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Vegan Chocolate Market Size

  • Report ID: GMI7231
  • Published Date: Oct 2023
  • Report Format: PDF

Vegan Chocolate Market Size

Vegan Chocolate Market was valued at around USD 662.54 million in 2023 and is anticipated to grow at a CAGR of over 13.6% between 2024 and 2032. Vegan chocolate, which is free from any animal-derived ingredients such as milk, has gained popularity among consumers looking for healthier and more ethical alternatives

 

Vegan Chocolate Market

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Key factors contributing to the growth of the vegan chocolate industry include the expansion of product offerings by major confectionery manufacturers, the emergence of small-scale artisanal chocolatiers specializing in vegan products, and the growing availability of vegan chocolate in mainstream retail channels. Additionally, the development of innovative flavors and the use of high-quality plant-based ingredients have helped to improve the overall appeal of vegan chocolate. The market has also seen a surge in the demand for organic and fair-trade certified vegan chocolate, as consumers increasingly seek products that are not only plant-based but also ethically and sustainably sourced.

 

Despite the growing demand for vegan chocolate, the market faces several pitfalls and challenges. One of the major obstacles is the higher cost of production compared to conventional chocolate, primarily due to the use of premium plant-based ingredients and the complexity of maintaining ethical and sustainable sourcing practices. Limited availability of certain key ingredients, particularly high-quality cocoa substitutes, can also lead to supply chain constraints and price fluctuations. Additionally, ensuring the desired taste, texture, and mouthfeel without the use of dairy poses a significant challenge for manufacturers, often requiring extensive research and development efforts. Furthermore, the niche positioning of vegan chocolate within the broader confectionery market makes it vulnerable to fluctuations in consumer trends and preferences, necessitating continuous innovation and effective marketing strategies to maintain market relevance and competitive advantage.

Authors: Kiran Pulidindi, Manish Mohanan

Frequently Asked Questions (FAQ) :

The market size of vegan chocolate was USD 662.54 million in 2023 and is expected to reach USD 2.08 billion by 2032, due to the rising emergence of small-scale artisanal chocolatiers specializing in vegan products, and the growing availability of vegan chocolate in mainstream retail channels worldwide.

Vegan chocolate market from the dark chocolate type segment recorded USD 300.79 million in 2022 and is expected to register a significant CAGR from 2023-2032 due to its rich cocoa content and potential health benefits.

North America industry size for vegan chocolate reached USD 202.69 million in 2022 and is expected to witness a commendable CAGR from 2023-2032 owing to the presence of a strong consumer base that is actively seeking ethical and sustainable food options in the region.

Lindt, Hershey, GODIVA Chocolates, Lily's Sweets, Unreal Snacks, Alter Eco, Barry Callebaut, and Nestle, are some of the major vegan chocolate companies worldwide.

Vegan Chocolate Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 301
  • Countries covered: 19
  • Pages: 210
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