Vegan Chocolate Market Projected To Grow At A CAGR Of 15.5% To Reach A Value Of USD 4.0 Bn By 2032

Wednesday, 29 June 2022, 5:31 pm
Press Release: Future Market Insights

The global vegan chocolate market is set to witness growth at a CAGR of 15.5% and top a valuation of US$ 4.0 Bn by 2032. Chocolate in its pure form is said to be a vegan product only as the raw product maid from cocoa is a plant-based food. However, the cacao is subjected to extensive processing, including the addition of chemicals and milk or milk fat, making it an animal-based product.

When it comes to the conditions and environment in which animals are raised, consumers are becoming increasingly sensitive and sympathetic. Because of animal welfare issues, they are increasingly choosing plant-based items, particularly plant-based chocolates. Vegan chocolate is manufactured without dairy milk, which many people today believe is a major source of environmental problems. Crops can be used to make chocolates with a milk base. This would assist in addressing environmental concerns and drive the vegan chocolates market.

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Vegan chocolates are significantly more natural, healthier, and delicious than other chocolates made with artificial ingredients and cheap animal fat. Further, inclusion of new international flavours in vegan chocolate is propelling its demand more than ever. Casa Kakau brand is making vegan chocolates such as Cardamom Craft Chocolate and Bulgarian Rose Water chocolate, which is hand-crafted bean-to-bar chocolate from original cocoa beans. The vegan chocolate is matured and has been stone ground like traditional chocolate.

Another example is from Veganz Waffel brand which produces crunchy wafer bits chocolate with rice syrup powder, in which the couverture chocolate is given an interesting crunchy texture. The product retails in an 80g eco pack, which is made with compostable material, and further, the pack is printed with mineral oil-free ink.

Key Takeaways from Market Study

• The vegan chocolate market is worth of USD 1.0 Bn sales in 2022.
• The vegan chocolate market is expected to expand at CAGRs of 15.5% through 2032.
• Global vegan chocolate demand is projected to grow year-on-year (Y-o-Y) growth of 14.7% in 2022.
• The vegan chocolate market is growing with a notable boost towards the production to reach USD 4.0 Bn by 2032.
• High product demand from food service industry, soaring production of raw material, tasty and convenient product form are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of vegan chocolate across global markets.
• Demand for vegan chocolate grew at 14.2% CAGR between 2017 and 2021.
• Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, and Ritter Sport are expected to be the top players in the vegan chocolate industry.
• 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 are in heavy demand from food industry carrying a notable market share.

“Vegan chocolates are said to have a higher content of cocoa, sugar, cocoa butter, and other natural plant-based flavors to produce a melty texture and mouthfeel experience. As cocoa butter is the main ingredient which helps in generating the unique texture and taste in vegan chocolate, the percentage of cocoa determines the final product quality in vegan chocolate,” says a Future Market Insights analyst.

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Competitive Landscape

Key vegan chocolate brands are conducting several researches and looking for new strategic partnerships, while key business brands are focusing on developing the applications in food industry to generate high quality food and beverage solutions. The top players are focusing on new formulations and product innovations to gain vegan chocolatemarket share and attract more customers towards the product.

Despite the entry of companies in the vegan chocolates market like Hershey's, the research views smaller businesses, some of which are predominantly vegan to begin with, as driving the category's growth.

Equal Exchange, a Fair-Trade chocolate maker, Endangered Species Chocolate, Alter Eco, Taza, and Theo are among the brands predicted to grow the most in the coming years, according to the vegan chocolate market study. Endangered Species, like Hershey's, just introduced oat milk-based chocolate bars.

• In 2021, Cadbury announced to launch the vegan chocolate bar, first of its kind from the company, with two different flavours. The new vegan chocolate bar is a plant-based offering that, according to the firm, is inspired by Cadbury's Dairy Milk, the company's most popular chocolate bar in the UK.

Explore More Valuable Insights

Future Market Insights, in its new report, offers an impartial analysis of the global vegan chocolate market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

The study offers compelling insights based on product type (raw chocolate, white chocolate, dark chocolate, and others), flavor (unflavoured and flavoured), product form (bars, blended, cookies, granules, liquid, powder, whole, and others), application (baking mixes, snack bars & cereals, candy, chocolate & gums, cocoa chips & cookies, coffee, dairy & desserts, dietary supplements, ice cream & shake mix, condiments, sauces & spreads, sports bars & nutrition, and others), and sales channel (B2B / HoReCa and B2C), across seven major regions of the world.

About Food & Beverage Division at Future Market Insights

The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.

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