The global market for vegan confectionery is projected to grow at a CAGR of 7.3% from 2024 to 2034. Valued at USD 1,377.7 million in 2024, it is anticipated to reach USD 3,327.8 million by 2034. This growth is driven by rising consumer adoption of plant-based diets, driven by health concerns and lifestyle choices.
Demand on the Rise – Vegan Confectionery Market:
- Shifting Dietary Preferences: Consumers are increasingly adopting vegan or plant-based diets due to health concerns, environmental consciousness, and ethical considerations regarding animal welfare. This trend is particularly prevalent among millennials and young professionals.
- Focus on Health and Wellness: Vegan confectionery is often perceived as a healthier alternative to traditional sweets. These products are typically made with natural ingredients, lower in sugar and fat, and free from artificial additives and preservatives. This aligns perfectly with the growing health and wellness movement.
- Rising Awareness of Veganism: Social media campaigns, celebrity endorsements, and documentaries promoting veganism have significantly increased public awareness of this lifestyle choice. This has led to a surge in demand for vegan products across all food categories, including confectionery.
The vegan confectionery market presents numerous opportunities for businesses, including the development of innovative and sustainable food products. With the use of advanced technologies, such as plant-based ingredients and eco-friendly packaging, companies can create products that appeal to the growing demand for ethical and sustainable food choices. Additionally, the incorporation of functional ingredients, such as protein and fiber, can enhance the nutritional value of vegan confectionery products.
Growing Factors – Vegan Confectionery Market:
- Manufacturers are constantly innovating and expanding their product lines to cater to diverse consumer preferences. This includes introducing new flavors, textures, and formats of vegan confectionery products, such as chocolates, gummies, candies, and desserts.
- Vegan confectionery is becoming increasingly accessible to consumers, with major retailers stocking a wider variety of these products. This wider availability fuels market growth and brand awareness.
- Consumers are increasingly concerned about the environmental impact of food production. Vegan confectionery aligns well with this trend, as plant-based ingredients generally have a lower environmental footprint compared to traditional dairy-based products.
“The future of the vegan confectionery market appears to be promising, with sustained growth expected in the coming years. As consumers prioritize ethical and sustainable food choices, companies prioritizing product innovation and sustainability can seize exciting opportunities in this dynamic market,” -says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Strategies – Vegan Confectionery Market:
Significant development and expansion have occurred in the vegan confectionery industry during the last several years. One primary reason for this growth is the entry of several players into the market, which has expanded the market.
The top players in the market concentrate on launching premium, nutrient-rich products to satisfy a range of consumer tastes and preferences and stay competitive. Producers are also expanding their production capacities to fulfill the rising demand for vegan candy while maintaining the nutritional value of their products.
Recent Developments – Vegan Confectionery Market:
- In November 2023, NOMO, a vegan and free-from chocolate brand based in the United Kingdom, launched a new lineup of its unique pop-up chocolate initiative featuring several traditional and contemporary flavors.
- In October 2023, Fruit-Tella decided to completely transform its ‘chew’ and ‘stix’ products to appeal to a broader consumer base. The new vegan confectionery will be made with natural colorings and flavors and incorporate real fruit juice.
- In April 2023, Hershey’s launched dairy-free alternatives for Reese’s peanut butter cups and Hershey’s cream infused with almonds and sea salt.
Key Companies – Vegan Confectionery Market:
- Mondelez International
- Nestlé
- Barry Callebaut
- So Delicious Dairy Free
- Hershey Company
- Mars Incorporated
- Kellogg Company
- Taza Chocolate
- Alter Eco
- Freedom Confectionery
- Dylan’s Candy Bar
- Endorfin
- Goodio
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Market Segmentation – Vegan Confectionery Market:
By Product:
- Vegan Chocolate Bars
- Vegan Truffles
- Vegan Gummies and Jellies
- Vegan Marshmallows
- Vegan Hard Candies
- Vegan Licorice
- Vegan Caramels
- Vegan Fudge
- Vegan Baked Goods
- Vegan Puddings and Desserts
- Vegan Chocolate Spreads
By Distribution Channel:
- Food Service (HoReCa, Bakeries & Patisseries)
- Airport Retail
- Travel Retail (airplanes, Cruise ships)
- Retail
-
- Hypermarkets/Supermarkets
- Convenience Stores
- Departmental Stores
- Wholesale Stores
- Independent Retailers
- Specialty Stores
- Online Retailers
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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