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Vegan Chocolate Market: Global Opportunity Analysis and Industry Forecast to 2029

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Vegan Chocolate Market Outlook, Market Size, Growth, Trends, and Future Opportunities and Forecast 2022-2029

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Food & Beverage

Vegan Chocolate Market Overview:

The consumption of plant-based products is known as veganism. The vegan lifestyle is opposed to the consumption of all animal products and byproducts, especially dairy items like cow milk. One of the primary drivers of the vegan chocolate market is the snowballing demand for plant-based products. As more consumers become aware of the health and environmental benefits of a plant-based diet, they are also looking for vegan alternatives to traditional products. This trend has led to the creation of a vast array of vegan chocolate products that cater to the needs of this growing market segment.

Another propelling factor for influencing the market's expansion is the rising acceptance of veganism among consumers around the world, particularly among millennials.  Moreover, the increasing availability of vegan chocolate products is also thriving the growth of this market. In the past, vegan chocolate was difficult to find and often limited in terms of variety and quality.

Vegan Chocolate Market is estimated to reach $ 1,440.5 million by 2029, growing at a CAGR of 13.5% from 2022-2029.

Market Snapshot: 

Vegan Chocolate Market - Report Coverage:

The “Vegan Chocolate Market Report - Forecast (2022-2029)” by Marketlook Consulting, covers an in-depth analysis of the following segments in the Vegan Chocolate Market.

 

 

Attribute

Segment

 

By Product  
  • Molded Bars
  • Chips & Bites
  • Boxed

 

By Type
  • Dark
  • White
  • Milk

By Sales Channel

By Nature
  • Organic
  • Conventional



 

By Geography
  • North America (U.S., Canada)
  • Europe (Germany, France, UK, Italy, Russia, and the Rest of Europe),
  • Asia-Pacific (China, Japan, South Korea, India, Australia, and the Rest of Asia-Pacific),
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East and Africa (Saudi Arabia, The UAE, South Africa, Rest of MEA)

 

COVID-19 / Ukraine Crisis - Impact Analysis:  

  • The COVID-19 pandemic has had a significant impact on the global food industry, including the vegan chocolate market. While many businesses have been negatively impacted by the pandemic, the vegan chocolate market has seen a surge in demand due to changing consumer preferences and an increased focus on health and wellness. As more consumers have become health-conscious and environmentally aware, they have shifted towards plant-based diets, which has boosted demand for vegan chocolate products.
  • Additionally, with people spending more time at home due to lockdowns and social distancing measures, there has been a rise in demand for indulgent treats like chocolate. However, the pandemic has also resulted in supply chain disruptions and challenges in sourcing raw materials, which has led to price fluctuations and some supply shortages in the vegan chocolate market. Overall, the pandemic has had both positive and negative effects on the vegan chocolate market, but the long-term trend towards plant-based diets and sustainable food products is expected to continue driving growth in this sector.

Segmental Analysis:

Hypermarket/Supermarket is Emanating the Market Growth

Based in sales channel, demand for chocolates is high in hypermarkets and supermarkets that captures around 50% of the market. The online retail segment is likely to grow at a significant value as it is more convenient for the consumers to order online and compare the prices along with finding for unique flavours.

Dark Vegan Chocolate Captured the Highest Market

Based on the type, dark vegan chocolate is showcasing growth in recent years. The segment growth is associated with the presence of flavonoids and antioxidants, which helps boosting the cognitive functions. Furthermore, people are increasingly seeking to add nutritional benefits while consuming chocolates. Dark chocolate contains less sugar as compared to milk chocolates and white chocolate. The milk vegan segment would grow in the forecast period.

High Preference for Chemical Free Chocolate is Bolstering

Based on nature, chemical-free or organic chocolates capture the highest share in the market in 2021. Demand for organic vegan chocolates is thriving as it is produced without using any harmful pesticides or chemicals. Consumers perceive organic chocolates as a safe and healthier alternative as compared to conventional chocolates. This is anticipated to boost the overall market demand.

North America Region Maintained a Dominating Position

North America will experience significant development in the next years. The sales for vegan chocolates are high especially in USA as with the each passing day consumers are all in for a plant-based and delicious dark chocolates. In families as well as children it is a midday snack and on-the-go confectionery. As the veganism culture is prevailing in the market, the demand for vegan chocolate is also emanating. Consumers are not only looking for sustainable and healthier solutions but also willing to pay for premium chocolates.

