Vegan Chocolate Market is expected to hit USD 2.66 Bn. by 2029 at a CAGR of 12.3 percent – says Maximize Market Research

Pune, May 26, 2023 (GLOBE NEWSWIRE) — A global Food & Beverage research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Vegan Chocolate Market”. The report is a combination of primary and secondary data and domain expert has analyzed the Vegan Chocolate Market from a local and a global point of view. According to MMR analysis, The Global Vegan Chocolate Market size was valued at USD 1.18 Bn in 2022 and the total Renal Cell Carcinoma Treatment revenue is expected to grow at a CAGR of 12.3 percent from 2023 to 2029, reaching nearly USD 2.66 Bn.

Vegan Chocolate Market Report Scope and Research Methodology

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The Vegan Chocolate Market report uses a bottom-up approach to estimate the market size by value and volume. The report includes growth hubs, investment feasibility, restraints, and competitive analysis of the market in five major geographic regions such as North America, Asia Pacific, Middle East and Africa, Europe, and South America. The report presents a market analysis through segments along with its multiple sub-segments. The report involves data on major key companies’ mergers and acquisitions and partnerships. The market data has been collected through primary and secondary research methods. Collected data is later analyzed by tools such as SWOT, PORTER’s five force model, and PESTLE analysis , which provides the market’s political, social, economic, environmental, technological, and legal aspects.

Vegan Chocolate Market Dynamics

Increasing Consumer Awareness:

Growing awareness about the environmental impact of animal agriculture, animal welfare concerns, and the health benefits of plant-based diets have increased to a rise in consumer interest in vegan products, including vegan chocolate. As a result, increasing consumers seek ethical and sustainable alternatives driving the demand for vegan chocolate.

Health and Wellness Trends:

The global shift toward healthier lifestyles and the rising prevalence of dietary restrictions and preferences, such as vegetarianism, veganism, and lactose intolerance, have contributed to the growing demand for vegan chocolate, thereby driving the market growth. Health-conscious consumers are seeking chocolate options that are free from dairy, animal products, and artificial additives.

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Higher Production Costs:

The production costs associated with vegan chocolate are expected to be higher compared to traditional chocolate. Vegan ingredients, such as plant-based milk alternatives, organic and fair-trade ingredients, and specialty substitutes, are more expensive. These increased costs are expected to limit the affordability and accessibility of vegan chocolate products, thereby limiting market growth.

Vegan Chocolate Market Regional Insights

North America led the global vegan chocolate market with the highest market share in 2022 and is expected to maintain its dominance by 2029. Increasing adoption of plant-based and vegan lifestyles by American consumers driving the regional market growth. In addition, increased consumer awareness, health consciousness, and the availability of a wider range of vegan chocolate availability further support the market growth during the forecast period.

The Asia Pacific region is expected to grow at a significant rate during the forecast period. Increasing awareness of health and wellness among consumers is expected to be a driver for regional market growth. Besides that, the Asia Pacific region is home to a large vegetarian and vegan population, particularly in countries such as India, Thailand, and Taiwan, where plant-based diets have a long-standing cultural and religious significance. This population is actively seeking vegan food options, including chocolates, leading to an increased demand for vegan chocolate products, thereby supporting market growth.

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Vegan Chocolate Market Segmentation

by Product Type        

• Boxed Assortments
• Countlines
• Others

by Chocolate Type        

• Milk Chocolate & White Chocolate
• Dark Chocolate
• Other Types

by Application        

• Baking Mixes
• Snack Bars and Cereals
• Candy, Chocolate & Gums
• Cocoa Chips and Cookies
• Coffee
• Dairy and Desserts
• Dietary Supplements
• Ice Cream and Shake Mix
• Condiments, Sauces, and Spreads
• Sports Bars and Nutrition
• Others

by Flavor        

The flavored segment type is expected to grow at a significant CAGR during the forecast period and offer lucrative growth opportunities for the market players. The variety of flavors, including dark chocolate, as well as innovative combinations like sea salt and caramel or mint chocolate, attract a broader consumer base, thereby increasing segment growth.

by Distribution Channel        

• Supermarkets/Hypermarkets
• Convenience stores
• Online Stores
• Other Distribution Channels

The supermarkets/ Hypermarkets segment dominated the global vegan chocolate market with the highest market share in 2022. The large consumer base, a wide range of product availability, and one-shop experience drive the segment growth.

