According to a report by Research and Markets, the Global Vegan Chocolate Confectionery Market was valued at $335 million in 2017, which grew to $575 million in 2022
The report anticipates the market to reach a size of $1.2 billion by 2028 growing at a CAGR (compound annual growth rate) of 13% during the forcast period (2022-2028).
“The demand for vegan products has been driven by consumers’ growing acceptance of such lifestyles, particularly among teenagers and employees in the workplace, and the market is expected to expand significantly during the estimated period”, states the report.
“An increase in consumer health awareness is driving up demand for vegan chocolate since a well-planned vegan diet that follows healthier dietary guidelines provides a body with all the nutrients it requires.”
The report notes that consumers are becoming more sensitive and empathetic to animals as they become more aware of the conditions and environments in which animals are raised. “Because of animal welfare issues, consumers are rapidly turning to plant-based foods, especially plant-based chocolates. Vegan chocolate is produced without the use of dairy milk, which many people these days believe is a significant contributor to environmental problems.”
In addition, “Vegan chocolate is very nutrient-dense for consumers, but since it is more expensive than normal than traditional chocolate, vegan chocolate producers find it challenging to compete in the world market.”
The Global Vegan Chocolate Confectionery Market is “competitive with ~100 players which include globally diversified players, regional players as well as several country-niche players each with their niche in Vegan Chocolate Confectionery. Large global players constitute ~15% of competitors, while country players represent the largest number of competitors.”
Key Players in the market include:
- Alter Eco
- Endangered Species Chocolate, LLC
- Endorfin Foods.
- Equal Exchange Coop
- Mondelez International
- No Whey Chocolate
- The Hershey Company
- Theo Chocolate, Inc.
- One Good.