Global Vegan Chocolate Market
As stated in our extensive report; the Global Vegan Chocolate Market accounted for USD 849.5 Million in the year 2021.
One of the main factors influencing the market’s expansion is the rising acceptance of veganism among consumers worldwide, particularly millennials. For instance, the Vegan Society estimates that there were 150 thousand vegans in Great Britain in 2014, which rose to 600 thousand in 2019. In addition, the market is expanding due to an increase in environmental preservation initiatives and a rise in public awareness of animal suffering. Due to the increase in food allergies and incidences of lactose intolerance in both children and adults in recent years, consumers’ food preferences have also changed. For instance, according to the Food Tolerance Network, about 70% of people globally are lactose intolerant as of 2019.
To create truly Vegan Chocolates, several makers of Vegan Chocolate also use milk replacements such as soy or almond milk. For instance, an Indian company called “MilkinOats” will introduce vegan milk chocolate derived from oat milk in 2021. They have two variations in their premium line, Chalet Chokolad, which is made in Swiss chalets: Chalet Velvety and Chalet Almond Crunch. Additionally, the market is anticipated to grow at a faster rate during the forecast period due to factors such as worries about the welfare of animals used in food production, the notion that Vegan Chocolates are healthier and boost healthy blood sugar and the use of alternative sweeteners like stevia in manufacturing processes.
Key factors influencing Vegan Chocolate Market Growth
The growth of the global Vegan Chocolate market can be attributable to the following:
- A well-planned vegan diet that follows healthy eating recommendations offers all the nutrients a person needs and is appropriate for people of all ages and stages of life, claim Dietetics, the British Dietetic Association, and the American Academy of Nutrition.
- Nowadays, consumers research the health advantages of a product before purchasing it. For instance, 43% of Americans claimed to constantly be on the lookout for healthy options when shopping, while 52% said they were at least occasionally looking for healthy meals, according to a poll conducted by the International Food Information Council and the American Heart Foundation in 2021.
- As a result, the majority of consumers worldwide are deciding to adopt a healthier lifestyle and diet. This trend is supported by chocolatiers who create chocolates with less sugar and without dairy.
- Milk chocolate is made with dairy-free alternatives like hazelnut, cashew, oats, etc., resulting in a more wholesome, healthier, and less cloying experience.
- Additionally, Vegan Chocolates include antioxidants, often found in fruits, vegetables, cereals, and nuts, and offer anti-aging effects.
- Since producers offer products without sacrificing taste or health, consumers are drawn to the health benefits offered by Vegan Chocolates.
North America Region to Lead the Market
North America Vegan Chocolate market is getting more significant with maximum market share during the forecast period. Due to the ongoing adoption of the vegan diet among the people in the region, the Vegan Chocolate market in North America has seen tremendous expansion in recent years. Consumers interested in living healthy lifestyles are increasingly selecting vegan or flexitarian diets. Germans are among the most vegetarian people in the world, with research from the Federal Ministry of Food and Agriculture indicating that 35% of the population finds the availability of vegetarian or vegan products to be “extremely significant” and that 63% of Germans are aiming to consume less meat. There are also 1.3 million vegans and 8 million vegetarians in Germany, according to a recent report by Proveg International, a global organization for food awareness. This has in turn, influenced the market demand for Vegan Chocolate in North America.
Additionally, holidays like Easter, which is extensively observed in North America, drive the sales of Vegan Chocolates because these foods are popular gifting options. Due to the growing trend of veganism, customers favor Vegan Chocolates the most at these times, offering significant prospects for market participants. Manufacturers have responded to the rise in popularity of plant-based diets by providing customers with Easter Vegan Chocolate and delight with an Easter theme. For instance, Divine recently unveiled its new vegan dark chocolate egg with crisp mint, while Lindt offers a vegan-friendly dark chocolate gold rabbit.
Rising acceptance of veganism among consumers worldwide, among other things, positively influences the overall Vegan Chocolate market.
Some of the key players in the Global Vegan Chocolate Market include- Mondelez International (U.S.), The Hershey Company (U.S.), Schmilk Chocolate (Chocolate Hollow, LLC) (U.S.), Lindt & Sprüngli (Switzerland), Ritter Sport (Germany), Hu Chocolate (U.S), Alter Eco (U.S.) and others.