Vegan Chocolate Market Revenue to Cross USD 1,444 million by 2032, Rising at a 10.5% CAGR | Exclusive Report by Transparency Market Research

Wilmington, Delaware, United States, July 06, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global vegan chocolate market was valued at US$ 532.7 Mn in 2022. It is estimated to grow at a CAGR of 10.5% from 2022 to 2032. The global vegan chocolate market is expected to reach US$ 1444.7 Mn by the end of 2032.

Veganism is defined as the consumption of plant-based products. Thus, vegan chocolate is considered dairy-free. Several studies indicate the association of vegan chocolates with lower blood pressure and cholesterol as well as lower incidences of heart disease, type 2 diabetes, and various types of cancers.

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Market Snapshot:

Consumers nowadays are looking out for health benefits before they buy any consumable products. For instance, in a survey published by the International Food Information Council and the American Heart Foundation in 2021, 43% of Americans claimed to always be on the lookout for healthy options when shopping, while 52% said they were at least sometimes scouting for healthy foods. In the wake of such trends, the scope for vegan chocolates is expected to continue rising.

Competitive Landscape

Transparency Market Research has profiled the following vegan chocolate manufacturers in its report: Barry Callebaut, Chocoladefacriken Lindt & Sprungli AG, Nestle, Endangered Species Chocolate, Alter Eco, Taza Chocolate, Theo, TCHO, Equal Exchange Coop, Goodio, Montezuma’s Direct Ltd., Sjaak’s, Plamil Foods Ltd., Dylan’s Candy Bar, and Creative Nature Ltd.

The aforementioned market players are leveraging the increasing tilt toward vegan food consumption by consumers to introduce new product lines. Manufacturers are spending significantly on comprehensive research and development activities, primarily to develop label-friendly products, expand their portfolios, and create innovative vegan chocolate flavors.

Key Market Developments

• Starting in May 2022, Chocoladefacriken Lindt & Sprungli AG has been offering vegan chocolate bars made from oat milk. This Lindt Classic Recipe OatMilk range of bars hit supermarket shelves throughout the United States in original and salted caramel flavors. The company replaced traditional dairy milk with gluten-free oat milk powder and almond paste
• In August 2022, Nestle announced that its KitKat V, the vegan version of its famous KitKat brand, was made available across 15 European countries, following a test launch in the United Kingdom and some other countries in 2021. The milk in the original KitKat is replaced with a rice-based alternative, and it still offers the crispy wafer and smooth chocolate textures
• Theo Chocolate announced in June 2023 its intent to merge with the American Licorice Company (ALC). As part of ALC, Theo would join their portfolio of organic and better-for-you brands, including TORIE & HOWARD® and ZING BAR®. Theo’s commitment to delivering delicious, organic, ethically sourced (fair trade) chocolate will remain unchanged, with continued availability to consumers online and at retailers across the United States.

Key Takeaways from the Market Study

• As of 2022, the global vegan chocolate market was valued at US$ 532.7 million
• A y-o-y growth rate of over 10% is expected for the market from 2022 to 2033, reaching US$ 588.59 million
• By nature, organic vegan chocolate demand is anticipated to rise at a CAGR of 11.5% until 2032
• In 2022, sales of dark vegan chocolates were more popular, generating 52.9% of the total revenue
• Sales of vegan chocolates through online retail channels are anticipated to rise at an 11.7% CAGR
• From 2023 to 2032, the global market for vegan chocolates is forecast to expand 2.4x

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Global Vegan Chocolate Market: Growth Drivers and Trends

• Consumers increasingly prefer vegan chocolates due to the rising concerns about animal welfare as well as the importance of maintaining good personal health. Veganism helps promote healthy eating habits and reduces the possible risks associated with harmful animal fats. Plant-based chocolates are rich in vitamins, essential fibers, and minerals.
• According to the People for the Ethical Treatment of Animals (PETA), cows are administered antibiotics and Bovine Growth Hormones (BGH) to produce more milk per year. Various hormones are used to boost cow productivity and efficiency. This has a negative impact on their health and increases the rate of congenital defects in their offspring. Vegan chocolate is made without the use of dairy milk, which many people now perceive to be a significant source of environmental issues.

Vegan Chocolate Market: Regional Profile

• Europe is anticipated to be the market leader in the vegan chocolate landscape, holding a revenue share of 36.4% in 2022. Growth is attributed to increasing awareness of animal welfare
• The markets in South Asia and North America are expected to grow at value CAGRs of 11.5% and 11.0%, respectively, during the forecast period. In Oceania, the market in Australia is expected to grow at a significant value CAGR of 10.2% to reach US$ 46.4 million by 2032
• Brazil accounts for around 34.4% share of the vegan chocolate market in Latin America.

Key Segments Covered
Nature

Type

• Milk Chocolate
• Dark Chocolate
• White Chocolate

Sales Channel

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Retail

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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