Vegan Chocolate Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Vegan Chocolate Market
The vegan chocolate market size was valued at USD 1252.80 million in 2023, and the market is now projected to grow from USD 1378.19 million in 2024 to USD 3774.59 million by 2032, exhibiting a CAGR of 13.42% during the forecast period of 2024-2032.
The COVID-19 pandemic disrupted cocoa supply chains, inflicting charge declines and impacting plant-primarily based chocolate manufacturing. Barry Callebaut Group noticed income slowdown, with volumes dropping by way of 14.3% inside the third zone. Despite this, there may be been expanded hobby in plant-primarily based diets and healthier food options amidst the pandemic, hinting at capacity marketplace resilience and future growth possibilities.
Innovation in vegan chocolate development has elevated product availability, attracting a much broader customer base thru grocery, strong point, and on-line channels. Advances in factor sourcing and manufacturing techniques have appreciably better flavor and nice. For example, the Functional Chocolate Company's release of ethically-sourced vegan darkish chocolate paired with nutraceuticals, along with vitamins and minerals, caters to diverse health wishes like stress and sleep, signaling a promising fashion in product enhancement and market boom.
The surge in veganism and demand for top class plant-based options fuels the increase of handmade sweets, favored for gifting and indulgence. Middle-elegance disposable earning force income in addition, with artisanal varieties imparting a mix of nuts, fruits, and alcohol for better richness. Notably, Chocolate Madagascar's introduction of hand-crafted natural licensed fine milk and white opportunity chocolate bars, incorporating cashew nuts, displays this trend, contributing to marketplace growth and catering to evolving patron alternatives.
Comprehensive Analysis of Vegan Chocolate Market
The vegan chocolate market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated By Type Analysis, By Distribution Channel Analysis. By Type Analysis include dark, milk, and others. By Distribution Channel Analysis supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and others.
The Europe, region lead the vegan chocolate market share by benefitting a market size of USD 581.80 million in 2023 due to increasing demand for plant-based and dairy-free products.
The top gamers inside the market play a critical role in the industry assuring market boom and placing marketplace standards. These players include Plamil Foods Ltd, Schmilk Chocolate, Chocoladefabriken Lindt & Sprüngli AG, Mondelēz International, Inc., Ludwig Weinrich GmbH & Co. KG, The Hershey Company, Nestle S.A., Mars, Incorporated, Barry Callebaut, Purdys Chocolatier these market players provide a level-playing competitive landscape.
In March 2023 Hershey Co. introduced Reese's Plant-Based Peanut Butter Cups and Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt, catering to the vegan chocolate market in the U.S.
Segmentation Table
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 13.42% from 2024 to 2032
Unit Value (USD Million)
Segmentation
By Type
Dark
Milk
Others
By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Specialty Stores
Online Stores
Others
By Geography
North America (By Type, By Distribution Channel, By Application, By Crop, and By Country)
- U.S. (By Type)
- Canada (By Type)
- Mexico (By Type)
Europe (By Type, By Distribution Channel, By Application, By Crop, and By Country)
- Germany (By Type)
- France (By Type)
- Italy (By Type)
- Spain (By Type)
- U.K. (By Type)
- Russia (By Type)
- Rest of Europe (By Type)
Asia Pacific (By Type, By Distribution Channel, By Application, By Crop, and By Country)
- China (By Type)
- India (By Type)
- Japan (By Type)
- Australia (By Type)
- South Korea (By Type)
- Rest of Asia Pacific (By Type)
South America (By Type, By Distribution Channels, By Application, By Crop, and By Country)
- Brazil (By Type)
- Argentina (By Type)
- Rest of South America (By Type)
Middle East & Africa (By Type, By Distribution Channel, By Application, By Crop, and By Country)
- South Africa (By Type)
- Saudi Arabia (By Type)
- Rest of ME&A (By Type
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview on the Parent Market
- 4.2. Supply Chain Analysis
- 4.3. Industry SWOT Analysis
- 4.4. Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- 4.5. Market Analysis and Insights (in Relation with COVID-19)
- 5. Global Vegan Chocolate Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type (Value)
- 5.2.1.1. Dark
- 5.2.1.2. Milk
- 5.2.1.3. Others
- 5.2.2. By Distribution Channel (Value)
- 5.2.2.1. Supermarkets/Hypermarkets
- 5.2.2.2. Convenience Stores
- 5.2.2.3. Specialty stores
- 5.2.2.4. Online Stores
- 5.2.2.5. Others
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Vegan Chocolate Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type (Value)
- 6.2.1.1. Dark
- 6.2.1.2. Milk
- 6.2.1.3. Others
- 6.2.2. By Distribution Channel (Value)
- 6.2.2.1. Supermarkets/Hypermarkets
- 6.2.2.2. Specialty stores
- 6.2.2.3. Convenience Stores
- 6.2.2.4. Online Stores
- 6.2.2.5. Others
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S.
