Rising Preference for Chemical-Free Chocolate is Propelling the Market Growth

Vegan chocolates are made without ingredient that comes from animals. Vegan chocolates are made from cacao beans grown on cacao trees. High-quality dark chocolate is popular chocolate for vegan chocolate consumers as it is made with cocoa butter instead of milk and other additives. Vegan chocolates are available in various flavours such as almonds, dry fruits, and mint flavors. Consumption of vegan chocolate boosts healthy blood sugar. It helps in the management of diabetes and acts as a mood booster. The global vegan chocolate market is significantly driven by the increasing population of vegans and flexitarians.

According to Marketlook Consulting’s research report “Global Vegan Chocolate Market Analysis, 2021”, the Global Vegan Chocolate market is anticipated to grow at a CAGR of 13.5% during 2022-29 The market would reach USD 1,440.5 Mn by 2029.

Based on product, leading market share is grabbed by molded bars. Dark vegan chocolate in different flavors is gaining momentum in the market. These chocolates have a likeliness among consumers in the form of bars as they are now becoming a snacking option in developed countries due to its nutritional benefits. Companies are launching new molded bars vegan chocolates made by using oat milk and in different flavors as well. Cadbury also plans to launch its first ever plant-based vegan chocolate called plant bar. Lindt also plans to launch three new vegan chocolate bars in the United Kingdom and Canada, a year after it entered the free-from market with its HELLO collection. 

Based on the sales channel, the online channel gained traction in 2021 and holds the maximum share in the global market. The availability of vegan chocolates of different brands along with their ingredients mentioned is a major growth factor. Other factors such as availability of discounts and one-stop solution for all types milk, dark and white chocolates can be purchased online with just one click. Thus, consumers find it easy to buy these items online. As a result, the sales are increasing for vegan chocolates globally.

Several health benefits of consuming vegan chocolates also contribute to the market growth. Vegan chocolates are protein-rich and have low-fat content, which benefits weight loss. Also, they help to boost the immune system and regulate blood flow in the body. Vegan chocolates are similar to caffeine, which energizes the brain and helps to stay active. Daily consumption of vegan chocolate helps to increase focus on the task. Gluten-free chocolates are beneficial for cardiovascular disease patients. Consumption of vegan chocolate lowers the level of bad cholesterol. Vegan chocolate has antioxidants that are beneficial for brain functioning. Veganism helps to promote healthy eating habits and avoid a risk associated with animal fats. Plant-based chocolates are rich in vitamins, essential fibers, and minerals. Thus, demand for vegan chocolates is increasing across the globe.

“Global Vegan Chocolate Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Vegan Chocolate providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific Dominated the Market

Based on Leading regions, Asia Pacific dominated the global Vegan Chocolate market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 due to the Geographical analysis is an essential component of the report’s research and development study for market analysis. The regional extent section contains crucial insights into market sales growth at both regional and country levels. This market scope’s geographical spectrum analyses and investigates each regional spectrum of the Vegan Chocolate Market industry. Each of these major regions is analyzed based on manufacturing, supply, statistics, and import & export. Asia Pacific leads in this space however, Europe also remains a though competitor. The region has highest sales due to the ongoing acceptance of the vegan diet among the region's population. Health-conscious consumers are increasingly choosing vegan or flexitarian diets as a part of a healthy lifestyle. This further adds to the growth of this region in the global Vegan Chocolate industry as stated in Marketlook Consulting research report “Global Vegan Chocolate Market Analysis, 2021”.

According to Marketlook Consulting’, the key players with a considerable market share in the global Vegan Chocolate market are Barry Callebaut, Tofutti Brands, Inc., Mondelez International, Nestle SA, Mars Incorporated, Alter Eco, Theo, Equal Exchange Coop, Goodio, Dylan’s Candy Bar apart from others.

Market Segmentation:

• By Product (Molded Bars, Chips & Bites, Boxed)
• By Type (Dark, White, Milk)
• By Sales Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online Retail)
• By Nature (Organic Conventional)
• By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
• By Company (Barry Callebaut, Tofutti Brands, Inc., Mondelez International, Nestle SA, Mars Incorporated, Alter Eco, Theo, Equal Exchange Coop, Goodio, Dylan’s Candy Bar)

Key questions answered in the study:

1. What are the current and future trends of the Vegan Chocolate industry?
2. How the industry has been evolving in terms of consumer-type demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Vegan Chocolate industry?
5. What is the customer orientation, purchase behavior, and expectations from the Vegan Chocolate firms across various regions?