Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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 .
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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