Vegan Chocolate Market - Growth, Trends, and Forecast (2022 - 2027)

Global Vegan Chocolate Market is projected to register a CAGR of 13.7% during the forecast period (2022-2027).

The growing popularity of veganism among consumers across the globe, especially among millennials is a major factor driving the growth of the market. For instance, according to the vegan society, in 2014, the number of vegans in Great Britain was estimated to be 150 thousand, which increased to 600 thousand in 2019. An increasing number of environmental protection campaigns and growing awareness about animal cruelty are supporting the growth of the market. In recent years, consumers' food tastes have also changed as a result of rising food allergies and cases of lactose intolerance in both children and adults. For instance, the Food Tolerance Network reported that in 2019, almost 70% of people worldwide are lactose intolerant.

Some vegan chocolate brands also use milk substitutes like almond milk or soy milk to produce authentic vegan chocolates. For instance, in 2021, an Indian brand 'MilkinOats' has launched vegan milk chocolate made with oat milk. Their premium range, called Chalet Chokolad, is made in Swiss chalets and offers two varieties namely Chalet Velvety and Chalet Almond Crunch. Moreover, factors like concerns regarding animals' welfare in food production, the belief that vegan chocolates are healthier that boost healthy blood sugar, and the usage of alternative sweeteners like stevia in manufacturing processes are expected to boost the market at a faster pace during the forecast period.

Key Market Trends

Increasing Affinity for Plant-based Diet

According to Dietetics and the British Dietetic Association and the American Academy of Nutrition, a well-planned vegan diet, which adheres to healthy eating guidelines, provides all the nutrients that a body requires and is suitable for people of all ages and stages of life. Consumers these days are looking out for health benefits before they buy any consumable products. For instance, in a survey published by the International Food Information Council and the American Heart Foundation in 2021, 43% of Americans claimed to always be on the lookout for healthy options when shopping, while 52% said they were at least sometimes scouting for healthy foods. Most consumers around the world are choosing to switch to a healthy lifestyle and an even healthier diet and this is supported by the chocolatiers making chocolates with less sugar, without dairy, and making milk chocolate with dairy-free milk like hazelnut, cashew nut, oats, etc. which is giving a cleaner, healthier, and less cloying experience. In addition, vegan chocolates contain antioxidants that give them anti-aging properties and are usually found in fruits, vegetables, grains, and nuts. Such health benefits offered by vegan chocolates are attracting consumers as manufacturers are offering products without compromising on taste and not cutting on their health.

Europe Holds The Largest Market Share

The vegan chocolate market in Europe has registered significant growth in the recent past due to the ongoing acceptance of the vegan diet among the region's population. Health-conscious consumers are increasingly choosing vegan or flexitarian diets as a part of a healthy lifestyle. According to a study from the Federal Ministry of Food and Agriculture, about 35% of the population see the availability of vegetarian or vegan products as 'very important, and 63% of Germans are trying to reduce their meat consumption, making the country one of the most vegetarian places in the world. Further, a recent study by Proveg International, an international food awareness organization reveals that there are 1.3 million vegans and 8 million vegetarians across Germany. This in turn has contributed to the demand for vegan chocolate in European markets.

Moreover, festivals like Easter which is grandly celebrated in Europe are also boosting the sales of vegan chocolates as chocolates and confectionery are widely favored gifting items in the European culture. With the expanding veganism trend, consumers prefer vegan chocolates the most on such occasions which are creating substantial opportunities for the market players. Manufacturers have responded to the growing interest in plant-based diets by delivering Easter vegan chocolate and Easter-themed treats that attract customers. For instance, Lindt makes a vegan-friendly dark chocolate gold rabbit, and Divine released its new vegan dark chocolate egg with crisp mint.

Competitive Landscape

The market is characterized by the presence of a few well-established and several small- and medium-scale players. Companies are focusing on research and development activities to introduce new and innovative flavors in vegan chocolates. The rise in consumption of vegan chocolates can be ascribed to their distinctive flavor and nutritional properties. Companies are taking efforts to increase marketing and promotional activities to boost their revenue in the vegan chocolate market. Some of the key players operating in the global vegan chocolate market include Mars, Incorporated, Mondelez International., Nestle SA, Tofutti Brands, Inc., Plamil Foods Ltd, and Barry Callebaut, among others.

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