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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