Vegan Chocolate Market Size, Share, Growth and Industry Analysis, By Type (Plate, Bars and Others), By Application (Supermarket, Convenience store, Online Sales and Others), and Regional Forecast to 2032.

Updated On: 11 November 2024

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VEGAN CHOCOLATE MARKET REPORT OVERVIEW

The Global Vegan Chocolate Market size was USD 0.2510 Bn in 2023 and the market is projected to touch USD 0.75 Bn by 2032, exhibiting a CAGR of 11.61% during the forecast period.

It is important to note that the global Vegan Chocolate Market is expanding with respect to both sales and revenues and geographically as well. North America, Europe and Asia pacific are the key regions dominating the market with the North America and Europe leading the way because of strategic location of important industry players and an increasing number of individuals adopting plant-based diets. Which is trailing behinds, is gradually progressing as the peoples of the Asia-Pacific region adapt to be more health conscious, this notably includes China, Japan and the Indians amongst others who are increasingly adopting veganism.

Current market leaders are now concentrating on the versatility of the product and expansion on the product line offering to the now diverse buyer groups. The increasing consumer knowledge and the emergence and subsequent development of the online shopping format multiplies the desire of businesses to increase the online presence and the number of distribution outlets. The future of this market seems bright with constant innovations concerning not only the Flavors, the texture but also the sustainable packaging for environmental and consumer health-conscious market.

COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT

"Vegan chocolate Industry Had a Negative Effect Due to supply chain disruption during COVID-19 Pandemic"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Thus, there was a visible change in the situation in the sphere of the impact of COVID-19 on the Vegan Chocolate Market. Sometimes there were issues with the raw materials, which were not produced in adequate quantities due to disruptions in global supply chains typical during the pandemic. Although, there was a raise of demand in vegan chocolate since people cared more about healthy and environment friendly products due to health conscious.

RUSSIA-UKRAINE WAR IMPACT

"Cultural Instability is one of the factors that leads to changes in the market share and affect supplies."

We have seen some changes in market share due to shift in stock by some firms due to disruption of operations caused by the Russia-Ukraine War. Ukraine which is one of the biggest global producers of raw materials and agricultural products has been badly hit resulting to shortages and skyrocketing cost of raw materials used prominently in the food and manufacturing industries. These disruptions have provoked competitors outside of these regions to increase their market share significantly and to companies who rely on Ukraine’s exports for the global supply chains continuing to receive delayed and costly materials which leads to the decrease of their competitiveness.

ISRAEL-HAMAS WAR IMPACT

"Regional Conflict increases the level of Risk and impacts Economic growth of existent economies."

Although the conflict in Gaza could well be a lesson that the Israel and Hamas are capable of extending beyond recognizing their newly found strengths, the fact remains that the conflict has raised the political risk climate emanating from the Middle East. This conflict has caused the breakdown of commerce in the region and affected the world economy leading to a slowdown. This means that crucial areas like energies and commodities are alarmed seeing in the event that the tensions escalate, this can lead to higher inflation and slow spending by consumers in the affected regions making the spiral of the struggling global economy.

LATEST TRENDS

"The ability and willingness of the customers to buy healthier and more sustainable products Driving Market Growth"

The willingness and awareness of the consumer cherishing healthy and eco-friendly products is the major factor that is boosting the Vegan Chocolate Market. By doing so, new segments for vegan chocolate are emerging through new generate customer preferences for vegan, organic and low processed products. However, the growing concern of the ethical treatment of animals and environmental conservation is enabling consumers switch to vegan chocolates instead of the conventional chocolates. Examples for this are new ingredients, e.g., natural sweeteners or the innovative ideas of packaging like resealable carton packs.

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VEGAN CHOCOLATE MARKET SEGMENTATION

By Type

• Plate: This segment consists of flat, solid chocolate slab which are normally utilised for cooking purpose or direct intake. Plates may be used in different way in cooking such as in baking and in melting.

• Bar: Julian cool bar-style vegan chocolate is preferred due to it physical form which makes it easy to consume. BARS appear in various forms and volumes to suit individual demands making it a standard product offered in the market.

• Other: This category includes the main vegan chocolate products for consumption at the same time presenting variety of textures and formats for the consumers.

By Application

• Supermarket: Supermarkets are a centrally relevant distribution channel for vegan chocolate products, as it makes shopper’s selection convenient in terms of brands and specific types.

• Convenience Store: Choosing vegan chocolate is also convenient for on-the-go consumers thus convenience stores, the small retail stores, make it easier for the shoppers to picked the vegan chocolate without putting much thought into it.

• Online Sales: As more people consider vegan chocolate, the online market is a popular distribution centre since consumers can order product through online stores.

• Other: This encompasses specialty stores and other niche retail formats that emphasize with ethical, plant based and / or organic products to enhance the perceived offer of vegan chocolate.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Parents are paying more attention to the health of their children through increased sensibility to health information thus upping the demand for sports shoes"

The increase in the level of health consciousness among the consumers is attributed to driving the global sales of the vegan chocolate. Occupying the niche that has become increasingly relevant with the focus on the healthier and more sustainable diet, plant-based products have received rather significant attention recently. They believe that since it does not contain diary it is healthier, contain less sugar, and has extra additions such as cacao which has antioxidant property. This change in consumer preference is helping in growing the Vegan Chocolate Market at a faster pace as more and more manufacturers coming up with products in the market to suit this niche.