Vegan Chocolate Key Competitors include:

• Taza Chocolate (USA)
• Endangered Species Chocolate (USA)
• Alter Eco (USA)
• Hu Chocolate (USA)
• Theo Chocolate (USA)
• Sjaak’s Organic Chocolates (USA)
• Go Max Go Foods (USA)
• Lagusta’s Luscious (USA)
• Rescue Chocolate (USA)
• Unreal Chocolate (USA)
• 11. Zotter Chocolate (Austria)
• Ombar Chocolate (UK)
• Vego Chocolate (Germany)
• Moo Free Chocolates (UK)
• Montezuma’s Chocolates (UK)
• Plamil Foods (UK)
• iChoc (Germany)
• Raw Halo (UK)
• Seed and Bean (UK)
• Goupie (UK)
• Loving Earth (Australia)
• Pana Chocolate (Australia)
• Mason & Co. (India)
• Loving Hut (Taiwan)
• Wellbean Company (South Korea)
• Benns Ethicoa Chocolate – Ghana
• Vegan’s Delight – South Africa
• Pacari Chocolate – Ecuador
• Hacienda San Jose Chocolate – Peru
• Amma Chocolate – Brazil

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Key questions answered in the Vegan Chocolate Market are:

• What is a Vegan Chocolate?
• What was the Vegan Chocolate Market Size in 2022?
• What is the expected Vegan Chocolate Market size during the forecast period?
• What are the global trends in the Vegan Chocolate Market?
• What are the major restraints for the Vegan Chocolate Market?
• Which segment dominated the Vegan Chocolate Market growth?
• What is the demand pattern for the Vegan Chocolate Market?
• What growth strategies are the players considering to increase their presence in Vegan Chocolate Market?
• What are the upcoming industry applications and trends for the Vegan Chocolate Market?
• Who are the leading companies and what are their portfolios in Vegan Chocolate Market?
• Which region dominates the largest market share in Vegan Chocolate Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application, and Industry Vertical
• Market Segmentation – A detailed segment analysis
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Food & Beverages research firm, has also published the following reports:

Chocolate Market: Global Chocolate Market size was valued at USD 131.37 Bn in 2021 and the total revenue is expected to grow at 5.1 percent from 2022 to 2029, reaching nearly USD 195.58 Bn. increasing consumption of chocolate to reduce stress driving the market growth.

Chocolate and Confectionery Processing Equipment Market: Chocolate and Confectionery Processing Equipment Market was valued at USD 4.47 Bn in 2022 and is expected to reach USD 8.5 Bn by 2029 at a CAGR of 9.6 percent. The growing demand for chocolate and confectionery products along with innovative and functional products driving the market growth.

Chocolate Beer Market: Chocolate Beer Market size was valued at USD 1.60 Bn. in 2021 and the total Chocolate Beer revenue is expected to grow by 6.88 percent from 2022 to 2029, reaching nearly USD 2.72 Bn. increasing consumer preferences for chocolate beer driving the market growth.

White Chocolate Market: White Chocolate Market size was valued at USD 18.27 Bn. in 2021 and the total revenue is expected to grow at 1.52 percent from 2021 to 2029, reaching nearly USD 20.61 Bn. increasing adoption of white chocolate in multiple end-use industries driving market growth.

Cocoa Liquor Market: The Global Cocoa Liquor Market was valued at USD 21.5 Million in 2022 and is expected to reach USD 31.53 Million by 2029, expanding at a compound annual growth rate of 5.62 percent. The growth of the chocolate industry, which is a major consumer of cocoa liquor, is driving the market growth.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Energy & Power, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.