Vegan Chocolate Market Size was valued at USD 1.3 Billion in 2022. The Vegan Chocolate industry is projected to grow from USD 1.49 Billion in 2023 to USD 4.33 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.30% during the forecast period (2023 - 2032). Product development innovation, growing interest in plant-based diets, and increasing popularity of handmade chocolates are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Global Market CAGR for vegan chocolate is being driven by the increasing popularity of custom chocolates. Chocolate items that are suitable for those who follow a vegan diet or lifestyle are those that are free of ingredients originating from animals. Butterfat, milk, and other dairy products are frequently used in traditional chocolate, all of which come from animals. Contrarily, vegan chocolate is produced without the use of any animal ingredients. Producers swap out dairy products for plant-based substitutes to make vegan chocolate.
Additionally, the demand for hand-crafted plant-based chocolates has surged due to the increasing acceptance of veganism and the desire for high-quality plant-based food options. As gifts, decadent treats, or for special occasions, consumers are increasingly looking for artisanal chocolates. Further boosting the sales of handmade chocolates is the growing disposable income of middle-class consumers. These varieties are frequently mixed with nuts, fruits, alcohol, and other ingredients to enhance the richness of high-end chocolates. The selection and accessibility of vegan chocolates have considerably increased over time. Many chocolate producers have separate vegan product lines or provide a variety of vegan options. A wider customer base has been drawn in as a result of their easier availability to consumers in grocery stores, specialty stores, and internet sellers.
Additionally, the flavor and quality of these chocolates have been greatly enhanced by improvements in ingredient sourcing, production processes, and the addition of vital nutrients. Changing to a better lifestyle and diet is what most consumers desire to do ly. Manufacturers of chocolates with less sugar and milk substitutes like hazelnut, cashew, and oats, as well as other ingredients, provide additional support for this. A further growth in public awareness of vegan diets and goods can be attributed to the growing concern about animal cruelty and the growing demand from animal rights organizations to reduce consumption of dairy-based goods. Plant-based chocolates are an excellent example of a food that dietitians are recommending as being consumed for sustainability and good health.
For instance, Studies suggest that 68.1% of people become vegans for reasons related to animal welfare, 9.7% for reasons related to the environment and sustainability, and 17.4% for reasons related to health, according to Soylent Nutrition, Inc., an American firm that makes meal replacement products. Thus, result in driving the Vegan Chocolate market revenue.
The Vegan Chocolate market segmentation, based on Chocolate Type includes Milk Chocolate & White Chocolate, Dark Chocolate, and Other Types. The dark chocolate segment dominated the market. The growth is due to the high antioxidant content and other health advantages. Compared to milk chocolate, it is frequently viewed as a healthier option. Due to shifting consumer preferences and the rising popularity of luxury and artisanal chocolates, the dark segment is predicted to experience significant growth.
The Vegan Chocolate market segmentation, based on Product Type, includes Boxed Assortments, Countlines, and Others. The boxed assortments category generated the most income. Due to their gorgeous packaging and variety of chocolates, boxes of chocolates are very popular as gifts. They offer a wide range of flavors, textures, and chocolate varieties, such as dark, milk, and white varieties.
The Vegan Chocolate market segmentation, based on Distribution Channel includes Supermarkets/Hypermarkets, Convenience stores, Online Stores, and Other Distribution Channels. The supermarkets/hypermarkets segment dominated the market. Due to the huge range of brands and price points offered by such major supermarkets, consumers strongly prefer to shop in this area. Additionally, customers find these establishments handy because they may choose from a wide range of options under one roof.
Figure1: Vegan Chocolate Market, by Distribution channel, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Vegan Chocolate market area will dominate this market, due to concerns with private health, environmental sustainability, and animal welfare. As a more healthier alternative to traditional chocolate products, this trend has increased demand for vegan chocolate. Additionally, the North American market has seen a notable movement in consumer preferences toward goods that are consistent with their moral principles and have a smaller environmental impact.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: VEGAN CHOCOLATE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Vegan Chocolate market represents the second-largest market share because of the rise in demand for dairy- and plant-based products. Further, the German Vegan Chocolate market held a dominant market share, and the UK Vegan Chocolate market was the European region's fastest-growing market.
The Asia-Pacific Vegan Chocolate Market is anticipated to see the fastest CAGR between 2023 and 2032. This is due to the rise in veganism throughout the Asia Pacific area, especially in nations like India, China, and Australia. Moreover, China’s Vegan Chocolate market held a dominant market share, and the Indian Vegan Chocolate market was the Asia-Pacific region's fastest-growing market.
