The vegan chocolate market as of 2023, is $1,233.9 million USD. The market is expected to develop at a compound annual growth rate (CAGR) of 11.9% from 2023 to 2033. The market is anticipated to reach US$ 3,814.2 million by the end of 2033.
Vegan chocolate is being produced at a higher rate due to the expanding vegan population. The assortment of chocolates available for vegans is similar to that of conventional chocolates. Vegan milk chocolate, dark chocolate, and confections with vanilla and nut flavours are all readily accessible to consumers. Vegan chocolate comes in all the standard product varieties, such as powder, bars, and biscuits. Technological developments should lead to a wider choice of products on the market.
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Suppliers of vegan chocolates are appealing to consumers with the ethical nature of the chocolates. Marketing campaigns heavily boast of the animal and dairy-free nature of the products. The plant-based ingredients are given importance in promotional campaigns. Further, producers are also moving along with sustainability trends, making eco-friendly products with sustainable packaging. The rising demand for sugar-free and gluten-free vegan chocolates is also stimulating the market’s growth.
Key Takeaways from the Vegan Chocolate Market Report
- The vegan chocolate market valuation is US$ 1,233.9 million in 2023.
- Dark chocolate is winning over consumers. Dark chocolate holds an impressive 68.4% market share by product type.
- Bars are the most popular form of vegan chocolates. In 2023, bars hold 74.4% of the market share by form.
- The United States is a lucrative region for the vegan chocolate market. In 2023, the United States accounts for 31.5% of the market revenue.
- China contributes 13.6% to the market in 2023.
- Germany is another country where the vegan chocolate industry flourishes. The German market accounts for a share of 9.4% of the market.
“The intersection of vegans and the young crowd represents a significant customer base for the vegan market. The younger generation is willing to spend money on premium products. Brands in the market are packaging chocolates with toys and games to make them appealing to children. The popularity of artisanal and hand-made chocolates is also rising, driving the overall market growth,” remarks Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competition Analysis of the Vegan Chocolate Market
Established players in the chocolate industry are trying to gain a stronghold in the market. However, the field remains open for small-scale vendors. Technology remains an area of concentration for the players in the market as it allows the introduction of new products. Some prominent companies in the market are Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, Ritter Sport, Hu Chocolate, and Alter Eco.
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Vegan Chocolate Market Key Players
- Mondelez International
- The Hershey Company
- Schmilk Chocolate (Chocolate Hollow, LLC)
- Lindt & Sprüngli
- Ritter Sport
- Hu Chocolate
- Alter Eco
- TCHO
- Endorfin Foods
- Sjaak’s VGAN Chocolates
- Divine Treasures LLC
- Equal Exchange COOP
- No Whey Chocolate
- Others
Recent Developments in the Vegan Chocolate Market
- In October 2023, Smoothie King introduced smoothie bowls with vegan chocolate. Both Açai Cocoa Haze and Coco Pitaya-Yah smoothie bowls contain dairy-free vegan chocolate.
- In September 2023, Mummy Meegz innovated with the packaging of its oat milk and white chocolate product lines. In collaboration with Parkside, the packaging for the product lines was made sustainable.
- In January 2020, German brand Vego teamed with Frederick Export to make its products available in the United States.
Key Segments
By Product Type:
- Raw Chocolate
- White Chocolate
- Dark Chocolate
- Others
By Form:
- Blended
- Cookies
- Bars
- Granules
- Liquid
- Powder
- Whole
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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