PUBLISHER: KBV Research | PRODUCT CODE: 1374412
PUBLISHER: KBV Research | PRODUCT CODE: 1374412
The Global Vegan Chocolate Market size is expected to reach $1.8 billion by 2030, rising at a market growth of 12.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 12,419.0 tonnes, experiencing a growth of 6.1% (2019-2022).
The adoption of specialty stores is pivotal in leading the market. Hence, the Specialty Stores segment will register more than 15% share in the market by 2030. Specialty stores exclusively offer high-quality and unique products, providing an ideal environment for promoting and selling vegan chocolate. Specialty stores attract a niche audience of consumers actively seeking out unique and premium products. These consumers are often more willing to explore vegan options and appreciate the quality and craftsmanship of specialty vegan chocolates. Specialty stores create a unique and immersive experience for customers seeking premium vegan chocolate products. Their ability to curate, educate, and offer exclusive items positions them as influential players in driving the growth of the market, particularly among discerning and ethically conscious consumers.
The major strategies followed by the market participants are Product Launches as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In January, 2021, Alter Eco launched two super-dark chocolate bars to its Blackout range, Total Blackout, and Raspberry Blackout. These new flavor bars contain Mint Blackout, Classic Blackout, and Super Blackout. In November, 2022, Mondelez International, Inc. rolled out the Cadbury Plant Bar, a new chocolatey confection for those looking for a vegan alternative to the classic.
Based on the Analysis presented in the KBV Cardinal matrix; Nestle S.A is the major forerunner in the Market. In February, 2021, Nestle introduced KitKat V, a vegan version of its KitKat bar. This launch aimed to fulfill the demand for a vegan substitute for KitKat candy. Companies such as Mondelez International, Inc., The Hershey Company (Hershey Trust Company), and Lindt & Sprungli AG are some of the key innovators in the Market.
Market Growth Factors
Rising health and wellness consciousness
Increasing awareness of the health benefits associated with plant-based diets has driven consumer interest in vegan chocolate. Many individuals perceive vegan chocolate as a healthier alternative to traditional milk chocolate due to its lower saturated fat content and potential absence of allergens like dairy and lactose. Consumers' increasing health and wellness consciousness has increased interest and demand for these products. As consumers prioritize their health and make more informed food choices, the market will likely benefit from this trend, further promoting its growth and innovation.
Expanding vegan population
The expanding vegan population has significantly impacted the growth of the market. As more people adopt vegan lifestyles, the demand for vegan-friendly products, including vegan chocolate, has increased. The increase in the number of vegans directly expands the potential customer base for vegan chocolate. As more individuals embrace vegan and plant-based lifestyles for various reasons, the demand for vegan chocolate products is expected to continue to rise, prompting further innovation and expansion within the market. Thus, the expanding vegan population is a significant driver of growth in the market.
Market Restraining Factors
Adverse effect of price premium
The higher price of vegan chocolates makes them less accessible to many consumers, especially those on a tight budget. This limits the market's growth potential because many potential customers may opt for more affordable non-vegan chocolate alternatives. When vegan chocolates are significantly more expensive than traditional chocolates, they may be perceived as a luxury or niche product. This may deter potential consumers from even considering vegan options. Higher prices slow the adoption of these chocolates among consumers who are curious about plant-based options but are hesitant due to cost concerns. Slower adoption rates impede market growth.
Distribution Channel Outlook
Based on distribution channel, the market is classified into supermarkets/hypermarkets, convenience stores, specialty stores, online stores, and others. The convenience stores segment acquired a substantial revenue share in the market in 2022. Convenience stores are widespread and easily accessible, making them an ideal distribution channel to reach a broad and diverse customer base. People of all backgrounds and dietary preferences frequent convenience stores, introducing this chocolate to a wider audience easier. The convenience store segment drives the market by providing accessibility, exposure, and convenience to a diverse consumer base. By strategically positioning and marketing vegan chocolate products, manufacturers and retailers tap into the growing demand for plant-based options in the snacking and confectionery sector.
