Vegan Chocolate Market Analysis and Growth Opportunities By 2030

Byshital varma

The global vegan chocolate market size was valued at USD 1,145.61 million in 2022. The market 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.

Vegan chocolates have been gaining popularity in recent years due to the rising concerns regarding healthy lifestyles. The increasing number of consumers with dietary restrictions such as lactose intolerance or dairy allergies has added to the surging global demand for vegan chocolate.

Fortune Business Insights™ mentioned this in a report titled “Vegan Chocolate Market, 2023-2030.”

List of Key Market Players Profiled in the Report:

  • 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)

Source Link :

https://www.fortunebusinessinsights.com/vegan-chocolate-market-106130

 

Segments:

Dark Segment Dominated the Market Due to Higher Cocoa Content and More Health Benefits

The market is divided into dark, milk, and others on the basis of type. The dark segment is anticipated to witness a noteworthy share of the global market due to the ingredients present in the chocolates rich in antioxidants and various other health benefits. The increasing demand is also due to the superior properties of dark chocolates such as anti-microbial, anti-inflammatory, and anti-diabetic properties.

Broad Availability and Convenience Offered by Supermarkets/Hypermarkets to Drive Segment Growth

On the basis of distribution channel, the market is fragmented into supermarkets/hypermarkets, specialty stores, convenience stores, online stores, and others. The supermarkets/hypermarkets segment is expected to dominate the market during the forecast period due to rising preference to buy products from hypermarkets due to branding 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:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Recent industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Growing Concerns toward Health and Environment to Foster Market Growth

A wide range of consumers globally are more concerned about their healthy diet and lifestyle. Moreover, this is reinforced by the manufacturers making vegan chocolates with reduced amounts of dairy-free milk like hazelnut, cashew nuts, and oats. Hence, the vegan chocolate market share is expected to increase during the forecast period.

The manufacturers use superior quality and specialty ingredients such as plant-based coconut milk or soy milk, and almond milk. Vegan chocolates might have limited market in comparison to traditional chocolates.

Regional Insights:

Europe to Dominate the Market Due to Increased Adoption of Vegan Chocolates

Europe dominated the market share in 2022 with the highest valuation and is one of the fastest-growing markets. The region is anticipated to continue its dominance with the increasing demand and need for vegan chocolates or plant-based chocolates. The countries leading in the market are France, the U.K., and Germany.

Asia Pacific is predicted to grow at a noteworthy rate during the forecast period. This is due to the surge in the number of vegans in the Asia Pacific region, particularly in countries such as Australia, India, and China.

Competitive Landscape:

Major Companies Engaged in Partnerships and Acquisitions to Gain Market Edge

To strengthen market presence, companies engage themselves in partnerships, acquisitions, and mergers. The market comprises small-and medium-scale players; hence, the players adopt joint ventures and base expansion to back their position in the market.

Key Industry Development:

  • August 2022: Läderach Chocolatier Suisse, a Swiss chocolate and confectionary manufacturer company, introduced new vegan chocolates in its iconic FrischSchoggi range. The new plant-based chocolate is prepared from cashew milk with zero preservatives.