Vegan Chocolate Market to Advance at CAGR of 10.5% during 2022-2032, Notes TMR Study

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Jun 14, 2022, 07:30 ET

Proclivity toward dairy-free plant-based products steering lucrative avenues; consumption of dark vegan chocolates to spur creation of profitable prospects in vegan chocolate market
Europe emerged as prominent market, and South Asia to witness substantial revenue streams; organic vegan chocolates to gather traction

ALBANY, N.Y., June 14, 2022 /PRNewswire/ -- An in-depth vegan chocolate market demand analysis by TMR analysts has found that the popularity of diary-free and plant-based chocolates has grown significantly worldwide over the years. Firms are tapping into steady streams of revenues emanating from the inclination toward animal-free products, engendered by massive efforts by animal right activists to promote such products. The vegan chocolate market valuation, projects the TMR study, will reach US$ 1444.7 Mn by 2032, expanding at CAGR of 10.5% during 2022–2032.

Dark chocolates account for the largest revenue share in vegan chocolate market in 2022, where the prominence of the segment can be attributed to the awareness of the multiple health benefits. Spate of studies underscores the fact that they are rich in antioxidants and flavonoids, attracting consumers. Brands are harping on the proposition that they don't contain animal-derived ingredients as well as any artificial ingredients.

Preference toward online retailing among consumers will be pivotal in boosting the market share for vegan chocolate during the forecast period (2022–2032). The segment is projected to advance at CAGR of 11.7% during the period, estimated the authors of the TMR study on the vegan chocolate market. With veganism attracting increased attention as a healthy diet globally in recent decades, the future market outlook for vegan chocolate is likely to witness new streams of revenues.

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Key Findings of Vegan Chocolate Market Study

Rising Demand for Chocolates in Vegan Population Presents Massive Avenue: Numerous health benefits of vegan chocolate have underpinned the demand for chocolates in vegan population. Growing vegan population is a key factor catalyzing the uptick in demand in the products in the vegan chocolate market. Brands have stridently thrown their weight behind extensive advertisement and promotional activities to raise the awareness of the several health benefits.
Chocolate Manufacturers Lean on Combining Nutritional Benefits with Great Taste for Products: A growing number of chocolate manufacturing companies are growing their R&D on developing products that satisfy the taste buds of the consumers, boosting prospects in the vegan chocolate market. Brands are particularly harping on promoting the nutritional benefits such as the role of chocolate in diets to uplift mood and boost blood circulation and heart health, thus expanding the avenues in the vegan chocolate market.
Growing Sales of Dark Vegan Chocolates to Underpin Revenue Growth: Dark chocolate presents a tremendous profitable avenue which players in the vegan chocolate market are keen on capitalizing on in the coming years. They are gaining preference mainly due to distinct taste and sensory profiles of the cocoa butter present in dark vegan chocolates. Demand for organic vegan chocolate is also expected to see substantial fillip, thus opening an incredible avenue for companies in the vegan chocolate market. The TMR study forecast the segment to reach US$ 216.8 Mn by the end of 2032,

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Vegan Chocolate Market: Key Drivers

Growing number of animal rights organizations raising awareness and endorsing vegan diets as animal cruelty-free products. This is a key underpinning for the expanding horizon in the vegan chocolate market.
Growing consumption of chocolates for their purported health benefits is another key driver for the evolution of the vegan chocolate market

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Vegan Chocolate Market: Regional Growth Dynamics

Europe held a major share of the global vegan chocolate market in 2022, estimated at 36.4%. The opportunities in the Europe market are expected to be numerous in the near future. The lucrativeness can be attributed to heightened focus on animal welfare, awareness of the health benefits of dark chocolates, and growing popularity of plant-based products.

South Asia is another lucrative region, with projected CAGR of 11.5% during the forecast period.

Vegan Chocolate Market: Competition Landscape

The authors of the TMR study on the vegan chocolate market found that the strategic dynamics is characterized by high degree of consolidation of shares. A few large vendors control most of the market shares. Some of the key players in vegan chocolate market are Taza Chocolate, Creative Nature Ltd., Dylan's Candy bar, Plamil Foods Ltd., Sjaak's, Alter Eco, Nestle, and Barry Callebaut.

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Vegan Chocolate Market Segmentation

Nature

Organic
Conventional

Type

Milk Chocolate
Dark Chocolate
White Chocolate

Sales Channel

Hypermarkets/Supermarkets
Convenience Stores
Specialty Stores
Online Retail

Vegan Chocolate Market, by Region

North America
Asia Pacific
Europe
Latin America
Middle East & Africa

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