In terms of revenue, the Global Vegan Chocolate Confectionery Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 15.2% from 2023 to 2030.
Vegan Chocolate Confectionery involves producing chocolate products without using any animal-derived ingredients, such as milk, butter, or eggs. Instead, alternative ingredients are used, such as plant-based milk (like soy, almond, or rice milk), coconut oil, or other vegetable fats, which make these Vegan Chocolate Confectionery products suitable for vegans and people with allergies to milk, eggs, and other animal products. The Vegan Chocolate Confectionery market is driven by several factors, such as increased awareness of veganism, organic and non-GMO products, availability of various flavors, expansion of distribution channels, and technological innovations. This trend will continue as consumers demand more healthy and ethical products.
Key Highlights from the Report
- Based on Product, the Chips & Bites segment is expected to dominates the Vegan Chocolate Confectionery market during the projection period. This growth can be attributed to several factors, including the increasing consumer demand for vegan and plant-based products, the rise in awareness about traditional chocolate confectionery's ethical and environmental impact, and the development of innovative vegan chocolate recipes.
- Based on Type, the Dark segment is expected to mention potential market growth during the forecast period owing to the shifting consumer preferences towards healthier food options.
- Based on Distribution Channel, the online stores segment is expected to be the fastest-growing category in the market during the forecast period (2023 –2030). Online stores provide the convenience of shopping from anywhere at any time. Consumers can browse a wide range of Vegan Chocolate Confectionery products, compare prices, and read reviews without leaving their homes. This accessibility factor has greatly contributed to the growth of online stores in the Vegan Chocolate Confectionery market.
- Based on Region, North America holds the significant market share within the Vegan Chocolate Confectionery market and will continue to dominate during the forecast period owing to the rise of vegan diets, increased product availability, expanded distribution channels, effective marketing strategies, and improved product quality.
Consumers are becoming more aware of the impact of chemicals and genetically modified organisms on their health and the environment. Therefore, the demand for organic and non-GMO Vegan Chocolate Confectionery is increasing. Manufacturers are producing an increasing number of Vegan Chocolate Confectionery products in many flavors, including fruit, nut, and exotic flavors like lavender and chili. This variety has increased demand for Vegan Chocolate Confectionery. In addition, developing new technologies in the food industry has created innovative Vegan Chocolate Confectionery products with novel textures, flavors, and packaging that better meet consumers' needs and preferences.
Furthermore, more people are turning to veganism for various reasons, such as health, environmental sustainability, and animal welfare concerns. As a result, the demand for Vegan Chocolate Confectionery is rising as people seek alternatives to traditional chocolate products. Vegan Chocolate Confectionery products were once difficult to find, but now they're available in grocery stores, specialty stores, and online retailers. This expanded distribution has increased the accessibility and availability of Vegan Chocolate Confectionery products.
North America mentioned the market’s potential growth in 2022. People adopting vegan and vegetarian diets has steadily increased in North America. According to a report by Ipsos Retail Performance, vegans in the United States alone increased by over 600% between 2014 and 2017. This growing population is driving the demand for Vegan Chocolate Confectionery products. In recent years, there has been an increase in the availability and variety of Vegan Chocolate Confectionery products in North America. Major confectionery companies and small-scale artisanal producers are launching vegan versions of their popular chocolate products or creating new innovative vegan chocolate offerings. This expansion of choices has made it easier for consumers to switch to vegan alternatives without compromising taste or quality.
The Global Vegan Chocolate Confectionery Market is Segmented as follows
- Molded Bars
- Chips & Bites
- Truffles & Cups
- Distribution Channel
- Convenience stores
- Online Stores
- Other Distribution Channels
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vegan Chocolate Confectionery Market is
Mondelēz International (U.S.), Nestle SA (Switzerland), Tofutti Brands Inc. (U.S.), Plamil Foods Ltd. (UK), Barry Callebaut (Switzerland), Nest Endangered (U.S.), Species Chocolatele (U.S.), Endorfin Foods (U.S.), Goodio (Finland), Montezumas Direct Ltd. (UK), Alter Eco (U.S.), Equal Exchange Cooperation (U.S.), Chocoladefabriken Lindt & Sprüngli AG (Switzerland)
The Global Vegan Chocolate Confectionery Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis