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 main factors influencing the market's expansion is the rising acceptance of veganism among consumers around the world, particularly among millennials. For instance, the Vegan Society estimates that there were 150 thousand vegans in Great Britain in 2014, and that number rose to 600 thousand in 2019. The market is expanding as a result of an increase in environmental preservation initiatives and a rise in public awareness of animal suffering. Due to the increase in food allergies and incidences of lactose intolerance in both children and adults in recent years, consumers' food preferences have also changed. For instance, according to the Food Tolerance Network, about 70% of people globally are lactose intolerant as of 2019.
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 11.4% during 2022-29. The market would reach USD 1,410.5 Mn by 2029.
Based on product, the market is segmented into Bars, Granules, Cookies, and Others. The bars segment grabbed the major market share and dominated the market in 2021. Moreover, it is anticipated that they will continue to hold the top spot throughout the forecast period. The most popular type of chocolate consumed worldwide is in bars. They are well-liked by customers because of their practical size.
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Based on the distribution type, the vegan chocolate market is segmented into supermarkets, convenience stores, and online. The online segment would witness the highest CAGR during forthcoming years.
“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.
North America Dominated the Market
North America grabbed the significant market share in 2021 and this region will continue to grow steadily from 2022 to 2029. According to estimates, the region's growing vegan population will propel market expansion. However, during the forecast period, the Asia Pacific region is anticipated to have the fastest rate of growth. With more than half of the world's population, Asia is the most populous continent, which bodes well for its ability to shape global food trends as stated in the 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 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.
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Market Segmentation:
- By Product (Bars, Granules, Cookies, Others)
- By Type (Milk, Dark, White)
- By Distribution Type (Supermarkets, Convenience stores, Online)
- By Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa)
- By Company (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.)
Key questions answered in the study:
- What are the current and future trends of the Vegan Chocolate industry?
- How the industry has been evolving in terms of product outlook and distribution methods?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Vegan Chocolate industry?
- What is the customer orientation, purchase behavior, and expectations from the Vegan Chocolate firms across various regions?
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