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Decadence Redefined: Exploring the World of Vegan Chocolate


The vegan chocolate market stands at US$ 1,233.9 million in 2023. The market is predicted to show phenomenal growth from 2023 to 2033, growing at a CAGR of 11.9%. By the end of 2033, the market is expected to reach US$ 3,814.2 million.

The growing number of vegans has increased the production of vegan chocolate. The selection of vegan chocolates is comparable to that of regular chocolates. Vegan chocolates are widely available to consumers and include dark chocolate, vegan milk chocolate, and confections flavoured with vanilla and nuts. Vegan chocolate is available in all the usual product variations, including bars, biscuits, and powder. Increased market variety should result from technological advancements.

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Suppliers of vegan chocolates are appealing to consumers with the ethical nature of the chocolates. Marketing campaigns heavily boast of the animal and dairy-free nature of the products. The plant-based ingredients are given importance in promotional campaigns. Further, producers are also moving along with sustainability trends, making eco-friendly products with sustainable packaging. The rising demand for sugar-free and gluten-free vegan chocolates is also stimulating the market’s growth.

Key Takeaways from the Vegan Chocolate Market Report

The vegan chocolate market valuation is US$ 1,233.9 million in 2023.
Dark chocolate is winning over consumers. Dark chocolate holds an impressive 68.4% market share by product type.
Bars are the most popular form of vegan chocolates. In 2023, bars hold 74.4% of the market share by form.
Competition Analysis of the Vegan Chocolate Market

Established players in the chocolate industry are trying to gain a stronghold in the market. However, the field remains open for small-scale vendors. Technology remains an area of concentration for the players in the market as it allows the introduction of new products. Some prominent companies in the market are Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, Ritter Sport, Hu Chocolate, and Alter Eco.

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Vegan Chocolate Market Key Players

Mondelez International
The Hershey Company
Schmilk Chocolate (Chocolate Hollow, LLC)
Lindt & Sprüngli
Ritter Sport
Hu Chocolate
Alter Eco
TCHO
Recent Developments in the Vegan Chocolate Market

In October 2023, Smoothie King introduced smoothie bowls with vegan chocolate. Both Açai Cocoa Haze and Coco Pitaya-Yah smoothie bowls contain dairy-free vegan chocolate.
In September 2023, Mummy Meegz innovated with the packaging of its oat milk and white chocolate product lines. In collaboration with Parkside, the packaging for the product lines was made sustainable.
In January 2020, German brand Vego teamed with Frederick Export to make its products available in the United States.
Key Segments

By Product Type:

Raw Chocolate
White Chocolate
Dark Chocolate
Others
By Form:

Blended
Cookies
Bars
Granules
Liquid
Powder
Whole
Others
By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

 

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The Hidden Heroes: Unveiling the Power of Crop Micronutrients


From past few years chemical fertilizers are widely used on crops which is resulting in micronutrient deficiencies in crops. In addition to this, water scarcity and intensive chopping patterns are also increasing the micronutrient deficiencies in crops. The global crop micronutrient market is set to witness growth at a CAGR of 7.4% and top valuation of US$ 8.1 Billion by 2032.

Concerns have been raised by the phrase “food insecurity” among academics, researchers, agronomists, and policymakers all around the world. Food security has gotten a lot of attention recently because of the changing climate and the constant threat posed by anthropogenic activities.

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Key Takeaways:

The crop nutrients market is expected to expand at CAGR of 5.9% and 4.1% in Latin America and the Middle East & Africa respectively through 2032.
East Asia and South Asia will account for 19.4% and 15.2% respectively in 2022, due to increasing awareness regarding micronutrients among the farmers.
Among the form segment, chelated micronutrients are dominating the crop micronutrient market holding around 78.3% share in 2022 and is expected to grow with CAGR of 4.5% over the forecast period.
Competitive Landscape

Key players operating in the crop micronutrient market are DowDuPont Inc., Aries Agro Ltd., Baicor L.C., Compass Minerals International, Inc., BASF SE, The Mosaic Company, Western Nutrients Corporation, Nutrien Ltd., Akzo Nobel N.V, and Yara international ASA.

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Crop Micronutrients Market By Category

By Form:

Chelated Micronutrients
Non-chelated Micronutrients
By Crop Type:

Cereals & Grains
Pulses and Oilseeds
Fruits & Vegetables
By Product Type:

Boron
Zinc
Copper
Molybdenum
Iron
Manganese
By Application:

Fertigation
Foliar
Soil
Seed Treatment

 

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Future Feast: Exploring the Cultured Meat Market Growth


The cultured meat market has reached a notable peak in 2023, rising from US$ 2.1 billion in 2022 to US$ 2.3 billion. Forecasts for 2033 are very positive, with revenues expected to reach US$ 8.2 billion, fueled by a 13.5% compound annual growth rate from 2023 to 2033.

The public’s growing awareness of environmental sustainability and the industry’s need to solve the issues raised by conventional livestock production are the main forces behind the substantial increase in cultured meat. Customers are become increasingly aware of the environmental effects of cattle farming due to the significant amounts of greenhouse gas emissions, deforestation, and water use that come with it. The demand for more sustainable, alternative protein sources is rising as a result. Because it uses less resources and produces fewer emissions than conventional meat production, the creation of cultured meat presents a potential substitute.

