The global chocolate market size was estimated at USD 113.16 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.7% from 2022 to 2030. Consumer consciousness regarding the health benefits of eating high-quality chocolate, which remains the key driver of the market. Another factor driving product demand in the coming years is the growing demand for vegan, organic, gluten-free, and sugar-free chocolates. The COVID-19 pandemic moderately impacted the global market. Governments across the globe were forced to impose lockdowns due to the rapid spread of infection, forcing many businesses and production facilities to shut down temporarily. This affected the global supply and distribution chain thereby negatively impacting the market growth. However, the demand for chocolates increased during the pandemic as people stocked up on packaged and processed foods. According to the State of Treating Report 2021 by the National Confectioners Association (NCA), chocolate rose by 4.2% during the pandemic period in 2020.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global chocolate market report based on product, distribution channel, and region:
[103 Pages Report] "Vegan Chocolate Market" size is projected to reach Multimillion USD by 2028, In comparison to 2023, at unexpected CAGR during 2023-2028 and generated magnificent revenue. This study provides all the most recent market facts and trends for your business analytics and strategic decision-making. This Vegan Chocolate Market research report is meant to be helpful to all business owners, investors, and stakeholders in the industry. It provides significant insights into the factors affecting the global Vegan Chocolate market and the industry's yearly growth.
The Vegan Chocolate market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.According to our (Global Info Research) latest study, due to COVID-19 pandemic, the global Vegan Chocolate market size is estimated to be worth USD 345.7 million in 2021 and is forecast to a readjusted size of USD 987.4 million by 2028 with a CAGR of 16.2% during review period. Offline accounting for % of the Vegan Chocolate global market in 2021, is projected to value USD million by 2028, growing at a % CAGR in next six years. While Chocolate Bars segment is altered to a % CAGR between 2022 and 2028.Global key companies of Vegan Chocolate include Taza Chocolate, Alter Eco, Endangered Species Chocolate, LLC., EQUAL EXCHANGE COOP, and Chocoladefabriken Lindt and SprÃ¼ngli AG, etc. In terms of revenue, the global top four players hold a share over % in 2021.
This report focuses on the Vegan Chocolate in Global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application. The Vegan Chocolate-market report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market.
[342 Pages Report] The vegan chocolate market is valued at USD 1.0 Bn in 2022 and is projected to grow at a CAGR of 15.5% during the forecast period, to reach a value of USD 4.0 Bn by 2032. Newly released data from Future Market Insights market analysis shows that global vegan chocolate demand is projected to grow year-on-year (Y-o-Y) growth of 14.7% in 2022.
Vegan chocolate demand grew at 15.5% CAGR between 2017 and 2021. Vegans prefer high-quality dark chocolate with a cacao content of 50% or more. According to vegan chocolate market study, more than 3 in 10 German consumers consumes chocolate to unwind and relax, and the percentage almost same for other European countries, but vegan chocolate remains a niche market relatively. Growing demand for vegan chocolate from younger consumers from the region is set to boost innovative product development in the industry.
Recent researches have revolutionized the industry over the period and is further projected to grow at CAGR worth 14.2% in the forecasted year of 2022-2032. Vegan chocolate market along with dark vegan chocolate, flavored vegan chocolate, bars as product form, snack bars and cereals as application, and B2C sales channel segments are projected to reflect favorable growth outlook in terms of revenue, according to the annual market analysis conducted by Future Market Insights.
Furthermore, rising public awareness of animal cruelty and an increase in environmental conservation initiatives are boosting vegan chocolate market growth. In recent years, increased cases of lactose intolerance and other food-related allergies among children and adults have shifted consumer food choices.
According to the vegan chocolate market analysis, millennials and the working population are rapidly adopting vegan culture, which is expected to increase demand for vegan chocolate. Consumers are not only looking for sustainable and healthier solutions, but they are also willing to pay a premium for items that are responsibly sourced and sustainable, according to data.
Due to the strong demand for vegan chocolate products due to their sweet and creamy taste, the milk chocolate sector accounted for the highest share of the market in 2020. According to a vegan chocolate market study released in October 2019, Cadbury Dairy Milk chocolate was the most popular chocolate bar on the planet. The standard milk chocolate bar attracted an average of 466,680 searches every year, according to the same survey. Product demand is expected to rise as a result of these market dynamics.
Creamy, organic vegan chocolate with a surprise toy, which is free from potential allergens like soy, dairy, refined sugar, or gluten, is much desired among UK consumers. Few of the products also uses only recyclable, recycled, and compostable materials, and described as environmentally responsible products, making huge vegan chocolate market opportunity in UK.
Key vegan chocolate manufacturers are looking for capturing the market with joint ventures, partnerships, mergers, and acquisitions, while keeping up with research for innovative product lines, supported by governments, and top vegan chocolate brands are focusing on upgraded and modified product with rising demand for new formulation from food and beverage industry, which has increased over time with Vegan Chocolate consumption among all population.
According to recent vegan chocolate market research in the United Kingdom, the United States, and Australia, 5.6 percent of chocolate and fudge products bear a vegan claim in the overall chocolate industry. This opens up enormous opportunity for new businesses to develop new goods and expand their vegan chocolate market share.
Vegan chocolate technology is already being invested in by companies, and this trend will continue in the next years. And those who can promote high-end vegan products are going to make the most money. Vegan chocolate producers must stake their bets and invest in the capabilities required to achieve their marketing strategy and target consumer categories in order to gain market share in the long run. Vegan chocolates, in general, are an interesting trend for the food business.
Companies in the global vegan chocolate market are focusing on research and development activities to introduce new and innovative flavors in vegan chocolates. Rise in consumption of vegan chocolates can be ascribed to their distinctive flavor and nutritional properties. The global vegan chocolate market is estimated to witness a significant growth rate (CAGR) of 10.5% during the forecast period, owing to the growth in number of animal welfare organizations, increase in vegan population, and surge in awareness about benefits of plant-based food products. Companies are taking efforts to increase marketing and promotional activities to boost their revenue in the vegan chocolate market.
Veganism is defined as consumption of plant-based products. Thus, vegan chocolate is considered dairy-free. Veganism opposes the consumption of animal products and by-products, particularly dairy products such as cow milk. Dark chocolate is the finest chocolate for vegans, since it is made with cocoa butter instead of milk and other additives. It is named cocoa butter; however, it does not contain any dairy product and is classified as "butter" due to the creamy texture provided by the vegetable fat extract. The global vegan chocolate market is significantly driven by the increasing population of vegans and flexitarians.
Based on nature, the global vegan chocolate market has been bifurcated into organic and conventional. The conventional segment held major share of 86.3% in 2022 and is expected to grow at a value CAGR of 10.3% during the forecast period. Demand for organic vegan chocolate is expected to reach US$ 216.8 Mn by the end of 2032, with a value CAGR of 11.5%. Organic vegan chocolate is produced without using any harmful pesticides or chemicals. Consumers perceive organic chocolate as a safe and healthier alternative to conventional chocolate. This is expected to boost the global market for organic vegan chocolate in the next few years. 2b1af7f3a8