Leading market players are putting a lot of money on R&D to broaden their product ranges, which will help the vegan chocolate industry, grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. To grow and endure in an increasingly competitive and challenging market environment, Vegan Chocolate industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the Vegan Chocolate industry to develop market sector and provide benefits to customers. In recent years, the Vegan Chocolate industry has provided some of medicine's greatest important benefits. Major players in the Vegan Chocolate market, including Chocoladefabriken Lindt & Sprüngli AG, Montezuma’s Direct Ltd., Alter Eco, Endorfin Foods, taza chocolate, Nestlé S.A., Barry Callebaut, Evolved Chocolate, and others, invest in operations for research and development in an effort to improve market demand.
Chocoladefabriken Lindt & Sprüngli AG, was established in 1845 and is well-known for its chocolate bars and truffles, among other treats. It has its headquarters in Kilchberg, which also houses its primary manufacturing and museum. One of the biggest producers of chocolate in Switzerland is Lindt. There are 12 plants operated by Lindt & Sprüngli, located in Stratham, New Hampshire, Aachen, Germany, Oloron-Sainte-Marie, France, and Induno Olona, Italy. In addition to producing goods under the Lindt name, the factory in Gloggnitz, Austria, also produces goods under the Hofbauer & Küfferle brand. In December 2022, The Consumer Reports research "Lead and Cadmium Could Be in Your Dark Chocolate" found that Lindt was one of many dark chocolate bars that had significant levels of lead or cadmium metals when compared to California's maximum daily allowed dose level. The cadmium levels are still below the EU standard for dark chocolate, which is 0.80 mg/kg.
Nestlé S.A. is a worldwide food and beverage processing conglomerate firm with its headquarters in Vevey, Vaud, Switzerland. By revenue and other indicators, it has been the largest publicly traded food company in the world since 2014. It was placed No. 64 on the Fortune 500 in 2017 and No. 33 on the Forbes 2000 list of the biggest public firms in 2016. Among Nestlé's offerings are baby food (some of which contain human milk oligosaccharides), medicinal food, and bottled water, cereal for breakfast, coffee, tea, confections, dairy goods, ice cream, frozen food, pet foods, and snacks. In 2019, the business declared that it would make Nutri-Score available for all of its products sold in the European nations that accepted the nutritional label.
Vegan Chocolate Industry Developments
August 2022: A Swiss chocolate and candy company called Laderach Chocolatier Suisse has introduced new vegan chocolates in its well-known FrischSchoggi line. The new product has no preservatives and is prepared with cashew milk rather than dairy milk.
November 2022: A new plant-based chocolate bar was added to the line-up by Swiss chocolatier and confectionery company Chocoladefabriken Lindt & Sprüngli AG in honor of Veganuary, an annual effort to support and encourage individuals to become vegans all over the world. A gluten-free oat beverage, almond paste, caramel bits, and sea salt make up the new vegan caramel sea salt bar.
October 2021: The Mondelez International-owned international confectionery business Cadbury announced the arrival of its first vegan chocolate bar in the United Kingdom. Two kinds of the new product are offered: smooth chocolate and smooth chocolate with chunks of salted caramel.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 1.3 Billion |
| Market Size 2023 | USD 1.49 Billion |
| Market Size2032 | USD 4.33 Billion |
| Compound Annual Growth Rate (CAGR) | 14.30% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Chocolate Type, Product Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Chocoladefabriken Lindt & Sprüngli AG, Montezuma’s Direct Ltd., Alter Eco, Endorfin Foods, taza chocolate, Nestlé S.A., Barry Callebaut, Evolved Chocolate, MondelÄ“z International, |
| Key Market Opportunities | Improvements in market growth will come from product innovation. |
| Key Market Dynamics | Growing Popularity of Handmade Chocolates to Support Market Expansion |
Vegan Chocolate Market Highlights:
Frequently Asked Questions (FAQ) :
In 2022, the market for vegan chocolate was estimated to be worth USD 1.33 billion.
During the forecast period, 2023-2032, A CAGR of 14.30% is predicted for the growth of the market.
The largest market share worldwide was held by North America.
Chocoladefabriken Lindt & Sprüngli AG, Montezuma's Direct Ltd., Alter Eco, Endorfin Foods, Barry Callebaut, taza chocolate, Nestlé S.A., Evolved Chocolate, and Nestlé S.A. are the major participants in the market.
In 2022, the Dark Chocolate market was dominant.
The largest market share in the world was held by supermarkets and hypermarkets.
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