Vegan Chocolate Market Size & Share to Surpass $1975.2 Million by 2028 | Vantage Market Research

WASHINGTON, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The Global Vegan Chocolate Market is valued at USD 849.5 Million in 2021 and is projected to reach a value of USD 1975.2 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 15.1% over the forecast period 2022-2028.

Market Overview

The market is anticipated to increase significantly throughout the estimated period due to consumers' increasing acceptance of such lifestyles, particularly among teenagers and workers in the workplace. Additionally, the market is anticipated to grow due to rising environmental preservation initiatives and increased awareness of animal cruelty.

We forecast that the bars category in Vegan Chocolate market sales will account for more than 17% of total sales by 2028. The Vegan Chocolate category of bars is considered the most popular worldwide. Because of its practical size, it was well-liked by customers. According to Google's annual searches, bars of chocolate are the most popular Vegan Chocolate offered worldwide.

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Market Dynamics

Demand for Vegan Chocolates is Growing as Consumers Become More Health Conscious
A well-designed vegan diet that follows healthy eating principles offers all the nutrients a body needs. According to the American Academy of Nutrition and Dietetics and the British Dietetic Association, it is appropriate for persons of all ages and stages of life. Numerous studies link Vegan Chocolate consumption to lowered blood pressure, cholesterol levels, and rates of heart disease, type 2 diabetes, and other malignancies. By avoiding toxic animal fats, veganism helps to encourage healthy eating habits and lowers the likelihood of adverse effects.

Increased Animal Rights Groups to Increase Demand for Vegan Food Products
As consumers consider the conditions and settings in which animals are raised, they are more sympathetic to their predicament. They prefer plant-based products more frequently, especially plant-based chocolates, due to concerns about animal cruelty. The People for the Ethical Treatment of Animals (PETA) asserts that BGH and antibiotics are administered to cows to boost their yearly milk supply. Different hormones are used to boost cow production and efficiency. Vegan Chocolate does not include dairy milk, which many people today believe to be a major contributor to environmental issues. Chocolates that include milk can be made using crops. This would help resolve environmental problems.

Top Players in the Global Vegan Chocolate Market

  • Mondelez International (US)
  • The Hershey Company (US)
  • Schmilk Chocolate (Chocolate Hollow LLC) (US)
  • Lindt & Sprüngli (Switzerland)
  • Ritter Sport (Germany)
  • Hu Chocolate (US)
  • Alter Eco (US)
  • TCHO (US)
  • Endorfin Foods (US)
  • Sjaak's (US)
  • VGAN Chocolates (Canada)
  • Divine Treasures LLC (US)
  • Equal Exchange COOP (US)
  • No Whey Chocolate (US)

For Additional Information on Vegan Chocolate Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Vegan Chocolate Market

  • One trend that Vantage Market Research (VMR) expects to see in the Vegan Chocolate industry is an increased preference for dairy-free products. Recently, dairy products like milk, cream, cheese, and yogurt have been linked to various food allergies and cases of lactose intolerance. Among the allergies resulting from dairy sensitivity are anaphylaxis, milk protein-induced entropy, and gastroenteritis. These negative health impacts are driving up demand for vegan products.
  • Another trend that VMR predicts will continue in the Vegan Chocolate industry is the health benefits of Vegan Chocolate. Vegan Chocolate has several health advantages. They support the body's efforts to decrease cholesterol and blood pressure. Vegan Chocolate reduces the risk of developing heart disease, type 2 diabetes, and several malignancies while raising serotonin levels.

