The Vegan Chocolate Market valuation is likely to be valued at USD 1,233.9 million in 2023. The market is predicted to grow at a CAGR of 11.9% from 2023 to 2033. The size of the vegan chocolate market is expected to reach USD 3,814.2 million by 2033.
Vegan Chocolate Market Analysis and Insights
Attributes | Details |
---|---|
Vegan Chocolate Market Value, 2023 | USD 1,233.9 million |
Projected Market Value, 2033 | USD 3,814.2 million |
Value-based CAGR, 2023 to 2033 | 11.9% |
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The value of the vegan chocolate market in 2018 was USD 681.34 million. The market grew at a CAGR of 13% over the historical period from 2018 to 2022.
The number of people turning to veganism accelerated immensely over the historical period. Countries like the United States, the United Kingdom, and Germany saw a rise in the number of people aiming to reduce meat intake. Consequently, the popularity of plant-based products increased significantly. By the end of the historical period, the market size reached USD 1,110.9 million.
Attributes | Details |
---|---|
Vegan Chocolate Market Value, 2018 | USD 681.34 million |
Vegan Chocolate Market Value, 2022 | USD 1,110.9 million |
Historical CAGR, 2018 to 2022 | 13% |
Long-term Analysis of the Vegan Chocolate Market from 2023 to 2033
In 2023, the vegan chocolate market valuation is USD 1,233.9 million. The market is forecasted to grow at an impressive CAGR of 11.9% from 2023 to 2033.
Awareness is growing among people of the benefits of switching to plant-based diets. Chocolate manufacturers are expected to hop on the vegan trend by expanding their product lines to include vegan chocolates, offering diverse flavors. Differing forms and tastes of vegan chocolate are tipped to keep sales of the product as well as customer retention high.
Organic and sustainable food product trends are predicted to rise over the forecast period. The number of people turning away from sugar consumption is also expected to increase.
Brands in the vegan chocolate industry are predicted to keep pace by offering sustainable and sugar-free products. The demand for vegan chocolates is predicted to reach USD 3,814.2 million by the end of the forecast period.
The vegan chocolate market can be split up into two segments: product types and form. By looking at the segments, the preference of the consumers in the way vegan chocolates are consumed can be observed.
Attributes | Details |
---|---|
Top Product Type | Dark Chocolate |
Market Share in 2023 | 68.4% |
Consumers highly prefer the bitter taste of dark chocolate. The dark chocolate segment accounts for a share of 68.4% of the market by product type. Consumers are increasingly moving away from sugary sweet chocolates.
Certain health benefits associated with dark chocolate, such as fighting against the risk of heart conditions and Alzheimer's, have enhanced its sales.
Attributes | Details |
---|---|
Top Form | Bars |
Market Share in 2023 | 74.4% |
Bars are the leading form in which vegan chocolates are consumed. In 2023, bars dominate the market share by form, holding a share of 74.4%.
The popularity of chocolate bars remains evergreen. The trend of healthy chocolate bars is also contributing to the market’s growth.
Countries | CAGR (2023 to 2023) |
---|---|
United States | 11.0% |
Germany | 5.5% |
Japan | 14.8% |
China | 6.3% |
Australia | 12.5% |
The vegan movement is growing its foothold all over the world. Thus, the scope of the market for vegan chocolate is increasing with time. However, certain countries/regions constitute the major share of the market revenue.
North America, Europe, and the Asia Pacific dominate the market. The rising vegan trend in Europe and North America is aiding the demand for vegan chocolates. The increasing population in Asia Pacific aids the growth of the market.
Several people in the United States have a huge appetite for chocolates. Vegan chocolate is also being consumed in large quantities. The United States market accounts for a significant 31.5% of the market share.
American brands like The Hershey Company and Mars, Inc. are giants in the chocolate industry. The portfolios of brands are being expanded to appeal to the vegan population. For example, in June 2022, Mars, Inc. entered the vegan chocolate market by launching its animal-free and lactose-free CO2COA bar.
The Chinese market holds 13.6% of the market share in 2023. Online platforms are aiding the sale of vegan chocolate in China. The vegan population can access chocolates from local and multinational brands online. The online channel is also aiding companies in the Western sphere to expand into China.
Western brands are taking advantage of the rising demand for vegan chocolates in China by launching new products in the country.
For example, in 2019, the German vegan chocolate brand Nu Company entered the Chinese market, rebranding itself as Nuchoc in China.
Europe has a long tradition of chocolate-making and consumption. Chocolate is also a part of many traditions in the region. The vegan chocolate industry is enjoying the benefits of the European people undertaking vegan diets. Germany is one of the leading countries in Europe for vegan chocolates. Germany holds a 9.4% share of the market in 2023.
Germany has a large consumer base that prefers chocolates as a snack. More than 30% of all Germans enjoy chocolate as a relaxing food. The significant German consumer base is also favoring nut-based chocolates. Players in the German market are taking advantage of the Germans’ preference for nut-based chocolates.
For example, Alfred Ritter GmbH & Co. KG offers the Halbbitter-Schokolade Mandel Quinoa vegan chocolate, which has a mix of quinoa and almonds.
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The potential of the vegan chocolate industry is luring multinational chocolate brands. Recognized chocolate brands like Nestlé S.A. and The Hershey Company have entered the market. However, brands that focus solely on vegan chocolates are also thriving.
With the aid of technological advancement, the quality of vegan chocolate is being improved. Technological investments have enabled manufacturers to experiment with tastes and flavors.
Recent Developments in the Vegan Chocolate Market
In 2023, the size of the vegan chocolate market is estimated to be USD 1,233.9 million.
Artisanal chocolates and chocolates packaged with toys are two of the trends in vegan chocolate.
The vegan chocolate market is expected to progress at a remarkable CAGR of 11.9% during the period from 2023 to 2033.
By 2033, the size of the vegan chocolate market is forecasted to reach USD 3,814.2 million.
Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), and Lindt & Sprüngli are some of the prominent players in the vegan chocolate market.
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