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Vegan Chocolate Confectionery Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global vegan chocolate confectionery products market was estimated at USD 34.9 billion in 2021 and is expected to register a CAGR of 8.2% from 2022 to 2029. The rise in demand for vegan and health-conscious chocolate confectionery products is driving the market growth. Moreover, an increase in disposable income and the growing number of health-conscious consumers are further propelling the demand for vegan chocolate confectionery products.
Furthermore, the introduction of new flavors and innovative product launches is proving to be a key factor in driving market growth. For instance, in April 2021, Mondelez International Inc. launched a vegan version of its popular Cadbury Dairy Milk brand, which is made with a combination of coconut oil and cocoa butter rather than dairy milk. The company is also launching new vegan flavors such as orange, peanut, and caramel.
Consumers are increasingly seeking healthier alternatives to traditional confectionery products. As a result, manufacturers are launching vegan-friendly chocolate confectionery products to attract health-conscious consumers. For instance, in May 2020, Nestlé launched its vegan version of the Milkybar Wowsomes, a chocolate bar blended with fruit and vegetable pieces. The product is made with natural colors and flavors and is free from artificial colors and preservatives.
In addition, the increasing demand for plant-based chocolate confectionery products is also driving the market growth. Manufacturers are launching chocolate bars with plant-based ingredients such as almonds, walnuts, pistachios, and hazelnuts to attract health-conscious consumers. For instance, in August 2020, Nestlé launched a new vegan range of its popular KitKat chocolate bars. The vegan KitKat bars are made with rice and almond milk and are free from dairy products.
Moreover, the increasing demand for organic and eco-friendly chocolate confectionery products is boosting the market growth. Manufacturers are introducing organic and sustainable products to attract health-conscious consumers. For instance, in February 2021, Lindt & Sprüngli AG launched an organic range of its popular Lindor chocolate truffles. The organic truffles are made with organic cocoa butter and are free from artificial colors, flavors, and preservatives.
Product Insights
The vegan dark chocolate segment held the largest share in the global vegan chocolate confectionery market in 2019 and is projected to expand at a CAGR of 4.8% during the forecast period. Increasing awareness regarding health and wellness benefits associated with dark chocolate is driving the growth of this segment. Furthermore, the growing demand for vegan dark chocolate among health-conscious consumers is significantly contributing to the growth of this segment.
The vegan milk chocolate segment is anticipated to witness a brisk growth during the forecast period. Increasing demand for vegan confectionery products, especially among women, is driving the growth of this segment. According to an article published by the University of Leeds in October 2020, the vegan milk chocolate segment accounted for a share of around 9% in 2020. Furthermore, the health benefits associated with vegan milk chocolate, such as lower saturated fats and higher levels of antioxidants, is driving the demand for this segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment dominated the vegan chocolate confectionery products market in 2022, accounting for more than 41.3% of the market share. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase vegan chocolate confectionery products. According to a study by VeganNews.com, vegan chocolate confectionery products are increasingly finding their way into supermarkets & hypermarkets, giving consumers more access to vegan options. Moreover, supermarkets & hypermarkets provide a reasonable selection of vegan chocolate confectionery products, thereby helping customers in making rapid purchasing decisions.
The online segment is anticipated to expand at the highest CAGR of 12.6% over the forecast period. E-commerce development in the vegan chocolate confectionery industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, VeganChocolateShop.com was launched to provide vegan-friendly chocolate options to its customers. The website offers a wide variety of vegan chocolate confectionery products from renowned brands at competitive prices. In addition, it will also offer the best vegan-friendly chocolate options along with expert advice and opinions on choosing the right product.
Type Insights
The dark chocolate segment accounted for the largest revenue share of 68.3% in the year 2022. This is attributed to the increasing demand for vegan dark chocolates among health-conscious consumers as a healthier alternative to milk chocolates. Furthermore, dark chocolate also contains a good amount of dietary fiber, iron, magnesium, and antioxidants, which are beneficial for health. This is further boosting the demand for dark chocolate among health-conscious consumers.