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While the cultured meat industry holds significant promise, it faces several challenges and restraints. One of the primary concerns is the high production cost associated with scaling up cultured meat production. Currently, producing cultured meat at a competitive price remains a hurdle for many companies. Additionally, regulatory approvals and consumer acceptance pose potential roadblocks. As cultured meat is a relatively new concept, gaining regulatory approval in various countries can be time-consuming and complex. Moreover, winning over consumers accustomed to traditional meat products and ensuring that cultured meat meets their taste and quality expectations is crucial for industry growth.

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Key Takeaways from the Cultured Meat Market:

Poultry cultured meat claims a substantial 42.1% market share in 2023.
The food services industry dominates with a 49% market share in 2023.
The United States commands a notable 24.6% value share in 2023.
Germany secures an 8.4% value share of the cultured meat market in 2023.
Key Players and Strategies for Success in the Cutting-Edge Cultured Meat Market

The competitive landscape of the cultured meat industry is characterized by a dynamic mix of established players and innovative startups. Leading companies, such as Beyond Meat, Impossible Foods, and Memphis Meats, have paved the way for this industry by introducing plant-based and cell-based meat alternatives that resonate with changing consumer preferences.

In recent years, there has been a surge in investment and collaboration within the industry, with venture capital firms and major food conglomerates entering the fray. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach.

Key Segments of the Cultured Meat Market

By Meat Type:

Poultry
Pork
Beef
Seafood
Others
By Application:

Food Services Industry
Pet Food Industry
Others
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Key Developments in the Market

In June 2023, the US Food and Drug Administration (FDA) approved the sale of cultured chicken products from Upside Foods and Good Meat. This was a major milestone for the cultured meat industry, as it was the first time that cultured meat had been approved for sale in the United States.
In March 2023, Steakholder Foods announced that it had signed a memorandum of understanding with a food technology company to develop and commercialize cultured meat products. This is a significant development, as it shows that major food companies are starting to take an interest in cultured meat.

 

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Spreading Change: Inside the Rapidly Expanding Vegan Butter Market


The global vegan butter market is forecasted to expand at 5% CAGR over the estimated period as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 4,784.7 million in 2033

The B2C sales channel indicates that there is a growing demand for vegan butter made from oats, which is propelling the market ahead. The demand for oat-based vegan butter is rising due to the popularity of oat milk and related products.

Vegan butter sales are rising as clean-label and vegan goods gain popularity. Companies such as Miyoko’s Creamery are working to have their vegan butter products certified so they can market them as “gluten-free,” “soy-free,” and “non-GMO.” Gaining public acceptance and boosting the overall sales of plant-based butter are the goals of labelling.

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Within the bakery industry, vegan butter is being perceptibly used at a large scale now. This evolution in the ingredient choice has been dictated by the surging health-wary consumers, who are seeking bakery items made of vegan butter.

Flavored vegan butter has also been gaining widespread traction, as evident with the increasing number of merchants introducing their line of flavored plant-based butter. Manufacturers require to focus on technological upgrades over the forecast period to:

Enhance manufacturing processes
Sales monitoring
Top Highlights from the FMI’s Analysis of the Vegan Butter Industry:

The United States vegan butter industry garnered a 22.4% market share in 2022.
Germany’s share in the global vegan butter industry was 6% in 2022.
The United Kingdom is anticipated to expand from 2023 to 2033 with a CAGR of 5.5%.
Japan’s market contributed a value share of 2.9% in 2022.
India’s vegan butter industry is projected to register a prominent CAGR of 6.5% over the forecast period.
Innovation Watch: New Developments in the Market

In September 2019, Country Crock® made moves along with the plant-based food movement by introducing Country Crock® Plant Butter, a new dairy-free plant butter, that is similar in taste to dairy butter. The product is made of plant-based oils and enriched with oils like almonds, avocados, and olives. The product is certified by Plant Based Foods Association (PBFA) as kosher, gluten-free, and plant-based, making it appropriate for vegan diets.
In July 2020, Flora, a margarine brand, announced that it is going 100% vegan. Following this announcement, the company introduced the Flora Plant range of 100% vegan butter. The block butter consists of palm, rapeseed, and sunflower oil. The wrapping material of this butter block is 100% biodegradable.
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Key Players Operating in the Market

Wayfare Food
Chobani LLC
Miyoko’s Creamery
Milkadamia
Prosperity Organic Foods, Inc
Conagra Brands Inc.
Upfield Foods
Premier Organics
Forager Project
wildCREAMERY (Wildbrine®)
Others
Vegan Butter Industry by Category

By Source:

Rice Milk
Oat Milk
Soy Milk
Corn Milk
Almond Milk
Pea Milk
Cashew Milk
Coconut Milk
Hemp Milk
Flax Milk
Others
By Flavor:

Unflavored
Flavored
Cocoa/ Chocolate
Cinnamon
Banana
Coconut
Grape
Hazelnut
Lemon
Peanut Butter
Raspberry
Strawberry
Vanilla
Other Flavors
By Sales Channel:

B2B
Hotels
Restaurants
Cafes
B2C
Hypermarkets /Supermarkets
Convenience Stores
Mom and Pop Stores
Discount Stores
Food & Drink Specialty Stores
Independent Small Groceries
Online Retail
Others Retail Formats
By Application:

Bakery Industry
Confectionery Items
Dairy Industry
Dietary Supplements
Household Pantry
Hotel, Restaurant, and Retail Chains
Others
By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East & Africa
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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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