Pune, India, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The global vegan chocolate market size was valued at USD 1,145.61 million in 2022 and is projected to grow from USD 1,252.80 million in 2023 to USD 2,831.93 million by 2030, exhibiting a CAGR of 12.36% during the forecast period.
Increased attentiveness toward the environmental impact of the rising influence of consumers and animal agriculture has gained immense demand and popularity in recent years. The increase in the number of people with dietary restrictions such as dairy allergies or lactose intolerance has resulted in the vegan chocolate market growth globally.
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Leading Players Featured in the Research Report:
Companies leading in Vegan Chocolate Market are Plamil Foods Ltd (U.K.), Schmilk Chocolate (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland), Mondelēz International, Inc. (U.S.), Ludwig Weinrich GmbH & Co. KG (Germany), The Hershey Company (U.S.), Nestle S.A. (Switzerland), Mars, Incorporated (U.S.), Barry Callebaut (Switzerland), Purdys Chocolatier (Canada)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 12.36% |
| 2030 Value Projection | USD 2,831.93 Million |
| Vegan Chocolate Market Size in 2022 | USD 1,145.61 Million |
| Historical Data | 2019-2021 |
| No. of Pages | 170 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Vegan Chocolate Market Growth Drivers | Increased Popularity of Vegan Chocolates at Various Stores to Boost Market Growth |
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COVID-19 Impact:
Disturbances in Supply Chains Owing to the Pandemic Slowed Down Market Growth
The COVID-19 pandemic has affected market growth temperately. The pandemic disturbed the supply chains, disturbing the production and sourcing of various ingredients used in vegan chocolates, especially cocoa. The pandemic resulted in the loss of farmers, leading to a notable price decline.
Segments:
Dark Segment Dominated the Market Due to Higher Cocoa Content and Health Benefits
On the basis of type, the market is segmented into dark, milk, and others. The dark segment is estimated to hold a considerable share of the global market due to presence of rich antioxidants and various other health benefits.
Supermarkets/Hypermarkets Segment to Propel Market Owing to Convenience and Huge Amount of Availability of Product
Based on distribution channel, the market is segmented into convenience stores, supermarkets/hypermarkets, online stores, specialty stores, and others. The supermarkets/hypermarkets segment is anticipated to hold the largest market share. The segment's dominance is due to the consumers’ strong preference to buy products from such supermarkets due to a wide variety of brands and pricing options.
Geographically, the market is divided across regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report offers a detailed study of the market and a keen examination of the significant segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
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Drivers & Restraints:
Increased Popularity of Vegan Chocolates at Various Stores to Boost Market Growth
In recent years, the demand and availability of vegan chocolates have increased significantly. The growing accessibility of vegan chocolates has made it their way to specialty shops, online stores, and grocery stores, attracting a larger population. The new vegan dark chocolate contains nutrients such as amino acids, vitamins, minerals, and botanicals that help reduce stress, insomnia, and other activities.
Vegan chocolates have superior quality ingredients such as coconut milk, or so milk, and plant-based almond milk. The ingredients used are more expensive, contributing to a higher cost of production. This leads to the hindrance of the market growth.
Regional Insights:
Europe Led the Market Growth Owing to the Growing Demand for Dairy-Free Products
Europe dominated the global vegan chocolate market share in 2022. As consumers nowadays are more inclined toward traditional dairy-based chocolate, the increase in demand has been witnessed owing to the growing demand for dairy-free products.
North America is anticipated to record significant growth during the forecast period. Increasing health awareness among consumers has increased the demand for plant-based chocolate.
Competitive Landscape:
Growth Strategies by Prominent Companies to Gain Market Position
Vegan chocolate manufacturers are adopting strategies such as partnerships, investment, joint ventures, base expansion, collaborations, and acquisitions to strengthen their market growth. The plant-based confectionery market comprises various small & medium-scale and well-established players.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Overview on the Parent Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Vegan Chocolate Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Dark
- Milk
- Others
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty stores
- Online Stores
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
To Be Continued…!
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Key Industry Development:
January 2023: Moon Magic, a U.S.-based vegan chocolate company, introduced its line of no-added-sugar vegan milk chocolate bars. The new product contains only 117 calories and 2g of sugar from the oat milk.
Read Related Insights:
Cocoa and Chocolate Market Size to Reach USD 61.34 Billion by 2027 | Cocoa and Chocolate Industry Share, and Global Demand, and Forecast Report by Fortune Business Insights™
Confectionery Market to be Worth USD 242.53 Billion by 2028 | With a 3.8% of CAGR
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