Vegan Chocolate Drinks Market Size & Share 2023-2030 Analysis by Key Players - Mondelēz International., Nestle SA and Endangered Species Chocolate

Vegan Chocolate Market Report Scope -

The SNS Insider report indicates that the Vegan Chocolate Market was valued at USD 1135.5 million in 2022, and it is projected to achieve a market size of USD 2860 million by 2030, with a compound annual growth rate (CAGR) of 12.24% expected over the forecast period from 2023 to 2030.

The vegan chocolate market is divided into vegan milk chocolate, vegan dark chocolate, and vegan white chocolate. In 2022, the segment of dark chocolate accounted for 52.9% of the market, due to the fact that dark vegan chocolate contains antioxidants and flavonoids that help improve cognitive function. In addition, people are increasingly looking for nutrition benefits when they eat chocolate. Compared to milk chocolate or White Chocolate, dark chocolate has a lower sugar content. Veganism refers to the consumption of plant-based products. Therefore, vegan chocolate is considered to be dairy free. Veganism does not support the consumption of animal products and byproducts, in particular dairy products, such as cow's milk.

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Key Players Covered in this market report are:

Mondelēz International.
Nestle SA
Endangered Species Chocolate
Tofutti Brands Inc.
The Hershey Company
Plamil Foods Ltd
Mars Incorporated
Barry Callebaut
Chocoladefabriken Lindt & Sprüngli AG
Schmilk Chocolate
Ludwig Weinrich GmbH & Co. KG
Purdys Chocolatier

Market Growth Factors -

Another primary adopter for Vegan Chocolate is the increasing awareness regarding animal cruelty towards obtaining a variety of animal-based products such as meat and leather will fuel increased market growth. The rising cases of lactose intolerance among the general population also witness a global rise. More than 70% of the world's population is at risk for an increase in lactose intolerance, according to studies conducted by the Food Tolerance Network. Because it's made with cocoa butter instead of milk and other additives, dark chocolate is the best chocolate for vegans. It's called cocoa butter, but it doesn't contain any dairy products and is a "butter" because of its soft texture from the vegetable. The environmental impact of animal agriculture, in particular as regards greenhouse gas emissions, deforestation and water consumption, is becoming more evident around the world. For this reason, people are looking for more environmentally friendly choices in normal animal products. For chocolate lovers, a more environmentally friendly choice is vegan chocolate that does not use milk or any of the animal derived ingredients. People can get a sweet treat by choosing vegan chocolate.

Segmentation Analysis -

The market is divided into Dark Chocolate, Milk Chocolate, White Chocolate and Other based on the type. In 2022, dark chocolate accounted for the majority of its market value at USD 300.78 million. Dark chocolate is known for its rich cocoa content and potential health benefits. Its popularity is due to its perceived antioxidant properties and its appeal to health-conscious consumers, which contributes to a significant share of the market. Despite being a nondairy alternative, milk chocolate is also guaranteed.

On the basis of the product, the market is divided into molded bards, chips and bites, packaged assortments and other. In 2022, the market share of polished bars was around 64.07% and it is projected to increase at a fast pace until 2032. Molded bars are known for their convenience, portability, and appeal to consumers who seek indulgent yet portion controlled snack options. In addition, their popularity in the vegan market is due to the flexibility of the molded bars, which can accommodate a variety of flavours and ingredients.

Vegan Chocolate Market Segmentation as Follows:

By Chocolate Type
Milk Chocolate & White Chocolate
Raw Chocolate
Dark Chocolate

By Distribution Channel
Supermarkets/Hypermarkets
Convenience Stores
Online Stores
Other

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Key Regional Development -

The North American Vegan Chocolate market area will dominate this market, due to concerns with private health, environmental sustainability, and animal welfare. This trend has led to an increase in demand for vegan chocolates, which are more healthy than traditional chocolate products. Moreover, there has been a significant shift in consumer preferences towards products that are consistent with their moral principles and have a smaller environmental impact on the North American market.

Europe Vegan Chocolate market represents the second-largest market share because of the rise in demand for dairy- and plant-based products. In addition, the German Vegan Chocolate market accounted for a large share and the UKVegan Chocolate market was Europe's most rapidly increasing chocolate market. The Asia Pacific Vegan Chocolate Market is expected to grow at the fastest rate during the period 2023 and 2032. This is due to the growing trend of veganism throughout the Asia Pacific region.

Key Takeaway's-

The increasing acceptance of veganism and a growing demand for high quality plant foods, there has been an increase in demand for handmade chocolate from plants. Consumers are increasingly looking for artisanal chocolates as gifts, indulgent delicacies or special occasions. In order to replicate the texture and taste of traditional milk chocolate, manufacturers are experimenting with a wide range of plant-based substitutes, such as almond milk, coconut milk, and rice, to create a variety of innovative flavours and ingredients. In addition, the inclusion of superfoods, such as goji berries, acai, and matcha, which appeal to health-conscious consumers who seek functional benefits in indulgent foods, has gained traction.

Recent Developments -

In 2023, Moon Magic, a vegan chocolate firm based in the United States, launched a range of vegan milk chocolate bars with no added sugar. The oat milk in the new beverage includes only 117 calories and 2g of sugar.

In 2022, Nestle announced the availability of KitKat V, the vegan version of its popular KitKat brand, in 15 European nations, following its initial testing in the United Kingdom and a few other countries in 2021. The original KitKat milk is replaced with a rice-based replacement, but the crispy wafer and smooth chocolate sensations remain.

Table of Content - Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
8. Segmentation, By Product Type
9. Vegan Chocolate Market Segmentation, By Chocolate Type
10. Vegan Chocolate Market Segmentation, By Distribution Channel
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

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This release was published on openPR.