- 6.2.3.1.1. By Type (Value)
- 6.2.3.1.1.1. Dark
- 6.2.3.1.1.2. Milk
- 6.2.3.1.1.3. Others
- 6.2.3.2. Canada
- 6.2.3.2.1. By Type (Value)
- 6.2.3.2.1.1. Dark
- 6.2.3.2.1.2. Milk
- 6.2.3.2.1.3. Others
- 6.2.3.3. Mexico
- 6.2.3.3.1. By Type (Value)
- 6.2.3.3.1.1. Dark
- 6.2.3.3.1.2. Milk
- 6.2.3.3.1.3. Others
- 7. Europe Vegan Chocolate Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type (Value)
- 7.2.1.1. Dark
- 7.2.1.2. Milk
- 7.2.1.3. Others
- 7.2.2. By Distribution Channel (Value)
- 7.2.2.1. Supermarkets/Hypermarkets
- 7.2.2.2. Convenience Stores
- 7.2.2.3. Specialty stores
- 7.2.2.4. Online Stores
- 7.2.2.5. Others
- 7.2.3. By Country (Value)
- 7.2.3.1. Germany
- 7.2.3.1.1. By Type (Value)
- 7.2.3.1.1.1. Dark
- 7.2.3.1.1.2. Milk
- 7.2.3.1.1.3. Others
- 7.2.3.2. U.K.
- 7.2.3.2.1. By Type (Value)
- 7.2.3.2.1.1. Dark
- 7.2.3.2.1.2. Milk
- 7.2.3.2.1.3. Others
- 7.2.3.3. France
- 7.2.3.3.1. By Distribution Channel (Value)
- 7.2.3.3.1.1. Dark
- 7.2.3.3.1.2. Milk
- 7.2.3.3.1.3. Others
- 7.2.3.4. Italy
- 7.2.3.4.1. By Type (Value)
- 7.2.3.4.1.1. Dark
- 7.2.3.4.1.2. Milk
- 7.2.3.4.1.3. Others
- 7.2.3.5. Russia
- 7.2.3.5.1. By Type (Value)
- 7.2.3.5.1.1. Dark
- 7.2.3.5.1.2. Milk
- 7.2.3.5.1.3. Others
- 7.2.3.6. Spain
- 7.2.3.6.1. By Type (Value)
- 7.2.3.6.1.1. Dark
- 7.2.3.6.1.2. Milk
- 7.2.3.6.1.3. Others
- 7.2.3.7. Rest of Europe
- 7.2.3.7.1. By Type (Value)
- 7.2.3.7.1.1. Dark
- 7.2.3.7.1.2. Milk
- 7.2.3.7.1.3. Others
- 8. Asia Pacific Maple Syrup Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.1.1. By Type (Value)
- 8.1.1.1. Dark
- 8.1.1.2. Milk
- 8.1.1.3. Others
- 8.1.2. By Distribution Channel (Value)
- 8.1.2.1. Supermarkets/Hypermarkets
- 8.1.2.2. Convenience Store
- 8.1.2.3. Specialty stores
- 8.1.2.4. Online Stores
- 8.1.2.5. Others
- 8.1.3. By Country (Value)
- 8.1.3.1. China
- 8.1.3.1.1. By Type (Value)
- 8.1.3.1.1.1. Dark
- 8.1.3.1.1.2. Milk
- 8.1.3.1.1.3. Others
- 8.1.3.2. India
- 8.1.3.2.1. By Type (Value)
- 8.1.3.2.1.1. Dark
- 8.1.3.2.1.2. Milk
- 8.1.3.2.1.3. Others
- 8.1.3.3. Japan
- 8.1.3.3.1. By Type (Value)
- 8.1.3.3.1.1. Dark
- 8.1.3.3.1.2. Milk
- 8.1.3.3.1.3. Others
- 8.1.3.4. Australia
- 8.1.3.4.1. By Type (Value)
- 8.1.3.4.1.1. Dark
- 8.1.3.4.1.2. Milk
- 8.1.3.4.1.3. Others
- 8.1.3.5. South Korea
- 8.1.3.5.1. By Type (Value)
- 8.1.3.5.1.1. Dark
- 8.1.3.5.1.2. Milk
- 8.1.3.5.1.3. Others
- 8.1.3.6. Rest of APAC
- 8.1.3.6.1. By Type (Value)
- 8.1.3.6.1.1. Dark
- 8.1.3.6.1.2. Milk
- 8.1.3.6.1.3. Others
- 9. South America Vegan Chocolate Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.1.1. By Type (Value)
- 9.1.1.1. Dark
- 9.1.1.2. Milk
- 9.1.1.3. Others
- 9.1.2. By Distribution Channel (Value)
- 9.1.2.1. Supermarkets/Hypermarkets
- 9.1.2.2. Convenience Stores
