According to the latest report by IMARC Group, titled, “Vegan Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global vegan chocolate market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the vegan chocolate market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.06 Billion |
| Market Forecast in 2028 | US$ 2.02 Billion |
| Growth rate (2023 to 2028) | CAGR of 11.30% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is vegan chocolate?
Vegan chocolate is a kind of chocolate that lacks animal-derived ingredients and is prepared by utilizing plant-based components, such as cocoa butter, cocoa solids, natural sweeteners, etc. It excludes dairy items which include milk, eggs, honey, etc., giving it a slightly distinct flavor as compared to its traditional counterparts. Vegan chocolate products are enjoyed by individuals who adhere to a vegan lifestyle or have lactose intolerance. They serve as an excellent choice for environmentally conscious customers, on account of their reduced carbon footprint when compared to regular chocolates. Vegan chocolate items are widely available in various variations, including dark, milk, white, etc., which are crafted with higher cocoa solid percentages, less sugar, plant-based milk, and other plant-derived ingredients. Consequently, they are in widespread demand among consumers across the globe.
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What are the growth prospects and trends in the vegan chocolate industry?
The vegan chocolate market is primarily driven by the growing prevalence of lactose intolerance and food allergies from dairy based products among individuals. Apart from this, the emerging trend of veganism is also bolstering the market growth. Additionally, the escalating environmental consciousness among consumers is propelling the adoption of vegan chocolates, as they are made by using sustainably sourced ingredients and have a smaller carbon footprint as compared to traditional chocolates, which is acting as another significant growth-inducing factor. Besides this, the launch of numerous environmental conservation campaigns by government bodies is further catalyzing the global market. Moreover, the introduction of innovative flavors by leading manufacturers and the increasing product availability via e-commerce platforms are expected to augment the vegan chocolate market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Chocolate Type Insights:
- Milk Chocolate and White Chocolate
- Dark Chocolate
- Others
Nature Insights:
- Organic
- Conventional
Sales Channel Insights:
- B2B
- B2C
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Stores
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Alter Eco
- Barry Callebaut AG
- Chocoladefacriken Lindt & Sprungli AG
- Chocolove
- Endangered Species Chocolate, LLC
- Goodio
- Hu Kitchen (Mondelez International)
- Montezuma’s Chocolate Limited
- No Whey Chocolates, LLC
- Plamil Foods Ltd.
- Sjaak’s
- Theo Chocolate, Inc., etc.
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