Vegan Chocolate Market to Generate $1,960.9 Million and Exhibit a CAGR of 13.1% from 2021 to 2028

The global vegan chocolate market is expected to witness prominent growth by 2032, owing to the increasing number of health-conscious people adopting plant-based diets. The North America region held the largest market share in 2022.

Press Release:

As per the report published by Research Dive, the global vegan chocolate market is projected to generate a revenue of $1,960.9 million and grow at a striking CAGR of 13.1% during the estimated period from 2023 to 2032.

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Dynamics of the Market

The increasing adoption of plant-based diets among consumers owing to their numerous health benefits such as reducing cholesterol levels, managing weight, and many more is expected to upsurge the growth of the vegan chocolate market during the forecast timeframe. Moreover, many leading manufacturers are incorporating innovative ingredients such as maca powder, cacao nibs, acai berries, and many more to provide vegan chocolates to consumers with different flavors and varieties which is expected to create wide growth opportunities for the market over the analysis timeframe. However, the limited availability of ingredients may restrict the production of vegan chocolates which may hamper the growth of the vegan chocolate market in the coming years.

COVID-19 Impact on the Global Market

The COVID-19 pandemic significantly impacted the vegan chocolate market. Initially, the disruptions in supply chains, prolonged lockdowns, closure of stores, and stringent regulations affected the production and sales of vegan chocolates. Moreover, the reduced consumer spending during the pandemic further hampered the market's growth during the crisis. However, the growing number of consumers prioritizing health & wellness and emphasizing plant-based diets inclined the growth of the market.

Segments of the Market

The report has segmented the vegan chocolate market into type, product, distribution channel, and region.

By type, the milk sub-segment held the highest market share in 2022 and is predicted to witness substantial growth during the forecast period. The increasing awareness and understanding of the benefits of plant-based milk alternatives among consumers worldwide are expected to bolster the growth of the market sub-segment over the analysis timeframe.

By product, the molded bars held the largest vegan chocolate market share in 2022 and is anticipated to grow significantly by 2032. Molded bars are portable and convenient products that include natural and organic ingredients, lower sugar content, and other health-focused attributes which is expected to amplify the growth of the market sub-segment forward.

By distribution channel, thehypermarkets/supermarkets held the largest market share in 2022 and is expected to dominate during the forecast period. Hypermarkets/supermarkets often introduce and stock a wide variety of vegan chocolates and make these products easily accessible to consumers globally which is expected to fortify the growth of the market sub-segment further.

By region, theNorth America vegan chocolate market registered the maximum revenue in 2022 and is projected to flourish immensely by 2032. The increasing number of consumers prioritizing ethically produced and sustainably sourced products across the region is expected to boost the market's regional growth in the coming period.

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Key Players of the Market

The major players of the vegan chocolate market include Alter Eco, Barry Callebaut, Mondelēz International, Nestlé, Evolved Chocolate, Endorfin Foods, Chocoladefabriken Lindt & Sprüngli AG, Montezuma's Direct Ltd., Taza Chocolate, and Endangered Species Chocolate, LLC. These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.

The report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

Mr. Abhishek Paliwal
Research Dive
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

This release was published on openPR.