NEWARK, Del, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The vegan chocolate market stands at US$ 1,233.9 million in 2023. The market is predicted to show phenomenal growth from 2023 to 2033, growing at a CAGR of 11.9%. By the end of 2033, the market is expected to reach US$ 3,814.2 million.
Vegan chocolate production is advancing rapidly due to the rising vegan population. Vegan chocolates do not lag behind traditional chocolates in terms of variety. Dark chocolates, vegan milk chocolates, nut-based chocolates, and vanilla-based chocolates are some of the varieties in the vegan chocolate market that prove alluring to consumers. All the forms of traditional chocolates, like bars, cookies, and powder, are also represented in vegan chocolate. Advancements with the aid of technology are set to bolster the variety in the market.
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Suppliers of vegan chocolates are appealing to consumers with the ethical nature of the chocolates. Marketing campaigns heavily boast of the animal and dairy-free nature of the products. The plant-based ingredients are given importance in promotional campaigns. Further, producers are also moving along with sustainability trends, making eco-friendly products with sustainable packaging. The rising demand for sugar-free and gluten-free vegan chocolates is also stimulating the market’s growth.
Key Takeaways from the Vegan Chocolate Market Report
- The vegan chocolate market valuation is US$ 1,233.9 million in 2023.
- Dark chocolate is winning over consumers. Dark chocolate holds an impressive 68.4% market share by product type.
- Bars are the most popular form of vegan chocolates. In 2023, bars hold 74.4% of the market share by form.
- The United States is a lucrative region for the vegan chocolate market. In 2023, the United States accounts for 31.5% of the market revenue.
- China contributes 13.6% to the market in 2023.
- Germany is another country where the vegan chocolate industry flourishes. The German market accounts for a share of 9.4% of the market.
“The intersection of vegans and the young crowd represents a significant customer base for the vegan market. The younger generation is willing to spend money on premium products. Brands in the market are packaging chocolates with toys and games to make them appealing to children. The popularity of artisanal and hand-made chocolates is also rising, driving the overall market growth,” remarks Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competition Analysis of the Vegan Chocolate Market
Established players in the chocolate industry are trying to gain a stronghold in the market. However, the field remains open for small-scale vendors. Technology remains an area of concentration for the players in the market as it allows the introduction of new products. Some prominent companies in the market are Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), Lindt & Sprüngli, Ritter Sport, Hu Chocolate, and Alter Eco.
Vegan Chocolate Market Key Players
- Mondelez International
- The Hershey Company
- Schmilk Chocolate (Chocolate Hollow, LLC)
- Lindt & Sprüngli
- Ritter Sport
- Hu Chocolate
- Alter Eco
- TCHO
- Endorfin Foods
- Sjaak’s VGAN Chocolates
- Divine Treasures LLC
- Equal Exchange COOP
- No Whey Chocolate
- Others
Recent Developments in the Vegan Chocolate Market
- In October 2023, Smoothie King introduced smoothie bowls with vegan chocolate. Both Açai Cocoa Haze and Coco Pitaya-Yah smoothie bowls contain dairy-free vegan chocolate.
- In September 2023, Mummy Meegz innovated with the packaging of its oat milk and white chocolate product lines. In collaboration with Parkside, the packaging for the product lines was made sustainable.
- In January 2020, German brand Vego teamed with Frederick Export to make its products available in the United States.
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Key Segments
By Product Type:
- Raw Chocolate
- White Chocolate
- Dark Chocolate
- Others
By Form:
- Blended
- Cookies
- Bars
- Granules
- Liquid
- Powder
- Whole
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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