Vegan Chocolate Market

Market Overview:

The global vegan chocolate market size reached US$ 1.06 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.02 Billion by 2028, exhibiting a growth rate (CAGR) of 11.30% during 2023-2028. The emerging trend of veganism, the growing prevalence of lactose intolerance and other food-related allergies, and the introduction of uniquely flavored chocolate variants represent some of the key factors driving the market.

Vegan chocolate is a type of chocolate that does not contain any animal-derived ingredients. It is made with plant-based ingredients such as cocoa butter, cocoa solids, and sweeteners like coconut sugar or agave nectar. It does not contain dairy products such as milk, eggs, or honey and has a slightly different taste than conventional chocolate due to the presence of plant-based ingredients like rice, oats, or coconut. It is widely consumed by individuals following a vegan diet or having lactose intolerance. It also serves as a great option for environmentally conscious consumers, as it has a smaller carbon footprint compared to conventional chocolates. Moreover, it is available in various forms, including dark chocolate, milk chocolate, and white chocolate that are made with higher percentage of cocoa solids, less sugar, plant-based milks and other ingredients. Nowadays, various brands offer a wide variety of vegan chocolate products, including chocolate bars, truffles, and chocolate chips for baking. As a result, vegan chocolate is gaining popularity among consumers across the globe.

Vegan Chocolate Market Trends:

The market is primarily driven by the emerging trend of veganism, especially among the millennial population across the globe. As more consumers are adopting vegan and plant-based diets, there has been a growing demand for vegan chocolates that do not contain animal-derived ingredients. In addition, the increasing prevalence of lactose intolerance and food allergies among individuals represents another major growth-inducing factor. Vegan chocolate does not contain eggs, milk, butter, milk powder, or honey, making it suitable for consumers who cannot consume dairy. Besides this, with the rising environmental awareness, consumers are becoming conscious about the impact of food production on the planet. Consequently, they are adopting vegan chocolates as they are made with sustainably sourced ingredients and have a smaller carbon footprint than traditional chocolates. Moreover, the growing awareness regarding animal cruelty and the implementation of environmental protection campaigns are also accelerating the product adoption rate across the globe. Furthermore, the escalating demand for organic vegan chocolate, the introduction of innovative flavored products by key players, and the rising disposable incomes of consumers are some of the other factors creating a favorable market outlook across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global vegan chocolate market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on chocolate type, nature, and sales channel.

Chocolate Type Insights:

• Milk Chocolate and White Chocolate
• Dark Chocolate
• Others
   

The report has provided a detailed breakup and analysis of the vegan chocolate market based on the chocolate type. This includes milk chocolate and white chocolate, dark chocolate, and others. According to the report, dark chocolate represented the largest segment.

Nature Insights:

• Organic
• Conventional
   

A detailed breakup and analysis of the vegan chocolate market based on the nature has also been provided in the report. This includes organic and conventional. According to the report, conventional accounted for the largest market share.

Sales Channel Insights:

• B2B
• B2C
  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Stores
  • Others
     

The report has provided a detailed breakup and analysis of the vegan chocolate market based on the sales channel. This includes B2B and B2C (supermarkets and hypermarkets, convenience stores, online stores, and others). According to the report, B2C represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for vegan chocolate. Some of the factors driving the Europe vegan chocolate market include the growing trend of veganism, the introduction of innovative product variants, the rising environmental concerns among the masses, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global vegan chocolate market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Alter Eco, Barry Callebaut AG, Chocoladefacriken Lindt & Sprungli AG, Chocolove, Endangered Species Chocolate, LLC, Goodio, Hu Kitchen (Mondelez International), Montezuma's Chocolate Limited, No Whey Chocolates, LLC, Plamil Foods Ltd., Sjaak’s, Theo Chocolate, Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global vegan chocolate market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global vegan chocolate market?
• What is the impact of each driver, restraint, and opportunity on the global vegan chocolate market?
• What are the key regional markets?
• Which countries represent the most attractive vegan chocolate market?
• What is the breakup of the market based on the chocolate type?
• Which is the most attractive chocolate type in the vegan chocolate market?
• What is the breakup of the market based on the nature?
• Which is the most attractive nature in the vegan chocolate market?
• What is the breakup of the market based on sales channel?
• Which is the most attractive sales channel in the vegan chocolate market?
• What is the competitive structure of the global vegan chocolate market?
• Who are the key players/companies in the global vegan chocolate market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the vegan chocolate market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global vegan chocolate market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan chocolate industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.