Dairy-free chocolate is prepared from vegan milk, which retains the flavor and properties of regular milk in the chocolate. The demand for dairy-free chocolate is projected to increase over the forecast period, owing to increasing allergies and lactose intolerance associated with milk products among consumers. Additionally, increasing cognizance related to chemical and synthetic additives is also expected to fuel the market of dairy-free chocolate.
Dairy-free chocolate is rapidly penetrating the chocolate market, as people are becoming inclined towards it, owing to health issues related to dairy products. Moreover, since the last decade, the trend of veganism has increased across the globe. In many developed areas such as the U.S., Canada, and Europe, the dairy-free chocolate market is expected to boom, owing to increasing per capita disposable income, health consciousness among the millennial population, and other factors.
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Global Dairy-free Chocolate Market to Register Single-digit CAGR over Forecast Period
The global market for dairy-free chocolate is likely to increase during the forecast period due to its extensive health benefits. According to Fact.MR, its market is likely to grow at single-digit CAGR (compound annual growth rate) during the forecast period. North America dominated the global market for dairy-free chocolates in 2018. South Asia and Europe are expected to witness a sizable rise in the overall sales of dairy-free chocolates.
Countries such as China, India, the U.S., Russia, and Germany, among others, are expected to propel the demand for dairy-free chocolates over the forecast period. Prominent companies are significantly exploring various types of vegan flavors to add in dairy-free chocolates and increase the overall volume sales of their products, thereby boosting the growth of the dairy-free chocolate market, globally.
Health Benefits of Dairy-free Chocolate to Create ‘Sweet’ Opportunities
While chocolate might be full of sugar and should be consumed in moderation, it’s a good option for those times when you want something sweet. Dairy-free chocolate is good for those consumers who can’t consume milk; it’s a scrumptious treat with numerous health benefits. It’s loaded with cancer prevention agents and supplements such as zinc, magnesium, copper, and even potassium.
Dairy-free dark chocolate appears to have a larger number of cancer prevention agents than certain berries. Many dairy-free chocolates also contain caffeine, which can add extra health benefits. Moreover, consuming a small amount of dairy-free chocolate can help improve cardiovascular health and blood flow in the human body. However, most dairy-free chocolates are highly processed for preservation purpose, which can remove some of the beneficial flavonoid antioxidants present in them.
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Global Dairy-free Chocolate Market: Segmentation
The global dairy-free chocolate market can be segmented into type, frequency, flavor, and sales channel. By type of dairy-free chocolate, the global market can be categorized into dark, white, raw, baking, and others. The global dairy free chocolate market can be segmented by its frequency such as premium chocolate, seasonal chocolate, and daily chocolate. By flavor of dairy-free chocolate, the market can be segmented into caramel, brown butter, coconut milk, lavender, and others. The global dairy-free chocolate market can also be segmented by its sales channels, such as brick and mortar stores, online retailers, hyper & supermarkets, small retailers, and others The global dairy-free chocolate market can be segmented on the basis of geographical region into North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa (MEA) and Emerging Countries.
Global Dairy-free Chocolate Market: Key Players
The global market for dairy-free chocolate comprises several developers who are primarily converging on developing advanced versions of dairy-free chocolates, mainly for the ease of catering services. Companies engaged in the manufacturing and distribution of dairy-free chocolates are focused on expanding their business footprint by enhancing their product portfolios related dairy-free chocolates. Some key market participants are Amore di Mona, Rescue Chocolate, Long Island Chocolate, Nibmor, No Whey Chocolate, Ethereal Confections, Peanut Butter & Co., Agusta’s Luscious, Rawmio, Sjaak’s, Taza Chocolate, Dear Coco among other prominent players.
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