Dublin, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The "Global Vegan Chocolate Confectionery Market By Type (Milk Chocolate, Dark Chocolate and White Chocolate), By Product (Molded Bars, Chips & Bites, Boxed and Truffles & Cups), By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Vegan Chocolate Confectionery Market size is expected to reach $1 billion by 2027, rising at a market growth of 12.3% CAGR during the forecast period.
Dairy products like milk fat, whey, casein, and milk solids are not used in vegan chocolate, as this product does not include any ingredient obtained from animals. Vegan chocolate is made from the components that are derived from plants. They contain less amount of fat and cholesterol compared to normal chocolates. Vegan food culture is rising in the established countries, which is also helping in the growth of the vegan chocolate market.
Millennials and the working population are highly adopting the vegan culture, which is estimated to surge the demand for the product. There are number of countries which were badly influenced by the COVID-19 pandemic, due to which the supply of cocoa was hampered around the world. This has declined the production of cocoa along with the decrease in its sales. Also, there was a decline in the demand for high-end & artisanal chocolates. In contrast, the market growth of chocolates is seemed to witness a rise as there is a growth in the demand by consumers.
COVID-19 Impact Analysis
The COVID-19 pandemic had a severe impact on the customers' pattern of shopping. They are preferring to store up products that give nutrition & energy, having private-label, and are inexpensive. The coronavirus outbreak has hampered the supply chain that has been affecting the manufacturing of vegan chocolate products, mostly in the craft and small chocolate companies.
During the pandemic, most people preferred to store up the essential products to survive. Chocolate may do not come under the list of essential products; however, it is a gratifying and pleasure-seeking item for consumers. In Europe, the supermarkets and other grocery shops were out of stock as most of the chocolates were sold. Through e-commerce facilities, these markets remain open helping in quick recovery of the market. The vegan chocolate confectionery market is estimated to get through the current lockdowns without s heavy loss.
Type Outlook
Based on Type, the market is segmented into Milk Chocolate, Dark Chocolate and White Chocolate. Milk segment acquired the maximum revenue share of the global vegan chocolate confectionary market in 2020. Top companies are now introducing their famous chocolate confectionery in the vegan chocolate category. This plan of action will help the company to get appreciation from customers over the world and will also result in the rise of the product sale.
Product Outlook
Based on Product, the market is segmented into Molded Bars, Chips & Bites, Boxed and Truffles & Cups. Molded bars segment dominated the market in 2020. The segment is expected to exhibit same trend during the forecast period. Bar chocolate is considered as the most consumed chocolate category around the world. Its convenient size made it popular among consumers. Based on the annual searches by Google, the topmost chocolates titled as favorite chocolate around the world, are sold in the bar form.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America procured the maximum revenue share in 2020 and is expected to register a significant growth rate over the forecast period. The growing vegan population is anticipated to surge the market growth around the region. The Asia Pacific is expected to witness lucrative growth opportunities over the forecast period. Asia is the densely populated continent around the world with a greater population and therefore, it has a positive impact on the food culture across the world.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mondelez International, Inc., Equal Exchange Coop, Endorfin Foods, Raaka Chocolate Ltd., Goodio, No Whey Chocolate, Theo Chocolate, Inc., Endangered Species Chocolate, LLC, Alter Eco, Inc., and Taza Chocolate.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Vegan Chocolate Confectionery Market by Type
3.1 Global Milk Chocolate Market by Region
3.2 Global Dark Chocolate Market by Region
3.3 Global White Chocolate Market by Region
Chapter 4. Global Vegan Chocolate Confectionery Market by Product
4.1 Global Molded Bars Market by Region
4.2 Global Chips & Bites Market by Region
4.3 Global Boxed Market by Region
4.4 Global Truffles & Cups Market by Region
Chapter 5. Global Vegan Chocolate Confectionery Market by Region
Chapter 6. Company Profiles
6.1 Mondelez International, Inc.
6.1.1 Company Overview
6.1.2 Financial Analysis
6.1.3 Regional Analysis
6.1.4 Research & Development Expenses
6.1.5 Recent strategies and developments:
6.1.5.1 Partnerships, Collaborations, and Agreements:
6.1.5.2 Acquisition and Mergers:
6.2 Equal Exchange Coop
6.2.1 Company Overview
1.1.1 Financial Analysis
6.2.2 Segmental Analysis
6.3 Endorfin Foods
6.3.1 Company Overview
6.4 Raaka Chocolate Ltd.
6.4.1 Company Overview
6.4.2 Recent Strategies and Developments:
6.4.2.1 Product Launches and Product Expansions:
6.5 Goodio
6.5.1 Company Overview
6.5.2 Recent Strategies and Developments:
6.5.2.1 Partnerships, Collaborations, and Agreements:
6.5.2.2 Product Launches and Product Expansions:
6.6 No Whey Chocolate
6.6.1 Company Overview
6.7 Theo Chocolate, Inc.
6.7.1 Company Overview
6.7.2 Recent Strategies and Developments:
6.7.2.1 Product Launches and Product Expansions:
6.8 Endangered Species Chocolate, LLC
6.8.1 Company Overview
6.8.2 Recent Strategies and Developments:
6.8.2.1 Product Launches and Product Expansions:
6.9 Alter Eco, Inc.
6.9.1 Company Overview
6.9.2 Recent Strategies and Developments:
6.9.2.1 Product Launches and Product Expansions:
6.10. Taza Chocolate
6.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/urygq7
