Vegan Chocolate Market Expected to Reach $2 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Vegan Chocolate Market," The vegan chocolate market size was valued at $585.80 million in 2022, and is estimated to reach $2 billion by 2032, growing at a CAGR of 13.1% from 2023 to 2032. Vegan chocolate refers to a kind of chocolate that is completely free from any animal-derived ingredients. Traditional chocolate normally contains ingredients like milk or milk solids, butterfat, and sometimes even other additives that may also come from animals. In contrast vegan chocolate is made with choice ingredients that do not contain animal exploitation or animal by-products. Common substitutes for dairy milk in vegan chocolate include plant-based milks such as almond milk, soy milk, coconut milk, oat milk, or rice milk. Instead of normal butterfat, vegan chocolate might also use plant-based fat like cocoa butter or coconut oil. 

Vegan chocolate production generally requires fewer assets and has a decrease environmental influence in contrast to common chocolate made with animal-derived ingredients. The use of plant-based ingredients such as cacao, plant-based milk choices (e.g., almond milk, soy milk), and herbal sweeteners helps decrease the carbon footprint related with chocolate production. This aspect appeals to environmentally conscious consumers who prioritize sustainable food choices. Moreover, vegan chocolate is free from animal-derived ingredients such as dairy and animal fats, which aligns with the values of individuals concerned about animal welfare. By selecting vegan chocolate, buyers can guide a extra compassionate and cruelty-free method to food production, as it eliminates the need for exploiting animals for ingredients. Furthermore, the moral issues related with vegan chocolate regularly encompass a focus on transparency and traceability in the supply chain. Consumers are an increasing number of involved in knowing where their food comes from, how it is produced, and the affect it has on communities and ecosystems. Vegan chocolate brands that prioritize transparency and provide information about their sourcing practices, fair trade certifications, and sustainable farming methods can attract consumers who prioritize ethical choices. These factors are anticipated to boost the vegan chocolate market growth in the coming years.

However, some consumers may hold the belief that vegan chocolate lacks flavor or is less satisfying compared to conventional chocolate. This misconception might arise from assumptions about the absence of dairy or animal-based ingredients affecting taste and texture. Also, the limited awareness among consumers regarding the availability of vegan chocolate options is one of the major factors projected to hamper the market revenue growth during the forecast period. Many people may simply be unaware that vegan chocolate exists or that it is widely available. These factors are anticipated to limit the vegan chocolate market forecast demand. 

The market for health-conscious buyers is increasing rapidly. As more individuals adopt plant-based diets or are seeking more healthy alternatives, the demand for vegan chocolate continues to rise. By focused on this unique customer segment, agencies can tap into a growing market with full-size potential for growth. Moreover, vegan chocolate is frequently perceived as a more healthy choice to typical chocolate. It is generally made from herbal and minimally processed ingredients, free from animal products, cholesterol, and lactose. Companies can capitalize on this by means of highlighting the fitness advantages of vegan chocolate, such as lower saturated fats content, higher fiber content, and the presence of antioxidants. Furthermore, health-conscious consumers often prioritize clean labels and organic ingredients. They seek products that are free from artificial additives, preservatives, and genetically modified organisms (GMOs). Companies can appeal to this preference by offering vegan chocolate options with clean labels, organic certifications, and transparent ingredient sourcing. These factors are anticipated to boost the vegan chocolate market opportunities in the coming years. 

The vegan chocolate market share is segmented on the basis of type, product, distribution channel, and region. By type, it is classified into dark, milk, and white. By product, it is classified into molded bars, chips & bites, and boxed. By distribution channel, it is classified into hypermarkets/supermarkets, specialty stores, online stores, and convenience stores. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America. 

The key players profiled in the vegan chocolate market report include Alter Eco, Mondelēz International, Barry Callebaut, Nestlé, Endorfin Foods, Evolved Chocolate, Chocoladefabriken Lindt & Sprüngli AG, Taza Chocolate, Montezuma’s Direct Ltd., and Endangered Species Chocolate, LLC. 

The report offers a comprehensive study on vegan chocolate market analysis by thoroughly studying different aspects of the market including major segments, market statistics, vegan chocolate market trends, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth and vegan chocolate market demand. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market. 

Impact of COVID-19 on the Global Vegan Chocolate Industry 

• The COVID-19 pandemic has had a significant impact on various industries, including the vegan chocolate market. The pandemic led to an increase in focus on health & wellness, leading to an increased interest in plant-based diets and vegan products. This positively impacted the vegan chocolate market as consumers seek out healthier alternatives. 

• The pandemic disrupted global supply chains across the globe. This affected the availability of raw materials and ingredients necessary for vegan chocolate production. However, as the situation has evolved, companies have adapted and implemented measures to mitigate such disruptions. 

• With lockdowns and social distancing measures in place, there has been a significant shift towards online shopping. This trend has likely benefited the vegan chocolate market as consumers turned to online platforms to purchase their favorite products. E-commerce allows businesses to reach a wider audience and continue selling during times when physical stores may be closed or restricted.  

Key Findings of the Study 

• Based on type, the milk sub-segment emerged as the global leader in 2022 and the dark sub-segment is anticipated to be the fastest growing during the forecast period. 

• Based on product, the molded bars sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years. 

• Based on distribution channel, the hypermarkets/supermarkets sub-segment emerged as the global leader in 2022 and the online stores sub-segment is predicted to show the fastest growth in the upcoming years. 

• Based on region, North America registered the highest market share in 2022 and Asia-Pacific is projected to be the fastest growing during the forecast period.