The Global Vegan Chocolate Confectionery Market size is expected to reach $1 billion by 2027, rising at a market growth of 12.3% CAGR during the forecast period. Dairy products like milk fat, whey, casein, and milk solids are not used in vegan chocolate, as this product does not include any ingredient obtained from animals. Vegan chocolate is made from the components that are derived from plants. They contain less amount of fat and cholesterol compared to normal chocolates. Vegan food culture is rising in the established countries, which is also helping in the growth of the vegan chocolate market.
Millennials and the working population are highly adopting the vegan culture, which is estimated to surge the demand for the product. There are number of countries which were badly influenced by the COVID-19 pandemic, due to which the supply of cocoa was hampered around the world. This has declined the production of cocoa along with the decrease in its sales. Also, there was a decline in the demand for high-end & artisanal chocolates. In contrast, the market growth of chocolates is seemed to witness a rise as there is a growth in the demand by consumers.
The COVID-19 pandemic had a severe impact on the customers’ pattern of shopping. They are preferring to store up products that give nutrition & energy, having private-label, and are inexpensive. The coronavirus outbreak has hampered the supply chain that has been affecting the manufacturing of vegan chocolate products, mostly in the craft and small chocolate companies.
During the pandemic, most people preferred to store up the essential products to survive. Chocolate may do not come under the list of essential products; however, it is a gratifying and pleasure-seeking item for consumers. In Europe, the supermarkets and other grocery shops were out of stock as most of the chocolates were sold. Through e-commerce facilities, these markets remain open helping in quick recovery of the market. The vegan chocolate confectionery market is estimated to get through the current lockdowns without heavy loss.
Based on Type, the market is segmented into Milk Chocolate, Dark Chocolate and White Chocolate. Milk segment acquired the maximum revenue share of the global vegan chocolate confectionary market in 2020. Top companies are now introducing their famous chocolate confectionery in the vegan chocolate category. This plan of action will help the company to get appreciation from customers over the world and will also result in the rise of the product sale.
Based on Product, the market is segmented into Molded Bars, Chips & Bites, Boxed and Truffles & Cups. Molded bars segment dominated the market in 2020. The segment would exhibit same trend during the forecast period. Bar chocolate is considered as the most consumed chocolate category around the world. Its convenient size made it popular among consumers. Based on the annual searches by Google, the topmost chocolates titled as favorite chocolate around the world, are sold in the bar form.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 420.1 Million |
| Market size forecast in 2027 | USD 1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 12.3% from 2021 to 2027 |
| Number of Pages | 148 |
| Number of Tables | 270 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America procured the maximum revenue share in 2020 and is expected to register a significant growth rate over the forecast period. The growing vegan population is anticipated to surge the market growth around the region. The Asia Pacific would witness lucrative growth opportunities over the forecast period. Asia is the densely populated continent around the world with a greater population and therefore, it has a positive impact on the food culture across the world.
Free Valuable Insights: Global Vegan Chocolate Confectionery Market size to reach USD 1 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mondelez International, Inc., Equal Exchange Coop, Endorfin Foods, Raaka Chocolate Ltd., Goodio, No Whey Chocolate, Theo Chocolate, Inc., Endangered Species Chocolate, LLC, Alter Eco, Inc., and Taza Chocolate.
By Type
By Product
By Geography
The vegan chocolate confectionery market size is projected to reach USD 1 billion by 2027.
Internet of things is creating rising opportunities for the market are driving the market in coming years, however, Fluctuation in the prices of raw material have limited the growth of the market.
Mondelez International, Inc., Equal Exchange Coop, Endorfin Foods, Raaka Chocolate Ltd., Goodio, No Whey Chocolate, Theo Chocolate, Inc., Endangered Species Chocolate, LLC, Alter Eco, Inc., and Taza Chocolate.
Through e-commerce facilities, these markets remain open helping in quick recovery of the market. The vegan chocolate confectionery market is estimated to get through the current lockdowns without heavy loss.
The bites and chips segment would be the fastest-growing segment over the forecast period. Bites and chips are mainly used for cooking purposes.
The North America market dominated the Global Vegan Chocolate Confectionery Market by Region in 2020, growing at a CAGR of 11.5 % during the forecast period.
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