Fort Collins, Colorado, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Vegan Chocolate Confectionery Market size was valued at USD 743.2 Million in 2022 and is anticipated to reach USD 2,692.9 Million by 2032 at a CAGR of 13.8%.
There has been a noteworthy shift in the global market towards plant-based diets in recent years. Health concerns and lifestyle disorders have primarily driven this change. The trend towards plant-based food has led to significant growth in the industry. Plant-based chocolate contains honey and milk, while vegan chocolate is made without animal products and uses almond or oat milk substitutes.
The increasing demand for plant-based products can be attributed to growing concerns over animal welfare, personal health, and the environment. This shift in consumer behavior has led to the expansion of the plant-based food industry, offering a diverse range of products. Both small and large food firms are entering this industry to cater to the growing demand for plant-based foods.
The market's growth is partly due to increasing health awareness and adopting a healthier lifestyle, inspiring people to consume food with lower sugar and carbohydrate levels. Vegan chocolates have become increasingly popular among people who follow a vegan diet or have lactose intolerance. Additionally, these chocolates are a healthier option as they contain lower levels of sugar and preservatives and less fat, cholesterol, and calories, making them a preferred choice.
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Segmentation Overview:
The global vegan chocolate confectionery market has been segmented into product, type, distribution channel, and region. The chocolate market is divided into milk, dark, and white chocolate. Dark and milk chocolate have a significant share in the market and are mostly made from cocoa solids, cocoa butter, and sugar. Dark chocolate is 100% vegan as it contains no dairy inputs, making it a preferred choice for vegans. Hypermarkets/supermarkets have a significant distribution channel share as people tend to buy chocolates while shopping for groceries. These stores offer a variety of options, including national and international brands.
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Vegan Chocolate Confectionery Market Report Highlights:
- The global vegan chocolate confectionery market growth is anticipated at a CAGR of 13.8% by 2032.
- Due to health concerns and lifestyle disorders, the global market has shifted towards plant-based diets. Growing concerns over animal welfare, personal health, and the environment drive the increasing demand for plant-based products. The market's growth is partly due to the increasing health awareness of people who prefer food with lower sugar and carbohydrate levels. Vegan chocolates are a healthier option as they contain less sugar, preservatives, fat, cholesterol, and calories, making them popular among people following a vegan diet or lactose intolerance.
- Europe holds a significant share of the vegan chocolate confectionery market, with Switzerland holding a substantial share in this region. This is because it has been observed in the European market that people are opting for healthy options, which have risen since the pandemic. It is expected that with changing lifestyles and the adoption of vegan and healthy food options, people worldwide will increasingly consume vegan chocolates.
- Some prominent players in the vegan chocolate confectionery market report include Alter Eco, Divine Chocolate, Theo Chocolate, Choco Love, Goodio, Evolved Chocolate, Endorfin Foods, Tofutti Brands Inc., Mars Incorporated, Nestle SA, and others.
Industry Trends and Insights:
- IHerb and CJ Logistics announced their partnership to build Saudi Arabia's first eCommerce Fulfillment Center in Riyadh, responding to the growing demand for health and wellness products.
- Mars Snacking has collaborated with Uber and SKITTLES for a new brand campaign, delivering a sweet new experience for hungry Uber Rides and Eats consumers.
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Vegan Chocolate Confectionery Market Segmentation:
By Product: Boxed, Molded Bars, Chips and Bites, and Truffles and Cups
By Type: Milk, Dark and White
By Distribution Channel: Hypermarkets/ Supermarket, Convenience Stores, Online, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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