Plant-Based Chocolate Market Size, Growth Strategies 2023

According to Precision Business Insights (PBI), the latest report the global plant-based chocolate market is estimated to grow at a significant CAGR during the forecast period 2023-2029. Increasing acceptance of veganism among consumers, especially among millennials and the working population, has been fueling the product demand. A well-planned vegan diet that follows healthy eating standards gives all of the nutrients that the body needs. According to the American Academy of Nutrition and Dietetics and the British Dietetic Association, it is appropriate for persons of all ages and stages of life. Several studies have linked vegan chocolates to reduced blood pressure and cholesterol levels, as well as lower rates of heart disease, type 2 diabetes, and other malignancies. Veganism promotes healthy eating habits while lowering the hazards linked with toxic animal fats. Plant-based chocolate is high in vitamins, fiber, and minerals. Many lactose-intolerant people choose plant-based alternatives. As a result, global demand for plant-based chocolates is expanding.

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The Dark Chocolate Additives Segment is Dominating the Plant Based Chocolate Market:
The Dark Chocolate segment is expected to account for a larger revenue share and the market is expected to grow at double digit growth rate over the forecast years. Dark chocolate, also known as "bittersweet" or "semisweet" chocolate, is made from cocoa butter instead of fats such as palm and coconut oils. Dark chocolate carries a rich and intense flavour and is an excellent source of flavonoids which contribute to its pigment. The greater number of flavonoids contributes to darker chocolate and potentially greater health benefits. It contains a very high percentage of cocoa solids, generally more than 60% with little or no added sugar. Some of the products manufactured using dark chocolate include chocolate bars, candies, and baking chocolate. Moreover, it also helps in boosting blood circulation to the brain, which can improve the ability to focus, improving memory, and controlling the anxiety levels.

The plant-based chocolate market is segmented based on product type, type, distribution channel and geography.
Based on the Product Type, the market is segmented into the following:
• Boxed
• Molded Bars
• Chips & Bites
• Truffles & Cups
• Others

Based on the Type, the market is segmented into the following:
• Milk
• Dark
• White

Based on the Distribution Channel, the market is segmented into the following:
• Online
• Offline

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Europe Leads Plant Based Chocolate Market:
Europe is expected to hold significant market share in the global plant-based chocolate market and is projected to grow at a prominent growth rate over the forecast years owing to rapid an increase in consumer understanding of animal welfare, health, and sustainability Furthermore, high disposable income, new technologies, established research and development facilities, and the presence of manufacturing units throughout the area are propelling the market in Europe.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The global plant based chocolate market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In May 27, 2020, Barry Callebaut acquired Australia-based GKC Foods to establish a direct presence and manufacturing capability in the country to serve the Australian and New Zealand markets. GKC Foods' acquisition strengthens the company's position in the chocolate industry, while also allowing it to leverage its value-added Gourmet & Specialties business in Australia and New Zealand. Barry Callebaut plans to continue to work with local distributors in Australia and New Zealand.

Key player's profiles in the plant-based chocolate market report are Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, Ritter Sport, Hu Chocolate, Alter Eco, TCHO, Endorfin Foods, Sjaak's, VGAN Chocolates, Divine Treasures LLC, Equal Exchange COOP, No Whey Chocolate, Others.

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This release was published on openPR.