DUBLIN, March 22, 2023 /PRNewswire/ -- The "Global Vegan Chocolate Confectionery Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Type, Distribution Channel, Region" report has been added to  ResearchAndMarkets.com's offering.

Global Vegan Chocolate Confectionery Market was valued at ~US$ 335 million in 2017. It is estimated to be ~US$ 575 million in 2022 and is expected to reach a market size of ~US$ 1,200 million by 2028 growing at a CAGR of ~13% during 2022-2028.

The demand for vegan products has been driven by consumers' growing acceptance of such lifestyles, particularly among teenagers and employees in the workplace, and the market is expected to expand significantly during the estimated period. 

An increase in consumer health awareness is driving up demand for vegan chocolate since a well-planned vegan diet that follows healthier dietary guidelines provides a body with all the nutrients it requires.

Consumers are becoming more sensitive and empathetic to animals as they become more aware of the conditions and environments in which animals are raised. Because of animal welfare issues, consumers are rapidly turning to plant-based foods, especially plant-based chocolates. Vegan chocolate is produced without the use of dairy milk, which many people these days believe is a significant contributor to environmental problems.

Vegan chocolate is very nutrient-dense for consumers, but since it is more expensive than normal than traditional chocolate, vegan chocolate producers find it challenging to compete in the world market.

The COVID-19 pandemic had a negative impact on the market since most countries imposed lockdowns, which hindered the supply of cocoa around the world, reduced output, and limited sales.

Competitive Landscape

The Global Vegan Chocolate Confectionery Market is competitive with ~100 players which include globally diversified players, regional players as well as several country-niche players each with their niche in Vegan Chocolate Confectionery. Large global players constitute ~15% of competitors, while country players represent the largest number of competitors.

Conclusion

The Global Vegan Chocolate Confectionery Market is anticipated to grow significantly during the projected period (2022-2028) due to an increase in the number of initiatives and public awareness about environmental protection and animal suffering. Furthermore, adolescents and adults are dealing with issues such as food allergies and lactose intolerance, which have influenced individual eating habits in recent years.

Key Trends by Market Segment

Molded Bars dominated the market in 2021 since chocolate bars have become the most popular type worldwide.

• Molded bars are becoming increasingly popular among young adults. As a result, industry manufacturers have the advantage of launching new products targeted at such age groups. In addition, the convenient size of the product adds to its growth
• Molded bars are used in premium bakery products for various festivals and small events grows

The milk segment accounted for the highest market share in 2021, due to the increasing demand for such products because of its sweet and creamy flavour.

• Major market players are also developing vegan versions of well-known chocolate confectionery. Such an approach allows the firm to enjoy global brand loyalty that results in increased sales of such products
• Endangered Species Chocolate introduced a new Animal-Free range of Oat Milk Chocolate in March 2020. This product line includes oat milk bars that are vegan and gluten-free and come in three flavours

Hypermarkets/Supermarkets dominated the market in 2021, due to the public preference for buying food and snacks from Hypermarkets/Supermarkets.

• Such dominance can be attributed to consumers' strong preference to purchase goods from large supermarkets since they have a wide variety of brand and pricing options
• Furthermore, vegan chocolate is offered at a discount and is a premium quality food product at supermarkets and hypermarkets
• By Geography: North America accounted for the largest market share among all regions in 2021, owing to the region's growing vegan population is expected to boost the market growth
• As the vegan population in Canada and the United States grows, North America will see a rise in vegan chocolate confectionery.
• Furthermore, owing to the subcontinent's existing recognized product manufacturers and the introduction of new food innovations supporting the market value of vegan diets among the younger population, this region will witness significant growth in market size.

Key Players

• Alter Eco
• Endangered Species Chocolate, LLC
• Endorfin Foods.
• Equal Exchange Coop
• Goodio
• Mondelez International
• Nestle
• No Whey Chocolate
• The Hershey Company
• Theo Chocolate, Inc.
• CRAVE
• One Good.
• MilkinOats
• Nucao
• Piperleaf

Scope of the Report

By Product

• Molded Bars
• Chips & Bites
• Boxed
• Truffles & Cups
• Others

By Type

By Distribution Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retail
• Others

For more information about this report visit https://www.researchandmarkets.com/r/tavb41

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