Vegan Chocolate Confectionery Market

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Vegan Chocolate Confectionery Market (Product - Molded Bars, Chips and Bites, Truffles and Cups, and Others; Type - Dark, and Milk; Distribution Channel - Online, and Offline): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : April, 2022

  • Rep Id : FB0221

  • Category : Food & Beverages

  • Status : Published

A recent report published by Infinium Global Research on the vegan chocolate confectionery market provides in-depth analysis of segments and sub-segments in the global as well as regional vegan chocolate confectionery market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional vegan chocolate confectionery market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global vegan chocolate confectionery market. According to the report, the global vegan chocolate confectionery market is projected to grow at a CAGR of 14.95% over the forecast period of 2021-2027.

 

Market Insight

The revenue generated by the vegan chocolate confectionery market was USD 630 million in 2021 and is expected to reach approximately USD 1454 million in 2027 with a CAGR of 14.95% by 2027. Vegan chocolate confectionery products are made from ingredients that do not come from animals such as dairy ingredients that are used in the making of confectionery products. Instead of the ingredients originating from animals, the alternative ingredients based on plants are used for making vegan chocolate confectionery products. Vegan chocolate confectionery products are rapidly emerging in the market as the vegan trend has hit the market. Many market players are working on various types of vegan chocolate confectionery products. The market for vegan chocolate confectionery products is expanding rapidly as more and more are turning toward vegan chocolate confectionery products and replacing their conventional chocolate confectionery products with it.

 

Veganism is growing rapidly around the world. According to The Vegan Society, the people signing up for the Vegan Campaign in 2022 were 629,000 from around 228 countries as compared to 582,000 people that signed for the campaign in 2020 and 250,000 in 2019. As per this campaign, the people signing up have to only consume vegan products for the month of January. People are embracing veganism with open arms and many people are transitioning from vegetarian to veganism due to global movements such as Veganuary. The growing veganism is expected to boost the sales of vegan chocolate confectionery products. Furthermore, the growing demand for plant based food products due to the growing number of lactose-intolerant people with rising environmental awareness among consumers is propelling the growth of the market. The high prices of vegan chocolate confectionery as compared to conventional confectionery may restrain the market in some aspects. Nevertheless, new opportunities will occur in the market as market players are focusing on exploring new vegan ingredients.

 

North America is expected to dominate the vegan chocolate confectionery market as North America has one of the largest vegan populations in the world. According to Plant Proteins Co., 6% of the US consumers are vegan which is a 500% increase from 2014. These statistics indicated that veganism is growing rapidly in the United States. The huge vegan population in the United States alone indicates the expanse of veganism in overall North America. Furthermore, a high concentration of market players such as Mars Incorporated, Hu Master Holdings, LLC, Alter Eco, and others is also responsible for the strong growth of the market in the North American region. These market players offer a wide range of vegan chocolate confectionery products in the region. Furthermore, Europe is expected to be the second largest region in the market owing to the growing vegan population in countries such as the United Kingdom.


Vegan Chocolate Confectionery Market

 

Segment Covered

The report on the global vegan chocolate confectionery market covers segments such as product, type, and distribution channel. On the basis of product, the sub-markets include molded bars, chips and bites, truffles and cups, and others. On the basis of type, the sub-markets include dark, and milk. On the basis of distribution channel, the sub-markets include online, and offline.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Mars Incorporated, Mondelez International, Alter Eco, Hu Master Holdings, LLC, Nebula Snacks, Endorfin, Pascha Chocolate Co, Chocoladefabriken Lindt & Sprungli AG, Montezuma’s Direct Ltd., and The Hershey Company .

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the vegan chocolate confectionery market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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