Global Vegan Chocolate Confectionery Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Type, Distribution Channel, Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa )

Market Overview

Chocolate that has not been manufactured using dairy products or that has not come into contact with any animal products, such as dairy, eggs, or honey, is referred to as vegan chocolate. Vegan milk chocolates may not actually taste like dairy-based milk chocolates since the creaminess originates from plant-based ingredients like rice, oats, or coconut.

According to Ken Research Analysis, the Global Vegan Chocolate Confectionery Market was valued at ~US$ 335 million in 2017. The demand for vegan products has been driven by consumers' growing acceptance of such lifestyles, particularly among teenagers and employees in the workplace, and the market is expected to expand significantly during the estimated period. It is estimated to be ~US$ 575 million in 2022 and is expected to reach a market size of ~US$ 1,200 million by 2028 growing at a CAGR of ~13% during 2022-2028.

An increase in consumer health awareness is driving up demand for vegan chocolate since a well-planned vegan diet that follows healthier dietary guidelines provides a body with all the nutrients it requires.

Consumers are becoming more sensitive and empathetic to animals as they become more aware of the conditions and environments in which animals are raised. Because of animal welfare issues, consumers are rapidly turning to plant-based foods, especially plant-based chocolates. Vegan chocolate is produced without the use of dairy milk, which many people these days believe is a significant contributor to environmental problems.

Vegan chocolate is very nutrient-dense for consumers, but since it is more expensive than normal than traditional chocolate, vegan chocolate producers find it challenging to compete in the world market.

The COVID-19 pandemic had a negative impact on the market since most countries imposed lockdowns, which hindered the supply of cocoa around the world, reduced output, and limited sales.

Scope of the Report

The Global Vegan Chocolate Confectionery Market is segmented into Product, Type, and Distribution Channel. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Million

By Product

Molded Bars

Chips & Bites

Boxed

Truffles & Cups

Others

By Type

Milk

Dark

White

By Distribution Channel

Hypermarkets/Supermarkets

Convenience Stores

Specialty Stores

Online Retail

Others

By Geography

North America

USA

Canada

Mexico

Europe

France

Italy

Germany

Spain

UK

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

AustraliaRest of Asia Pacific

LAMEA

Latin America

Middle East

Africa

Key Players

Alter Eco

Endangered Species Chocolate, LLC

Endorfin Foods.

Equal Exchange Coop

Goodio

Mondelez International

Nestle

No Whey Chocolate

The Hershey Company

Theo Chocolate, Inc.

Key Trends by Market Segment

By Product- Molded Bars dominated the market in 2021 since chocolate bars have become the most popular type worldwide.

Molded bars are becoming increasingly popular among young adults. As a result, industry manufacturers have the advantage of launching new products targeted at such age groups. In addition, the convenient size of the product adds to its growth.

Molded bars are used in premium bakery products for various festivals and small events grows.

By Type- The milk segment accounted for the highest market share in 2021, due to the increasing demand for such products because of its sweet and creamy flavour.

Major market players are also developing vegan versions of well-known chocolate confectionery. Such an approach allows the firm to enjoy global brand loyalty that results in increased sales of such products.

Endangered Species Chocolate introduced a new Animal-Free range of Oat Milk Chocolate in March 2020. This product line includes oat milk bars that are vegan and gluten-free and come in three flavours.

By Distribution Channel- Hypermarkets/Supermarkets dominated the market in 2021, due to the public preference for buying food and snacks from Hypermarkets/Supermarkets.

Such dominance can be attributed to consumers' strong preference to purchase goods from large supermarkets since they have a wide variety of brand and pricing options.

Furthermore, vegan chocolate is offered at a discount and is a premium quality food product at supermarkets and hypermarkets.

By Geography: North Americaaccounted for the largest market share among all regions in 2021, owing to the region's growing vegan population is expected to boost the market growth.

As the vegan population in Canada and the United States grows, North America will see a rise in vegan chocolate confectionery.

Furthermore, owing to the subcontinent's existing recognized product manufacturers and the introduction of new food innovations supporting the market value of vegan diets among the younger population, this region will witness significant growth in market size.