Top Report Findings

  • Based on Product Types, most of the Vegan Chocolate market's revenue is controlled by the dark chocolate category. It is prepared by combining these beans with cocoa butter and chocolate liquor in place of dairy ingredients, making it entirely safe for vegans.
  • Based on Flavors, most of the Vegan Chocolate market's revenue is controlled by the flavored category. Pure cocoa, vanilla, and other sweeteners like coconut sugar, maple syrup, and yacon syrup provide the sweetness and flavor of Vegan Chocolate. It is also the healthiest because it contains many antioxidants, has little sugar, and doesn't include any dairy.
  • Based on Product Forms, most of the Vegan Chocolate market's revenue is controlled by the bars category. Among health-conscious consumers like gym goers, athletes, and marathon runners, protein bars are a well-known Vegan Chocolate product. Consumers can now afford to purchase high-end Vegan Chocolates thanks to rising disposable income and living standards, which support the market's expansion.
  • Based on Applications, most of the Vegan Chocolate market's revenue is controlled by the snack bars and cereals category as it is appropriate for individuals of all ages and stages of life. Nowadays, consumers research the health advantages of a product before purchasing it. The majority of consumers worldwide are opting to adopt a healthy lifestyle and an even healthier diet, as a result of which they prefer cereals and snack bars.
  • Based on Sales Channels, most of the Vegan Chocolate market's revenue is controlled by the B2B/HoReCa category, ascribed to consumers' high propensity for buying goods from big stores because of the huge range of brands and price options they offer. Additionally, some HoReCa stores sell Vegan Chocolate, a high-quality food item, at a discount.

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Recent Developments in the Global Vegan Chocolate Market

  • Ritter Sport, a Germany Chocolate manufacturer, announced releasing a new vegan bar to support a "vegan boom" in Germany by adding a new product to their portfolio in 2021 – Vegan Pure Without Moo. The product launch is expected to aid the German consumers during Veganuary 2022 as the population inclines towards a vegan-based diet.
  • Barry Callebaut announced acquiring Australian-based GKC Foods to establish a direct presence in Australia. This acquisition will increase the manufacturing capability for serving the Australian and New Zealand markets. Additionally, this acquisition will further leverage Barry Callebaut's value towards gourmet specialties.

Dark Chocolate Category in Vegan Chocolate Market to Generate Over 42% Revenue
Vantage Market Research has analyzed the market for Vegan Chocolate to understand its current state and potential future growth factors. For better understanding, based on the product type, the Vegan Chocolate market is divided into Raw Chocolate, White Chocolate, Dark Chocolate, and Other Product Types.
During the forecast period, the market for Vegan Chocolate is anticipated to experience the highest CAGR for the dark chocolate category as flavonoids and antioxidants found in dark Vegan Chocolate support brain processes. Additionally, consumers are increasingly interested in ingesting chocolate with added nutritional benefits. Compared to milk chocolate and white chocolate, dark chocolate has less sugar.

On the other hand, the white chocolate category is anticipated to grow significantly over the forecast period. It benefits people who cannot consume milk and is a delicious treat with many health advantages. Even though chocolate contains much sugar and should only be eaten seldom, it's a good choice when craving something sweet.

North America Region in Vegan Chocolate Market to Generate More 40% Revenue
North America dominates the market for Vegan Chocolate throughout the projection period as the vegan population in Canada, and the United States rises. Additionally, this region's market will experience considerable growth due to the established, well-known product producers on the subcontinent and the introduction of new culinary innovations increasing the market value of vegan diets among the younger population.

Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Vegan Chocolate Market Forecast Report (2022-2028).

Global Vegan Chocolate Market Segmentation

By Product Type

  • Raw Chocolate
  • White Chocolate
  • Dark Chocolate
  • Other Product Types

By Flavor

  • BFSI
  • IT & Telecom
  • Manufacturing
  • Retail
  • Healthcare
  • Energy & Power
  • Other Flavors

By Product Form

  • Bars
  • Blended
  • Cookies
  • Granules
  • Liquid
  • Powder
  • Whole
  • Other Forms

By Application

  • Baking Mixes
  • Snack Bars & Cereals
  • Candy, Chocolate & Gums
  • Cocoa Chips & Cookies
  • Coffee
  • Dairy & Desserts
  • Dietary Supplements
  • Ice Cream & Shake Mix
  • Condiments, Sauces & Spreads
  • Sports Bars & Nutrition
  • Other Applications

By Sales Channel

  • B2B/HoReCa
  • B2C

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 849.5 Million
Revenue Forecast by 2028USD 1975.2 Million
CAGR15.1% from 2022 to 2028
Base Year2021
Forecast Year2022 to 2028
Key PlayersMondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, Ritter Sport, Hu Chocolate, Alter Eco, TCHO, Endorfin Foods, Sjaak’s, VGAN Chocolates, Divine Treasures LLC, Equal Exchange COOP, No Whey Chocolate
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

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