Vegan Chocolate Market Size 2018: Segment Overview, Company Profiles, Regional Analysis and Forecast 2028

Growing number of animal welfare organizations, rising awareness of benefits of plant-based products, and increase in vegan population is driving the global vegan chocolate market.

According to TechSci Research report, “Vegan Chocolate Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The global vegan chocolate market size is expected to grow at an exponential annual growth rate. Demand for vegan chocolates has been fueled by consumers' growing acceptance of veganism, particularly among millennials and the Gen Z population. Additionally, the rise in environmental protection campaigns and public awareness regarding animal cruelty are helping the market expand. Consumer food preferences have changed recently as a result of the increase in cases of lactose intolerance and other food-related allergies among both children and adults.

The consumption of plant-based products is known as veganism. Vegan chocolate is therefore regarded as being dairy-free. The vegan lifestyle is opposed to the consumption of all animal products and byproducts, especially dairy items such as cow milk. Dark chocolate is the finest chocolate for vegans because it does not contain milk or other additives in its production. Despite not containing any dairy products and going by the name "cocoa butter," it is categorized as ’butter’ because of the smooth texture the vegetable fat extract gives it. The growing number of vegans and flexitarians is a major factor driving the global vegan chocolate market.

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The global Vegan Chocolate market is segmented based on type, category, distribution channel, region, and competitional landscape. Based on type, the market is further segmented into dark chocolate, milk chocolate, and white chocolate. Based on category, the market is further split into boxed, bars, countlines, and others (pouches & bags, etc.). In terms of distribution channel, the market is further divided into supermarkets/hypermarkets, convenience stores, specialty stores, online, departmental stores and non-retail. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Owing to the ongoing acceptance of the vegan diet among the people in the region, the vegan chocolate market in Europe has seen significant growth in recent years. Consumers who are interested in living healthy lifestyles are increasingly choosing vegan or flexitarian diets. Germans are among the most vegetarian people in the world, with a study from the Federal Ministry of Food and Agriculture indicating that 35% of the population finds the availability of vegetarian or vegan products to be "very important" and that 63% of Germans are trying to consume less meat. There are also 1.3 million vegans and 8 million vegetarians in Germany, according to a recent study by Proveg International, a global organization for food awareness. This has contributed to the increasing demand for vegan chocolates in Europe.

Key market players in the Vegan Chocolate market include:

• Mondelez International, Inc.
• Nestlé S.A.
• Tofutti Brands Inc.
• Plamil Foods Ltd
• Barry Callebaut AG
• Endangered Species Chocolate, LLC.
• Endorfin Foods Inc.
• Goodio / Helsinki Heaven Oy
• Montezuma’s Direct Ltd
• Chocoladefabriken Lindt & Sprüngli AG

To cater to the growing demand of vegan chocolates in the world, many companies are coming up with different flavors and varieties of vegan chocolates. For instance, introduced by Cadbury in February 2022 the Cadbury Plant Bar, which is a plant-based vegan chocolate that is available in two flavors, smooth chocolate, and salted caramel. The bars, which are vegan-certified, boast a lusciously smooth texture and all the benefits of chocolate. They are made with a mixture of cocoa, almond paste, and rice extract.

Moreover, the celebrities are further promoting the vegan products by launching their own brands and encouraging their fans to follow vegan diet. For instance, Billie Eilish an American singer launched her vegan milk chocolate bar. Rice milk powder, cocoa butter, raw cane sugar, chocolate liquor, tiger nut powder, hazelnut paste, and bourbon vanilla extract are the ingredients used within the Billie's new “Happier Than Ever” milk chocolate bar. The bar has Rainforest Alliance and 100% organic certifications, as well as being kosher. The 2.8oz bar is wrapped in a compostable nature-flex foil made from natural raw materials and contains 37% cocoa.

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“The market is expanding as a result of an increase in environmental protection campaigns and a rise in public awareness of animal cruelty. Due to the increase in food allergies and cases of lactose intolerance in both children and adults in recent years, consumers' food preferences have also changed, owing to which the market for vegan chocolates is expected to increase during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global-management consulting firm.

“Vegan Chocolate Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type (Dark Chocolate, Milk Chocolate, and White Chocolate), By Category (Boxed, Bars, Countlines, and Others (Pouches & Bags, etc.)), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online, Departmental Stores and Non-Retail) By Region, Competition”, has evaluated the future growth potential of vegan chocolate and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global Vegan Chocolate market.

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