Vegan Chocolate Market Share (%) By Region, 2022

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Vegan Chocolate Market. The top 10 companies in this industry are listed below:

  1. Barry Callebaut
  2. Tofutti Brands, Inc.
  3. Mondelez International
  4. Nestle SA
  5. Mars Incorporated
  6. Alter Eco
  7. Theo
  8. Equal Exchange Coop
  9. Goodio
  10. Dylan’s Candy Bar

Scope of Report: 

Report Metric

Details

Base Year Considered

2021

Forecast Period

2022–2029

CAGR

11.5%

Market Size in 2029

~$22.13 billion

Segments Covered

Component, Feedback Type, Application, and Region

 

Geographies Covered

North America (U.S., Canada), Europe (Germany, France, UK, Italy, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), Middle East and Africa (Saudi Arabia, The UAE, South Africa, Rest of MEA)




 

Key Market Players
  1. Barry Callebaut
  2. Tofutti Brands, Inc.
  3. Mondelez International
  4. Nestle SA
  5. Mars Incorporated
  6. Alter Eco
  7. Theo
  8. Equal Exchange Coop
  9. Goodio
  10. Dylan’s Candy Bar

Table Of Content

  1. Market Overview
    1. Research Methodology
    2. Definitions and Scope
  2. Market - Executive Summary
    1. Market Opportunity
    2. Key Trends by Product Segments
    3. Key Trends by Geography
  3. Vegan Chocolate Market Landscape
    1. Comparative analysis
      1. Product Benchmarking - Top 10 companies
      2. Top 5 Financials Analysis
      3. Market Value split by Top 10 companies
      4. Pricing Analysis
  4. Market Forces
    1. Market Drivers
      1. High R&D Expenditure
      2. Rising Cases of Chronic Diseases
    2. Market Constraints
      1. Lack of Skilled Workforce in the Research Department
      2. Other Constraints
    3. Market Challenges
    4. Porter’s Five Forces
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Degree of Competition
  5. Vegan Chocolate Market - Strategic Analysis
    1. Value Chain
    2. Opportunity
    3. Patent Analysis
  6. Global Vegan Chocolate Market Outlook
    1. Global Vegan Chocolate Market Outlook, by Product, 2019-2029
      1. Bars
      2. Granules
      3. Cookies
      4. Others
    2. Global Vegan Chocolate Market Outlook, by Distribution Type, 2019-2029
      1. Supermarkets
      2. Convenience stores
      3. Online
    3. Global Vegan Chocolate Market Outlook, by Type, 2019-2029
      1. Milk
      2. Dark
      3. White
  7. Asia Pacific Vegan Chocolate Market Outlook
    1. Key Snapshot
    2. Asia Pacific Vegan Chocolate Market Outlook, by Product, 2019-2029
      1. Bars
      2. Granules
      3. Cookies
      4. Others
    3. Asia Pacific Vegan Chocolate Market Outlook, by Distribution Type, 2019-2029
      1. Supermarkets
      2. Convenience stores
      3. Online
    4. Asia Pacific Vegan Chocolate Market Outlook, by Type, 2019-2029
      1. Milk
      2. Dark
      3. White
    5. Asia Pacific Vegan Chocolate Market Outlook, by Country, 2019-2029
      1. China Vegan Chocolate Market Outlook, 2019-2029
      2. India Vegan Chocolate Market Outlook, 2019-2029
      3. Japan Vegan Chocolate Market Outlook, 2019-2029
      4. South Korea Vegan Chocolate Market Outlook, 2019-2029
      5. Australia Vegan Chocolate Market Outlook, 2019-2029
      6. Rest of Asia Pacific Vegan Chocolate Market Outlook, 2019-2029
  8. North America Vegan Chocolate Market Outlook
    1. Key Snapshot
    2. North America Vegan Chocolate Market Outlook, by Product, 2019-2029
      1. Bars
      2. Granules
      3. Cookies
      4. Others
    3. North America Vegan Chocolate Market Outlook, by Distribution Type, 2019-2029
      1. Supermarkets
      2. Convenience stores
      3. Online
    4. North America Vegan Chocolate Market Outlook, by Type, 2019-2029
      1. Milk
      2. Dark
      3. White
    5. North America Vegan Chocolate Market Outlook, by Country, 2019-2029
      1. The United States Vegan Chocolate Market Outlook, 2019-2029
      2. Canada Vegan Chocolate Market Outlook, 2019-2029
      3. Mexico Vegan Chocolate Market Outlook, 2019-2029