By type, the market is categorized into dark, milk and others. In 2022, the dark segment held the highest revenue share in the market. It is frequently regarded as a healthier alternative to milk chocolate. The National Library of Medicine classifies dark chocolate as a functional diet due to its anti-inflammatory, anti-diabetic, and antimicrobial properties. The dark chocolate segment is predicted to expand significantly due to shifting consumer preferences and the rising popularity of premium and artisanal chocolates.
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region led the market by generating the highest revenue share. Europe has seen a rise in consumers adopting vegan or plant-based diets, driven by concerns about animal welfare, health, and sustainability. This trend has boosted the demand for vegan chocolate. Many European consumers are concerned about the ethical treatment of animals and the environmental impact of traditional dairy chocolate production. Vegan chocolate, which uses plant-based ingredients, is considered more ethical and sustainable.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include The Hershey Company (Hershey Trust Company), Nestle S.A, Mars, Inc., Alter Eco (Nextworld Evergreen), Mondelez International, Inc., The Barry Callebaut Group, Plamil Foods Ltd, Lindt & Sprungli AG, Ludwig Weinrich GmbH & Co. KG, and Purdys Chocolatier
Recent Strategies Deployed in Vegan Chocolate Market
Acquisitions and Mergers
Jan-2021: Mondelez International acquired Hu Master Holdings, the parent company of Hu Products. This acquisition of Hu would complement Mondelez International's snacking portfolio in North America.
Product Launches and Product Expansions
Jun-2023: The Barry Callebaut Group released Callebaut NXT and SICAO Zero, a delicious and creamy milk-flavored chocolate that contains no dairy products. The launched products would be created to provide customers with choices that would support health without sacrificing indulgence.
Mar-2023: The Hershey Company announced the launch of the Plant-based Extra Creamy Oat Chocolate Bar and Reese's Plant-Based Peanut Butter Cups, two new vegan chocolates in the US to serve a growing number of consumers seeking dairy-free chocolates.
Nov-2022: Mondelez International, Inc. rolled out the Cadbury Plant Bar, a new chocolatey confection for those looking for a vegan alternative to the classic. The launched product would be available in two flavours which include Chocolatey Smooth and Salted Caramel which provides Canadians even more choice when searching for a moment of indulgence.
May-2022: Lindt & Sprungli rolled out Lindt Classic Recipe OatMilk bars. The new product is made up of oat milk and would offer the same creamy and smooth experience as the company's vegan Lindt Classic Recipe milk chocolate.
Nov-2021: Lindt & Sprungli AG unveiled a duo of upmarket vegan chocolate bars namely Lindt Classic Recipe Vegan Smooth and Lindt Classic Recipe Vegan Hazelnut. The launched products are created from an integration of high-quality cocoa blended with gluten-free oat drinks and smooth almond paste.
Sep-2021: Purdys Chocolatier announced the launch of vegan chocolate bars, to help vegans and those with dietary preferences. The launched vegan bars consist of Vegan Mylk Chocolate, Vegan Mylk Trail Mix, and Vegan Dark Trail Mix, to add to serve an Evolving Consumer Market.
Feb-2021: Nestle introduced KitKat V, a vegan version of its KitKat bar. This launch aimed to fulfill the demand for a vegan substitute for KitKat candy. In addition, the new product is made up of a rice-based formula as a milk substitute, crispy wafers, and 100% sustainable cocoa sourced.
Jan-2021: Alter Eco launched two super-dark chocolate bars to its Blackout range, Total Blackout, and Raspberry Blackout. These new flavor bars contain Mint Blackout, Classic Blackout, and Super Blackout.
Partnerships, Collaborations & Agreements
Jun-2022: Mars, Inc. came into partnership with Perfect Day, Inc., a food technology startup company based in Berkeley, California. This partnership aimed to launch CO2COA, the first 'earth-positive' animal-free chocolate.
Market Segments covered in the Report:
By Distribution Channel (Volume, Tonnes, USD Million, 2019-2030)
By Type (Volume, Tonnes, USD Million, 2019-2030)
By Geography (Volume, Tonnes, USD Million, 2019-2030)
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