Vegan Chocolate Confectionery Market Revenue Driver, Restraint, Challenge and Growth Opportunities

San Francisco, Calif., USA, Sep 09, 2022 — /EPR Network/ —

Vegan Chocolate Confectionery Industry Overview

The global vegan chocolate confectionery market size was valued at USD 467.2 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 14.8% from 2021 to 2028. Increasing acceptance of veganism among consumers, especially among millennials and the working population, has been fueling the product demand. The COVID-19 pandemic adversely affected the market due to lockdown imposed in most of the countries, which hampered the supply of cocoa across the globe and resulted in less production as well as restricted sales. Artisanal and high-end chocolates, in particular, witnessed low demand. On the other hand, the stockpiling and sudden surge in the demand for chocolates by consumers may support the market growth.

U.S. vegan chocolate confectionery market size, by type 2016 - 2028 (USD Million)

Moreover, the growing awareness regarding animal cruelty and the rise in environmental protection campaigns are supporting the market growth. The rising cases of lactose intolerance and other food-related allergies among children and adults have changed the food preferences of consumers in recent years. According to data provided by Food tolerance Network, in 2019, around 70% of the population of the world had lactose intolerance.

Gather more insights about the market drivers, restraints and growth of the Global Vegan Chocolate Confectionery Market

The ongoing scenario has fueled the demand for vegan products at the global level. Over the past few years, people across the globe have witnessed several food allergies and lactose intolerance due to dairy-based foods including milk, cream, cheese, and yogurt. Being intolerant to dairy can result in various types of allergies, such as anaphylaxis, milk protein-induced entropy, and protein-induced gastroenteritis.

Due to such health effects, the demand for vegan products is on the rise. Thus, the growing vegan population is estimated to drive the market growth over the forecast period. According to an article published in Forbes magazine, in 2018, the vegan population in the U.S. increased by 600% from 2014 to 2017. Such trends will offer new growth opportunities to the market over the forecast period.

Browse through Grand View Research’s Consumer Goods Industry Related Reports

Chocolate Confectionery Market The global chocolate confectionery market size was valued at USD 178.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030.

Organic Chocolate Confectionery Market The global organic chocolate confectionery market size was valued at USD 824.1 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028.

Vegan Chocolate Confectionery Industry Segmentation

Grand View Research has segmented the global vegan chocolate confectionery market on the basis of product, type, distribution channel, and region:

Vegan Chocolate Confectionery Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)

  • Boxed
  • Molded Bars
  • Chips & Bites
  • Truffles & Cups

Vegan Chocolate Confectionery Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)

  • Milk
  • Dark
  • White

Vegan Chocolate Confectionery Distribution Channel Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)

  • Online
  • Offline

Vegan Chocolate Confectionery Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Market Share Insights:

September 2020: Lindt & Sprungli inaugurated the Lindt Home of Chocolate in Switzerland. The facility showcases a unique chocolate competence center, attractive museum, and open-view production plant.

Key Companies profiled:

Some prominent players in the global Vegan Chocolate Confectionery Industry include

  • Alter Eco
  • Equal Exchange Coop.
  • Endorfin
  • Chocoladefabriken Lindt & Sprüngli AG
  • MondelÄ“z International
  • Goodio
  • Montezuma’s Direct Ltd.
  • Evolved

Order a free sample PDF of the Vegan Chocolate Confectionery Market Intelligence Study, published by Grand View Research.

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