Activated Carbon Market report also sheds light on the supply chains and the changes in the trends of the upstream raw materials and downstream distributors.
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Growing demand for optical brighteners and textiles and fabric applications in the APAC region is stimulating market growth.
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Crunching Numbers: The Dynamic Growth of the Breakfast Cereal Industry
The global breakfast cereal market is set to witness growth at a CAGR of 4.4% and is anticipated to reach a valuation of around US$ 65.1 Billion by 2032.
Since cereal is a healthier option than a cooked breakfast, it is frequently eaten as a filler and snack between meals. Because there is a growing demand for gluten-free products, ready-to-eat cereals such as muesli and cornflakes are common choices for breakfast in both Europe and North America.
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The demand for hot cereals is being driven by growing knowledge of the health benefits of whole grain and organic cereals. In addition, it is anticipated that the addition of unique flavours to products would increase demand because they will produce novel tastes.
Key Takeaways:
Based on nature, sales of conventional breakfast cereals are anticipated to account for around 86% of the total market share in 2022.
The North American breakfast cereal market is anticipated to dominate the global market with a market share of around 27.9% in 2022, but East Asia is expected to witness a lucrative growth rate during the forecast period.
On the basis of sales channels, modern trade is expected to hold a dominating share in 2022.
Based on product type, ready-to-eat breakfast cereal is dominating the global market with a market share of more than 60% in 2022.
Competitive Landscape
The top breakfast cereal manufacturers are likely to expand their market presence attributed to the increasing demand for convenient and healthy food products. In recent years, most consumers have focused heavily on minimizing their calorie intake by adopting top cereal brands and replacing the traditional breakfast choices with better and healthier breakfast cereal brands.
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Breakfast cereal Market by Category
By Nature:
Organic
Conventional
By Product Type:
Ready-to-Eat
Hot Cereal
By Sales Channel:
Modern Trade
Traditional Grocery Stores
Convenience Stores
Specialty Stores
Online Retail Stores
Others
Sweet Revolution: Unveiling the Thriving Landscape of Vegan Chocolate Market
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 creation of vegan chocolate has accelerated due to the expanding vegan population. Vegan chocolates are available in a similar assortment to traditional chocolates. Vegan chocolates are popular among consumers and come in a range of varieties, such as dark chocolate, vegan milk chocolate, and confections with nut and vanilla flavours. All of the standard chocolate product variants, such as bars, biscuits, and powder, are also available in vegan chocolate. Technological innovations should lead to more diversity in the market.
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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.
The United States is a lucrative region for the vegan chocolate market. In 2023, the United States accounts for 31.5% of the market revenue.
China contributes 13.6% to the market in 2023.
Germany is another country where the vegan chocolate industry flourishes. The German market accounts for a share of 9.4% of the market.
“The intersection of vegans and the young crowd represents a significant customer base for the vegan market. The younger generation is willing to spend money on premium products. Brands in the market are packaging chocolates with toys and games to make them appealing to children. The popularity of artisanal and hand-made chocolates is also rising, driving the overall market growth,” remarks Nandini Roy Choudhury, Client Partner at Future Market Insights.
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
Endorfin Foods
Sjaak’s VGAN Chocolates
Divine Treasures LLC
Equal Exchange COOP
No Whey Chocolate
Others
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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