  9. Europe Vegan Chocolate Market Outlook
    1. Key Snapshot
    2. Europe Vegan Chocolate Market Outlook, by Product, 2019-2029
      1. Bars
      2. Granules
      3. Cookies
      4. Others
    3. Europe Vegan Chocolate Market Outlook, by Distribution Type, 2019-2029
      1. Supermarkets
      2. Convenience stores
      3. Online
    4. Europe Vegan Chocolate Market Outlook, by Type, 2019-2029
      1. Milk
      2. Dark
      3. White
    5. Europe Vegan Chocolate Market Outlook, by Country, 2019-2029
      1. United Kingdom Vegan Chocolate Market Outlook, 2019-2029
      2. Germany Vegan Chocolate Market Outlook, 2019-2029
      3. France Vegan Chocolate Market Outlook, 2019-2029
      4. Italy Vegan Chocolate Market Outlook, 2019-2029
      5. Russia Vegan Chocolate Market Outlook, 2019-2029
      6. Rest of Europe Vegan Chocolate Market Outlook, 2019-2029
  10. South America Vegan Chocolate Market Outlook
    1. Key Snapshot
    2. South America Vegan Chocolate Market Outlook, by Product, 2019-2029
      1. Bars
      2. Granules
      3. Cookies
      4. Others
    3. South America Vegan Chocolate Market Outlook, by Distribution Type, 2019-2029
      1. Supermarkets
      2. Convenience stores
      3. Online
    4. South America Vegan Chocolate Market Outlook, by Type, 2019-2029
      1. Milk
      2. 8.10.2 Dark
      3. White
    5. South America Vegan Chocolate Market Outlook, by Country, 2019-2029
      1. Brazil Vegan Chocolate Market Outlook, 2019-2029
      2. Argentina Vegan Chocolate Market Outlook, 2019-2029
      3. Rest of South America Vegan Chocolate Market Outlook, 2019-2029
  11. The Middle East and Africa Vegan Chocolate Market Outlook
    1. Key Snapshot
    2. The Middle East and Africa Vegan Chocolate Market Outlook, by Product, 2019-2029
      1. Bars
      2. Granules
      3. Cookies
      4. Others
    3. The Middle East and Africa Vegan Chocolate Market Outlook, by Distribution Type, 2019-2029
      1. Supermarkets
      2. Convenience stores
      3. Online
    4. The Middle East and Africa Vegan Chocolate Market Outlook, by Type, 2019-2029
      1. Milk
      2. Dark
      3. White
    5. The Middle East and Africa Vegan Chocolate Market Outlook, by Country, 2019-2029
      1. Saudi Arabia Vegan Chocolate Market Outlook, 2019-2029
      2. UAE Vegan Chocolate Market Outlook, 2019-2029
      3. South Africa Vegan Chocolate Market Outlook, 2019-2029
      4. Rest of the Middle East and Africa Vegan Chocolate Market Outlook, 2019-2029
  12. Vegan Chocolate Market -Entropy
    1. New Product Launches
    2. M&A, Collaborations, JVs, and Partnerships
  13. Vegan Chocolate Market Company Analysis
    1. Market Share Analysis, Financial Analysis, Product Synopsis, Recent News, and Developments
    2. Alter Eco
    3. Davis Chocolate.
    4. Endangered Species Chocolate, LLC
    5. Equal Exchange Coop
    6. Mondelez International
    7. Natural Candy Store.
    8. No Whey Chocolate
    9. Raaka Chocolate Ltd.
    10. Taza Chocolate
    11. Theo Chocolate, Inc.

Top Major Players List :- Vegan Chocolate Market

  • Alter Eco
  • Davis Chocolate.
  • Endangered Species Chocolate, LLC
  • Equal Exchange Coop
  • Mondelez International
  • Natural Candy Store.
  • No Whey Chocolate
  • Raaka Chocolate Ltd.
  • Taza Chocolate
  • Theo Chocolate, Inc.
FAQ

The Vegan Chocolate Market is projected to grow at 13.5% CAGR during the forecast period 2022-2029.

Global Vegan Chocolate Market size is estimated to be $ 336.0 million in 2021 and is projected to reach $1440.5 million by 2029.

The leading players in the 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.

The major trends in the market are growing number of animal welfare organizations, augmenting vegan population, and surge in the awareness of plant-based products are the major trends in the market.

The growing popularity of veganism among consumers across the globe, especially among millennials is a major factor driving the growth of the market.

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