Global Vegan Chocolate Market - 2023-2030

Global Vegan Chocolate Market - 2023-2030

Global Vegan Chocolate Market reached US$ 875.3 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 2,091.1 million by 2030. The market is growing at a CAGR of 11.5% during the forecast period 2023-2030.

The overall growth of the plant-based market has had a significant impact on the vegan chocolate sector. Consumers are increasingly seeking out plant-based alternatives across various food categories, including chocolate. This trend is driven by ethical considerations, health concerns, environmental sustainability, and changing dietary preferences.

Health-conscious consumers are gravitating towards vegan chocolate options due to the perceived health benefits associated with plant-based ingredients. Plant-based chocolate products often highlight their natural and nutritious components, such as high cocoa content, minimal additives, and organic or fair-trade certifications. The incorporation of superfood ingredients, such as nuts, seeds, and fruits, further enhances the health positioning of vegan chocolate products.

Market Dynamics

Rising Vegan Population is Driving the Market Growth of the Vegan Chocolate Market

According to World Animal Foundation, there are approximately 88 million vegans in the world. three-quarters of the vegan population is covered by females. The growing number of individuals adopting a vegan lifestyle directly translates to an increased demand for vegan products, including vegan chocolate. Vegans eliminate all animal-derived ingredients from their diet, which includes dairy-based products like milk chocolate. As a result, they seek suitable alternatives, such as vegan chocolate made with plant-based ingredients.

Alongside ethical and environmental considerations, health consciousness is a significant driver for individuals adopting a vegan lifestyle. As a result, there is a growing interest in healthier food choices, including vegan chocolate made with high-quality ingredients, lower sugar content, and higher cocoa percentages. The association of vegan chocolate with healthier indulgence options appeals to health-conscious individuals, further driving the market growth.

Increasing Number of Product Launches is Driving the Market Growth

Product innovation results to the development of a wide range of vegan chocolate options, offering consumers greater choice and variety. Manufacturers are constantly exploring new flavors, textures, and formats to cater to diverse consumer preferences. For instance, in March 2023, The Hershey Co. declared Reese's Plant-Based Peanut Butter Cups, will be its its first vegan chocolates sold nationally. A second plant-based offering, Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt will follow in April.

By introducing new vegan chocolate products, manufacturers can attract new customers who may not have been aware of or interested in vegan options before. For example, a product launch featuring innovative flavors, unique packaging, or health-focused attributes can resonate with health-conscious consumers or individuals seeking indulgence without compromising their dietary choices. This expansion of the consumer base contributes to market growth.

Lack of Awareness and Information about Vegan Chocolate can Hamper the Market Growth

Many consumers may still be unaware of the availability and benefits of vegan chocolate. Limited marketing efforts, lack of visibility in mainstream media, and lower promotional budgets compared to larger chocolate brands can restrict consumer awareness and hinder the market growth. There can be misconceptions and stereotypes associated with vegan products, including vegan chocolate.

Some consumers may perceive vegan chocolate as tasteless, inferior in quality, or lacking in variety. These preconceived notions can deter individuals from trying vegan chocolate products or considering them as viable options. Overcoming these misconceptions requires education and information dissemination to showcase the deliciousness and quality of vegan chocolate. A lack of awareness perpetuates these stereotypes and limits the market growth potential.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global vegan chocolate market is segmented based on product type, flavor, distribution channel, and region.

Health Benefits Associated with Dark Chocolate are boosting the Segment's Growth

By flavor, the global vegan chocolate market market is segmented into dark, white, and others

In 2022, the dark segment had the highest share in the vegan chocolate market. Dark chocolate is often made with a higher percentage of cocoa solids, which gives it a richer and more intense flavor. It typically contains minimal ingredients, with cocoa solids, cocoa butter, and sweeteners being the primary components. In February 2023, Keventers, an Indian dairy brand, launched its first line of vegan delicacies in 2 flavors, vegan strawberry, and vegan dark chocolate.

Dark chocolate is often associated with various health benefits. It is known to contain antioxidants, such as flavonoids, that may have positive effects on cardiovascular health and overall well-being. The perceived health benefits of dark chocolate have contributed to its popularity among health-conscious consumers, including vegans who prioritize both ethical and health considerations.

Geographical Analysis

Developed Retail Infrastructure in North America

In 2022, North America had a significant share of the vegan chocolate market. According to the USDA, Canada is the top chocolate and cocoa products export market having $837.44 million. North America has a well-developed retail infrastructure, with a wide range of supermarkets, health food stores, and specialty retailers. This makes it easier for consumers to access and purchase vegan chocolate products. The availability of vegan chocolate in mainstream retail outlets, alongside dedicated vegan and health-focused stores, contributes to the market's growth and prominence.

North America has witnessed a significant surge in the number of people adopting vegan and plant-based diets. This growing trend can be attributed to several factors, such as increased awareness about animal welfare, environmental sustainability, and a heightened focus on personal health. Consequently, North America has witnessed the emergence of a substantial and expanding consumer base actively seeking out vegan food alternatives, including vegan chocolate.

Competitive Landscape

The major global players include Barry Callebaut, Nestle, Endangered Species Chocolate, Alter Eco, Creative Nature Ltd., Dylan’s Candy Bar, Plamil Foods Ltd., Theo, Chocoladefacriken Lindt & Sprungli AG, Goodio

Why Purchase the Report?
• To visualize the global ready meals market segmentation based on product type, flavor, and distribution channel understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of vegan chocolate market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Vegan Chocolate Market Report Would Provide Approximately 61 Tables, 60 Figures, And 102 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies