Vegan Chocolate Market

The rising vegan population during the past decade is expected to fuel the growth of the global Vegan Chocolate market. According to statistics, the vegan population in the United States rose from over 600% from 2014 to 2017. Market leaders have begun integrating soy and almond milk as substitutes during production to produce Vegan Chocolate closer to its predecessor. This gives Vegan Chocolate a taste and texture similar to regular chocolate. For instance, in 2021, an Indian brand, "MilkinOats" announced launching a Vegan Chocolate made with oat milk. However, a higher cost for Vegan Chocolate than traditional chocolates might hinder the growth of Vegan Chocolate.

Top Market Trends

1. Rising Products in the Nut-Protein Varieties to Propel Growth: The European region is witnessing a higher growth in nut-protein based Vegan Chocolate bars, especially in Germany & France. Halbbitter-Schokolade, the German producer, is announcing launching the Halbbitter-Schokolade Mandel Quinoa, a vegan dark chocolate product with quinoa and almond, with a 50% cocoa content with hazelnut mass whole almonds to quell the increasing demand.

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2. Surprise Toys Inside Vegan Chocolate to Increase Variety: Sales have seen a surge wherein; creamy and organic Vegan Chocolate are packed with a surprise toy. These products are often marketed free from potential allergens, including soy, dairy, and refined sugar.

3. Rising Vegan Population: A report published by the Dietetics and the British Dietetic Association, and the America Academy of Nutrition states that a well-planned vegan diet contains all the required nutrients required by a human body. This prompts consumers to adapt towards a “vegan-based” lifestyle.

4. Increased Consumption of Better & Healthier Products: Consumers across the globe are looking to intake a wide range of healthier products due to the rising focus on health and increasing sedentary disorders owing to an extreme change in life. A survey published by the International Food Information Council and the American Heart Foundation in 2021 stated that more than 45% of Americans claimed to be looking for healthier options while shopping. Additionally, around 52% of Americans strictly scout for healthier options regularly.

5. Risen Focus on Personal Care: Vegan Chocolate are not only considered to be a healthier eating choice; however, they contain a wider range of antioxidants that provide anti-aging properties. These properties are often found in fruits, grains, vegetables, and rice.

Market Segmentation

The global Vegan Chocolate market can be categorized on the following: Product Type, Flavor, Product Form, Application, Sales Channel, and Regions. On the basis of Product Types, the market is divided into Raw Chocolate, White Chocolate, Dark Chocolate, and Other Product Type. By Flavor, the market can be categorized into Unflavoured and Flavored. In addition to Product Form, the market can be split between bars, blended, cookies, granules, liquid, powder, whole, and others. With respect to application, the market can be divided into snack bars & cereals, candy, chocolate & gums, cocoa chips & cookies, coffee, dairy & desserts, dietary supplements, ice cream & shake mix, condiments, sauces & spreads, sports bars & nutrition, and others. By distribution channel, the market can be fragmented into B2B / HoReCa and B2C". Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product Type

White Chocolate to Dominate Segment Growth Owing to Similar Texture of Traditional Chocolate

The milk chocolate segment leads the market in value in 2021 and is expected to continue with the following trend for the rest of the forecast period. Vegan milk chocolates enjoy a similar taste and texture to traditional chocolates, leading to a wider consumer base. These products often combine similar ingredients, including soy and almond milk, as substitutes during production. Additionally, they have a higher nutritional value and often contain anti-aging properties. Since consumers do not have to acclimate towards a completely different taste, the adoption of milk chocolates is expected to witness the largest market share. The dark chocolate segment will grow with the fastest growing CAGR owing to the increasing adoption of products, especially in Asian countries, with shifting preferences in taste and growing awareness regarding health advantages.

Based on Flavor

Flavoured Chocolates to Reign Dominance Owing to Wide Products Offering Variety in Taste

During the forecast period, it is expected that the flavored segment will witness the largest market growth. Flavored chocolate products allow manufacturers to accommodate many consumers in terms of distribution. Several surveys have indicated that many consumers are willing to try new products if they are in line with their similar taste palettes. For instance, Nestle announced launching the debut of "Kit Kat V", a new brand of their product made from sustainable chocolate and rice. The unflavoured chocolate segment will grow with the fastest growing CAGR due to increased utilization by food & beverage industry within their products.

