the dominating region during the forecast period

In 2021, Europe had the highest market revenue share of almost XX percent. The increasing vegan population in the region drives the growth of the vegan chocolate market. According to the Berlin-based vegan supermarket chain, Veganz survey conducted in 2020, the number of vegans increased rapidly in the country. Europe has doubled the vegan population from 1.3 to 2.6 million in four years. Europeans urged to cut meat consumption by 71% to fight against climate change. The European Commission supports plant-based products in a new farm-to-fork strategy, increasing the demand for vegan chocolate in the European region. The increasing awareness among consumers about animal cruelty and environmental degradation has increased the adoption of the vegan diet. It is a major factor that increases the demand for vegan chocolates in this region.

After the Europe region, the North America region held the highest market share. Increasing demand for vegan chocolate in countries like the US and Canada drives market growth. US vegan chocolate sales are increasing due to the increasing attraction of vegan chocolates. Key players are continuously trying to launch a new product in the country. Brands like Hershey are producing a dark vegan chocolate bar of 1.55 ounces, filled with the goodness of oats and non-GMO project verified. The aroma and sweet taste of the product are popular among US consumers. Lindt launched a new milk-free bar in the United States. Also, the growing adoption of the vegan diet is another factor driving the market growth. The increasing health consciousness in the young age group boosts the vegan chocolate market in the region.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players are Barry Callebaut, Nestle, Endangered Species Chocolate, Alter Eco, and Creative Nature Ltd. Among others. Some of the key players launched products to increase their portfolio. For instance, in February 2020, Barry Callebaut launched 100 % milk-free chocolate. This new chocolate is part of a wider portfolio of ‘Plant Craft’ products ranging from chocolate, cocoa, nuts and fillings to decorations. Also, in Nov 2021, Barry Callebaut launched no premium dairy-free chocolate line. These new options are 100% plant based and are processed in segregated facilities where no dairy is present. Some of the major companies follows merger and collaboration strategies to increase the sales of company. For instance, in May 2020, Barry Callebaut acquired Australian chocolate maker GKC Foods. GKC Foods has been manufacturing ‘Made in Australia’ chocolate and confectionery products, including organic and vegan chocolate items in Australia and New Zealand. In February 2021, Nestle launched a vegan chocolate bar, Kit Kat V. It is a crispy wafer and smooth chocolate.

COVID-19 Impact: Negative impact on the global vegan chocolate market

The COVID-19 pandemic adversely affected the market due to lockdown imposed in most of the countries, which hampered the supply of cocoa across the globe and resulted in less production as well as restricted sales. Artisanal and high-end chocolates, in particular, witnessed low demand. In Europe, the supermarkets and other grocery shops were out of stock due to the supply chain interruption. Those factors negatively impacted the vegan chocolate market. On the other hand, the stockpiling and sudden surge in the demand for chocolates by consumers may support the market growth.

The global vegan chocolate market report would provide an access to approximately 61 market data tables, 56 figures and 170 pages