The milk chocolate segment is anticipated to expand at the highest CAGR of 10.3% over the forecast period. Growing demand for vegan milk chocolates among health-conscious consumers as a healthier alternative to traditional milk chocolate is expected to propel the segment growth. Moreover, the increasing trend of consuming vegan milk chocolate as a dessert among young consumers is also driving the segment growth. Furthermore, the introduction of new flavors by chocolate manufacturers is also increasing the demand for vegan milk chocolate.
Regional Insights
Europe was the largest regional market in 2022, accounting for a revenue share of over 38.6%. The increasing number of vegan consumers in the region is one of the key factors driving the growth of the market. Additionally, the presence of major manufacturers in the region is further propelling the growth of the market. For instance, in April 2021, Lindt & Sprüngli AG launched two vegan chocolate products in the U.K.
The Asia Pacific region is slated to witness significant growth in the vegan chocolate confectionery market in the coming years. This is attributed to the increasing disposable incomes, which are enabling consumers to purchase premium quality products. Additionally, the presence of major players such as Nestle S.A. and Mars, Incorporated, who are expanding their product portfolios to cater to the changing consumer preferences, is further bolstering the growth of the market in the region. For instance, in March 2021, Nestle S.A. launched vegan chocolates under the brand name “Veggie” in Japan.
Financial Projections
In this section of the vegan chocolate confectionery business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your vegan chocolate confectionery business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a vegan chocolate confectionery business comes from sales of its products, such as vegan chocolates, truffles, brownies, cookies, and other vegan treats. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, fundraising, wholesale orders, and pop up shops.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan chocolate confectionery business running will be described. The list of operating expenses includes ingredients, packaging materials, wages, rent, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the vegan chocolate confectionery market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In October 2022, Hershey’s launched its vegan-friendly chocolate chips, made with ethically sourced cocoa and plant-based ingredients.
– In November 2022, Mars Chocolate North America launched its vegan-friendly line of chocolates, including vegan dark chocolate bars and vegan-friendly M&Ms.
– In December 2022, Nestlé launched its vegan-friendly line of chocolates, including vegan dark and white chocolate bars.
Some of the prominent players in the vegan chocolate confectionery market include:
– Hershey’s
– Mars Chocolate North America
– Nestlé
– Lindt & Sprüngli AG
– Mondelez International, Inc.
– Ferrero Group
– Plamil Foods
– Chocolats Halba AG
– Theo Chocolate LLC
– Ombar
Global Vegan Chocolate Confectionery Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vegan chocolate confectionery products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Chocolate Bars
– Chocolate Truffles
– Chocolate Fountains
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Vegan Chocolate Confectionery Products Market?
[A]: Increasing demand for vegan products due to health and ethical concerns, rising disposable incomes, and the growing popularity of veganism are major drivers of the vegan chocolate confectionery products market. Additionally, rapid urbanization, changing consumer lifestyles, and an increasing preference for vegan products are also driving the market.
[Q]: What are the Key Strategies Adopted by the Major Players in the Vegan Chocolate Confectionery Products Market?
[A]: Key strategies adopted by major players in the vegan chocolate confectionery products market include product developments and launches, mergers and acquisitions, pricing strategies, and investments in research and development activities.
[Q]: What are the Major Restraints of the Vegan Chocolate Confectionery Products Market?
[A]: The increasing cost of raw materials and the lack of awareness about vegan chocolate confectionery products in emerging markets are some of the major restraints of the vegan chocolate confectionery products market.
[Q]: Who are the Key Players in the Vegan Chocolate Confectionery Products Market?
[A]: Key players in the vegan chocolate confectionery products market include Mondelēz International, Inc., The Hershey Company, Mars, Incorporated, Nestlé S.A., Tony’s Chocolonely, and Lindt & Sprüngli AG.
[Q]: Which Region is Expected to Offer the Largest Opportunity for Sales of Vegan Chocolate Confectionery Products?
[A]: North America is expected to be the most lucrative region for vegan chocolate confectionery products due to the presence of a large number of vegan consumers and a high demand for vegan chocolate products.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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