Vegan Chocolate Market to Garner $2 Billion, Globally, by 2032 at 13.1% CAGR: Allied Market Research

The rising global awareness about the environmental impact of animal agriculture is anticipated to drive the growth of the global vegan chocolate market during the forecast period from 2023 to 2032. The North America region is projected to hold a major market share by 2032

PORTLAND, Ore., Aug. 2, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Vegan Chocolate Market" by Type (Dark, Milk, White), by Product (Molded Bars, Chips and Bites, Boxed), by Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online Stores, Convenience Stores): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global vegan chocolate market generated $585.8 million in 2022, and is anticipated to generate $2 billion by 2032, witnessing a CAGR of 13.1% from 2023 to 2032.

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Prime Determinants of Growth

In the last few years, there has been a steady increase in global awareness about the environmental impact of animal agriculture. This has led to a growth in demand for vegan chocolate which is predicted to be one of the important factors driving the growth of the global vegan chocolate market in the forecast timeframe. However, the limited production capacity for vegan chocolate may hamper the vegan chocolate market growth in the coming period. On the contrary, rising adoption of veganism and plant-based diets is expected to offer growth opportunities for expansion of the vegan chocolate market in the 2023-2032 forecast period.

Report Coverage & Details:

 

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global vegan chocolate market. There was a general increase in awareness regarding the importance of health and well-being during the pandemic period which led to a rise in demand for vegan products. This helped the market grow handsomely during the pandemic.
• However, the disruptions in global supply chains led to hampering the production of vegan chocolates. Hence, the market couldn't achieve its fullest growth potential.
• The vegan chocolate market is projected to show steady growth in the future due to the introduction of new products and alternative distribution methods such as e-commerce platforms.

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Type: Milk Sub-segment Projected to Gather a Huge Revenue During the Forecast Period

The milk sub-segment accounted for the highest vegan chocolate market share of 43.3% in 2022 and is expected to grow at a high CAGR during the forecast period. It has been seen that many consumers who transition to a vegan lifestyle or have dietary restrictions still crave the taste and texture of milk chocolate. This consumer preference is predicted to boost the sub-segment's growth by 2032.

Product: Molded Bars Sub-segment Projected to be One of the Most Profitable by 2032

The molded bars sub-segment accounted for the highest vegan chocolate market share of 44.6% in 2022 and is expected to grow at a stunning CAGR of 13.6% in the forecast period. Vegan chocolate, along with molded bars, incorporates herbal and natural ingredients, and is free from animal products and synthetic additives, making it an appealing choice for health-conscious consumers. As a result, there is a huge demand for molded bars which is predicted to boost the sub-segment's growth by 2032.

Distribution Channel: Hypermarkets/Supermarkets Sub-segment to be Flourish Immensely by 2032

The hypermarkets/supermarkets sub-segment held the major share of 37.8% in 2022 and is predicted to grow at a fascinating CAGR by 2032. Hypermarkets and supermarkets cater to a large customer base, making them ideal platforms to offer a variety of vegan chocolate options. Due to this, there is a huge demand among customers to buy vegan chocolates from hypermarkets which is predicted to boost the sub-segment's growth by 2032.

Region: North America Market to be One of the Fastest Growing by 2032

The North America region accounted for the highest share of 33.3% in the global vegan chocolate market in 2022 and is expected to continue to hold the majority of market share during the forecast period. The growing awareness in this region regarding the health benefits of plant-based diets has led to a rise in demand for vegan food products which is expected to be the main growth driver of the market in North America region by 2032.

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Leading Players in the Vegan Chocolate Market:

• Endorfin Foods
• Chocoladefabriken Lindt & Sprüngli AG
• Evolved Chocolate
• Endangered Species Chocolate, LLC.
• MondelÄ"z International
• Montezuma's Direct Ltd.
• Alter Eco
• taza chocolate
• Barry Callebaut
• Nestlé S.A.

The report provides a detailed analysis of the key players of the global vegan chocolate market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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