Based on Product Form

Bars to be Consumed at a Larger Volume while Cookies to Grow at a Faster Pace

The bar segment is expected to hold the largest market share during the forecast period and remain the segment leader. Bar chocolates are the most popularly consumed form of chocolate globally. According to a survey conducted by Google, the top five chocolates sold worldwide are sold in the form of a bar. Factors such as compact size, the familiarity of the product, and convenient pricing will enable the bars segment to propel toward higher market growth. The cookies segment is expected to grow with the fastest growing CAGR during the forecast period owing to rising demand for confectionary and bakery-based products for various festive and special occasions.

Based on Application

Candy, Chocolate, & Gums to Accommodate Largest Market Share Owing to Rising Popularity

The candy, chocolate, & gums segment is expected to witness the largest market share in the revenue. Recent studies have indicated that the younger and the millennial generation prefers to snack on bars and chocolate as a healthier outlook. Legacy brands are shifting their production capacities towards vegan-based products to fulfill the ever-changing demand. According to a survey in 2019, Cadbury's most recognized chocolate brand in the world announced that they were launching a portfolio of vegan products. Coco chips and cookies are expected to witness the fastest-growing CAGR during the forecast period due to the increased utilization of many ready-to-eat product manufacturers and rising popularity in terms of taste.

Based on Distribution Channel

B2B/HoReCa to be Utilized at the Largest Scale Owing to a Larger Consumer Flow

The B2B/HoReCa segment is expected to dominate the Vegan Chocolate market in terms of growth owing to existing consumer inclination towards shopping grocery products from business places, including supermarkets/hypermarkets and specialty goods & grocery stores. Most product launches often occur at supermarkets like Walmart, Tesco, and Kroger. These places of business see a large flow of consumers as they offer products from all categories. The B2C segment is expected to grow with the fastest growing CAGR during the forecast period owing to increasing smartphone penetration and rising internet connectivity among the rural and urban populations.

Based on Region

Europe to Dominate Regional Growth for Vegan Chocolate due to Rising Population of Consumers Following Flexitarian Diets

During the forecast period, Europe is expected to dominate the market growth in revenue from countries such as Germany, France, Italy, and the U.K. Increasing the number of health-conscious consumers inclining towards vegan or flexitarian diets propels the sustainable market growth. According to studies conducted by the Federal Ministry of Food & Agriculture, more than 35% of the European population categorizes vegan or vegetarian products as "highly important," and more than 63% of the German population are trying to reduce meat consumption from their staple diet. Moreover, festivals such as Easter are celebrated on a grand scale in Europe, boosting the sales of Vegan Chocolate as confectionary and chocolate products are heavily favored as gifting items in the European culture.

The Asia Pacific region is expected to grow with the fastest-growing CAGR due to increasing demand from China, Taipei, India, Singapore, and Sri Lanka. Additionally, as mentioned earlier, an increasing trend of veganism in the economies and new entrants in the market will increase the footprint of Vegan Chocolate in the region.

Competitive Landscape

The presence of legacy and well-established players characterizes the leaders in the Vegan Chocolate market. Additionally, the market is split between small- and medium scaled organizations. These manufacturing companies are expected to capture the ongoing essence of veganism by launching new products to attract new consumers.

The key players in the global Vegan Chocolate market are Mondelez International (U.S.), The Hershey Company (U.S.), Schmilk Chocolate (Chocolate Hollow, LLC) (U.S.), Lindt & Sprüngli (Switzerland), Ritter Sport (Germany), Hu Chocolate (U.S), Alter Eco (U.S.), TCHO (U.S.), Endorfin Foods (U.S.), Sjaak’s (U.S.), VGAN Chocolates (U.S.), Divine Treasures LLC (U.S.), Equal Exchange COOP (U.S.), No Whey Chocolate (U.S.), and Others.

Recent Market Developments

· 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 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 to serve the Australian and New Zealand markets. Additionally, this acquisition will further leverage Barry Callebaut's value toward gourmet specialties.

Segmentation of the Global Vegan Chocolate Market