"Use of Ethical and Environmentally Sustainable means Contributes to the Market Expansion"

Another aspect which contributes to the popularity of vegan chocolate is the constant raise of ethical and environmental concerns among people. Over the years, consumers have realized the need to protect animals and the environment, and in that order, have shifted towards plant-based products such as vegan chocolate. This has resulted to the adoption of sustainable practices into the market and this includes the use of certified organic and Fairtrade cacao beans, adoption of sustainable packaging among others, hence promoting the growth of the market.

RESTRAINING FACTOR

"High costs of production reduce the ability of expanding the market"

A key threat to the Vegan Chocolate Market is that the production cost is still relatively high, especially because of the necessity to use high-quality organic cacao and non-dairy substitutes. Due to this reason, vegan chocolate is usually slightly more expensive than the usual chocolate products, and this may not be very popular by people who wish to minimize their operating costs. This price difference disparity could slow down market growth particularly in sensitive area.

OPPORTUNITY

"Market growth is driven by the increasing demand of plant-based products"

There are numerous opportunities in the market because of continuously raising consumer awareness on plant-based products. As a result, there are shifting trends in Health and sustainability where consumers are also preferring vegan, organic as well as environment friendly products. It is vitalized a new demand and stimulated manufacturers to diversify products and to strive for a larger market share and a wider client base.

CHALLENGE

"This is because high production costs render it difficult for manufacturers to penetrate the market by offering value to consumers"

The major threat is the increased cost of production resulting from purchase of quality raw materials for preparation of organic food and carrying out environmentally friendly processes. These costs impact the prices of the products, making them expensive to the consumers – this can help reduce the penetration of the market especially in the sensitive market price areas. It is concerning for organizations to look for new approaches at sustaining competitive edge and containing the costs of production without affecting the on-going quest for quality goods while particularly addressing the issues of sustainable development.

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VEGAN CHOCOLATE MARKET REGIONAL INSIGHTS

• United States

Still, the U. S. Vegan Chocolate Market remains at the forefront of the North American market due to a growing population which also becomes more conscious of its plant-based diet. The major players in the given region are currently concentrating on product differentiation and materials sourced to meet growing market demands.

• Europe

The Europe market especially Germany and U.K are registering high demand for vegan products due to increasing consciousness of health and ethical issues. Such government policies as regulation on sustainability & environmental are also informing market growth in this region.

• Asia-Pacific

International markets such as China, Japan, and India are at present rising as potential market to higher demand of plant-based meat by growing middle class population and understanding of plant-based food. The region has shown good prospects for growth especially due to change in consumer trends towards healthier and more sustainable products which can be supplemented by increasing e-commerce platforms.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Vegan chocolate industry is also saturated with various manufacturers, which enter the market to gain as much market share as possible. Various giant companies, including Thrive Market, Lindt, and Endangered Species, are working on product differentiation, sourcing, and packaging to suit the consumers’ emerging expectations. Furthermore, the new entrants like Goodio, Hu, and others are earning immense popularity for their differentiation in products and services and powerful ethical communication. The competitors are also helping formulate and widen the vegan chocolates’ market since every company seeks to address the ever-rising market of vegan products.

LIST OF TOP VEGAN CHOCOLATE COMPANIES

• Thrive Market (U.S)
• Eating Evolved (U.S)
• UMana (U.S)
• Lindt (Switzerland)
• Tara (U.S)
• Theo Chocolate (U.S)
• Equal Exchange (U.S)
• Goodio (Finland)
• Endorphin Foods (U.S)
• Endangered Species (U.S)
• Hu (U.S)
• Chocolove (U.S)

KEY INDUSTRY DEVELOPMENT

March 2023: It has observed that there are plenty of industrial changes occurred in vegan chocolates and particularly in the aspects related to ingredients and production line. Top players are therefore shifting their attention towards purchasing quality cacao while adopting appropriate business practises of sourcing through ethical and fair-trade modes of procurement. Moreover, further development in packaging solutions including the use of biodegradable and recyclable material are enhancing the market’s environmentally friendly outlook. These changes are also believed to propel the vegan chocolate business in the next few years.

REPORT COVERAGE

Global Vegan Chocolate Market report launched by Market Research Future covers the sales and revenue data from 2019-2032 with a market trend analysis. It encompasses all the factors that affect a market, the customers’ preferences, and satisfactions, issues in the supply chain, and forces beyond the control of markets such as regional conflicts and the effects of a pandemic. It also includes strategic, regional and type-wise, and application-wise segmentation to assist the stakeholders in analyzing the growth pattern and market distribution of Vegan Chocolate Market.

The competitive environment is discussed in details, and some of the leading market participants along with their performance on the market are described. It also has a section where the effects of COVID Are covered regarding the overall market featuring E-commerce shifts in consumer behaviour and changes in the supply chain. Further, it depicts the Vegan Chocolate Market conditions, expected to occur in the future period from 2021-2032.