- 9.1.2.3. Specialty stores
- 9.1.2.4. Online Stores
- 9.1.2.5. Others
- 9.1.3. By Country (Value)
- 9.1.3.1. Brazil
- 9.1.3.1.1. By Type (Value)
- 9.1.3.1.1.1. Dark
- 9.1.3.1.1.2. Milk
- 9.1.3.1.1.3. Others
- 9.1.3.2. Argentina
- 9.1.3.2.1. By Type (Value)
- 9.1.3.2.1.1. Dark
- 9.1.3.2.1.2. Milk
- 9.1.3.2.1.3. Others
- 9.1.3.3. Rest of South America
- 9.1.3.3.1. By Type (Value)
- 9.1.3.3.1.1. Dark
- 9.1.3.3.1.2. Milk
- 9.1.3.3.1.3. Others
- 10. Middle East and Africa Vegan Chocolate Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.1.1. By Type (Value)
- 10.1.1.1. Dark
- 10.1.1.2. Milk
- 10.1.1.3. Others
- 10.1.2. By Distribution Channel (Value)
- 10.1.2.1. Supermarkets/Hypermarkets
- 10.1.2.2. Convenience Stores
- 10.1.2.3. Specialty stores
- 10.1.2.4. Online Stores
- 10.1.2.5. Others
- 10.1.3. By Country (Value)
- 10.1.3.1. South Africa
- 10.1.3.1.1. By Type (Value)
- 10.1.3.1.1.1. Dark
- 10.1.3.1.1.2. Milk
- 10.1.3.1.1.3. Others
- 10.1.3.2. Saudi Arabia
- 10.1.3.2.1. By Type (Value)
- 10.1.3.2.1.1. Dark
- 10.1.3.2.1.2. Milk
- 10.1.3.2.1.3. Others
- 10.1.3.3. Rest of ME&A
- 10.1.3.3.1. By Distribution Channel (Value)
- 10.1.3.3.1.1. Dark
- 10.1.3.3.1.2. Milk
- 10.1.3.3.1.3. Others
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Vegan Chocolate Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2023
- 12. Company Profiles
- 12.1. Plamil Foods Ltd.
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Type Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. Schmilk Chocolate
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Type Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Chocoladefabriken Lindt & Sprüngli AG
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Type Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Mondelēz International, Inc.
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Type Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Ludwig Weinrich GmbH & Co. KG
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Type Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. The Hershey Company
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Type Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Mars, Incorporated
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Type Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Nestle S.A.
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Type Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Barry Callebaut
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Type Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Purdys Chocolatier
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Type Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
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