Competitive Landscape

The Global Vegan Chocolate Confectionery Market is competitive with ~100 players which include globally diversified players, regional players as well as several country-niche players each with their niche in Vegan Chocolate Confectionery. Large global players constitute ~15% of competitors, while country players represent the largest number of competitors. Some of the major players in the market include Alter Eco, Endangered Species Chocolate, LLC, Endorfin Foods., Equal Exchange Coop, Goodio, Mondelez International, Nestle, No Whey Chocolate, The Hershey Company, Theo Chocolate, Inc., and others.

Recent Developments Related to Major Players

In April 2021, Mondelez International, Inc., a world leader in snacking, and Olam Food Components (OFI), a top supplier of cocoa beans and cocoa ingredients announced a new collaboration in Indonesia to establish the largest sustainable commercial cocoa plantation in the world.

In January 2021, Alter Eco launched two new super-dark chocolate bars to their Blackout range: Total Blackout and Raspberry Blackout.

Conclusion

The Global Vegan Chocolate Confectionery Market is anticipated to grow significantly during the projected period (2022-2028) due to an increase in the number of initiatives and public awareness about environmental protection and animal suffering. Furthermore, adolescents and adults are dealing with issues such as food allergies and lactose intolerance, which have influenced individual eating habits in recent years. Though the market is competitive with ~100 participants, few country-niche players control the dominant share and regional players also hold a significant share.

Note:This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

Snapshot of Vegan Chocolate Confectionery Market

Industry Value Chain and Ecosystem Analysis

Market size and Segmentation of the Vegan Chocolate Confectionery Market

Historic Growth of the Overall Vegan Chocolate Confectionery Market and Segments

Competition Scenario of the Market and Key Developments of Competitors

Porter's 5 Forces Analysis of the Vegan Chocolate Confectionery Market Industry

Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors

COVID-19 Impact on the Overall Vegan Chocolate Confectionery Market

Future Market Forecast and Growth Rates of the Total Vegan Chocolate Confectionery Market and by Segments

Market Size of Application / End User Segments with Historical CAGR and Future Forecasts

Analysis of the Vegan Chocolate Confectionery Market in Global Regions

Major Production/Supply and Consumption/Demand Hubs in the Region

Region-wise Historic and Future Market Growth Rates of the Total Market and Segments

Overview of Notable Emerging Competitor Companies within the Region

Notable Emerging Companies Mentioned in the Report

CRAVE

One Good.

MilkinOats

Nucao

Piperleaf

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Vegan Chocolate Confectionery Manufacturers and Providers

Vegan Chocolate Confectionery Distributors and Developers

Vegan Chocolate Organizations, Forums, Alliances, And Associations

New Entrants/Investors

Analysts and Strategic Business Planners

Vegan Chocolate Manufacturers

Suppliers and Distributors of Vegan Chocolate Confectionery,

Venture Capitalists and Private Equity Firms,

Government Regulatory and Research Organizations

Market research and consultancy firms

Time Period Captured in the Report

Historical Period: 2017-2021

Forecast Period: 2022E-2028F

Frequently Asked Questions

What is the Study Period of this Market Report?

The Global Vegan Chocolate Confectionery Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022-2028.

What is the Future Growth Rate of the Global Vegan Chocolate Confectionery Market?

The Global Vegan Chocolate Confectionery Market is expected to witness a CAGR of ~13% over the next six years.

What are the Key Factors Driving the Global Vegan Chocolate Confectionery Market?

An increase in the number of animal welfare organizations, an increase in the vegan population, and increased awareness about the benefits of plant-based food products are expected to be the primary driver of this market.

Which is the Largest Product Segment within the Global Vegan Chocolate Confectionery Market?

The Molded Bars component segment held the largest share of the global Vegan Chocolate Confectionery market in 2021.

Who are the Key Players in the Global Vegan Chocolate Confectionery Market?

Alter Eco, Endangered Species Chocolate, LLC, Endorfin Foods., Equal Exchange Coop, Goodio, Mondelez International, Nestle, No Whey Chocolate, The Hershey Company, Theo Chocolate, Inc. and others are the major companies operating in the Global Vegan Chocolate Confectionery Market.