The global vegan chocolate market is set to witness growth at a CAGR of 15.5% and top a valuation of US$ 4.0 Bn by 2032. Chocolate in its pure form is said to be a vegan product only as the raw product maid from cocoa is a plant-based food. However, the cacao is subjected to extensive processing, including the addition of chemicals and milk or milk fat, making it an animal-based product.
Consumers are getting more sensitive and understanding when it comes to the circumstances and setting in which animals are produced. They are increasingly choosing plant-based products due to concerns about animal cruelty, especially plant-based chocolates. Vegan chocolate is produced without the use of dairy milk, which many people today consider to be a significant contributor to environmental issues. Produce can be used to make milk-based chocolates. This would fuel the market for vegan chocolates and help solve environmental issues.
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| Market Size Value in 2022 | USD 1.0 Bn |
| Market Forecast Value in 2032 | USD 4.0 Bn |
| Global Growth Rate (2022 to 2032) | ~ 15.5% CAGR |
| Forecast Period | 2022-2032 |
| Collective Value Share: Top 3 Countries (2021A) | 48.20% |
Compared to conventional chocolates created with synthetic components and inexpensive animal fat, vegan chocolates are noticeably more delicious, healthy, and natural. Additionally, the addition of fresh international flavours to vegan chocolate is fueling demand like never before. The vegan chocolates made by the Casa Kakau brand are handcrafted from authentic cocoa beans and include flavours like Cardamom Craft Chocolate and Bulgarian Rose Water Chocolate. Like typical chocolate, the vegan chocolate has been aged and stone ground.
Another illustration is the Veganz Waffel brand’s crispy wafer bits chocolate, which is made with rice syrup powder and gives the couverture chocolate an intriguing crunchy feel. The product is sold in an 80g eco-pack composed of compostable materials and printed using ink that is free of mineral oil.
Key Takeaways from Market Study
- The vegan chocolate market is worth of USD 1.0 Bn sales in 2022.
- The vegan chocolate market is expected to expand at CAGRs of 15.5% through 2032.
- Global vegan chocolate demand is projected to grow year-on-year (Y-o-Y) growth of 14.7% in 2022.
- The vegan chocolate market is growing with a notable boost towards the production to reach USD 4.0 Bn by 2032.
- High product demand from food service industry, soaring production of raw material, tasty and convenient product form are the factors driving growth of the market and to be the influencing factors among consumers, which is driving sales of vegan chocolate across global markets.
- Demand for vegan chocolate grew at 14.2% CAGR between 2017 and 2021.
- Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, and Ritter Sport are expected to be the top players in the vegan chocolate industry.
- Vegan chocolate market along with dark vegan chocolate, flavored vegan chocolate, bars as product form, snack bars and cereals as application, and B2C sales channel are in heavy demand from food industry carrying a notable market share.
“Vegan chocolates are said to have a higher content of cocoa, sugar, cocoa butter, and other natural plant-based flavors to produce a melty texture and mouthfeel experience. As cocoa butter is the main ingredient which helps in generating the unique texture and taste in vegan chocolate, the percentage of cocoa determines the final product quality in vegan chocolate,” says a Future Market Insights analyst.
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Competitive Landscape
Key vegan chocolate brands are conducting several researches and looking for new strategic partnerships, while key business brands are focusing on developing the applications in food industry to generate high quality food and beverage solutions. The top players are focusing on new formulations and product innovations to gain vegan chocolatemarket share and attract more customers towards the product.
Despite the arrival of firms like Hershey’s into the vegan chocolate market, the research believes that the expansion of the category is being driven by smaller companies, some of whom are already predominately vegan.
According to the vegan chocolate industry survey, some of the brands expected to experience the greatest growth in the upcoming years are Equal Exchange, a producer of Fair-Trade chocolate, Endangered Species Chocolate, Alter Eco, Taza, and Theo. Oat milk-based chocolate bars have just been released by Endangered Species and Hershey’s.
- In 2021, Cadbury announced to launch the vegan chocolate bar, first of its kind from the company, with two different flavours. The new vegan chocolate bar is a plant-based offering that, according to the firm, is inspired by Cadbury’s Dairy Milk, the company’s most popular chocolate bar in the UK.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global vegan chocolate market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (raw chocolate, white chocolate, dark chocolate, and others), flavor (unflavoured and flavoured), product form (bars, blended, cookies, granules, liquid, powder, whole, and others), application (baking mixes, snack bars & cereals, candy, chocolate & gums, cocoa chips & cookies, coffee, dairy & desserts, dietary supplements, ice cream & shake mix, condiments, sauces & spreads, sports bars & nutrition, and others), and sales channel (B2B / HoReCa and B2C), across seven major regions of the world.
About Food & Beverage Division at Future Market Insights
The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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