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Vegan Confectionery Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global vegan confectionery products market was valued at USD 7.9 billion in 2022 and is projected to expand at a CAGR of 9.0% from 2023 to 2030. Increasing awareness of the health benefits of vegan diets, as well as an increase in the number of vegan-friendly products, is driving the demand for vegan confectionery products. Furthermore, the growing popularity of veganism among millennials and Gen Z is driving the demand for vegan chocolate and other vegan confectionery products. In addition, the rising demand for plant-based food products is expected to further drive the growth of the market.
The demand for vegan alternatives to dairy-based and animal-based products is increasing, as the vegan population increases in many countries. The majority of vegan confectionery products are made from plant-based ingredients such as soy, coconut, and wheat, which offer several health benefits. For instance, vegan confectionery products are rich in nutrients and antioxidants, and are free from cholesterol, hormones, and allergens. Moreover, vegan confectionery products are low in sugar, fat, and calories and are free from preservatives, artificial colors, and flavors.
An increase in the demand for vegan confectionery products, owing to the growing health consciousness among consumers, is expected to boost the market growth. Furthermore, an increase in the number of vegan-friendly outlets, such as vegan restaurants and bakeries, is driving the demand for vegan confectionery products. For instance, in October 2021, The Vegan Confectionery Company launched a range of vegan-friendly chocolates in the UK. The company claims that the chocolates are free from dairy, gluten, and palm oil and are made with natural ingredients.
Furthermore, the growing demand for dark chocolates, which are considered to be a healthier option, is expected to drive the market growth. For instance, in April 2021, Hershey’s launched a new dark chocolate product in the US, which is said to be made with natural ingredients. The product is made without dairy, gluten, or artificial flavors, and is also vegan. Moreover, the growing trend of ‘do-it-yourself’ vegan confectionery products is driving the market growth. Consumers are increasingly making their own vegan confectionery products using plant-based ingredients, such as cocoa powder, almond milk, and maple syrup.
The rising trend of premiumization in the confectionery industry is also driving the demand for vegan confectionery products. Companies are launching premium vegan confectionery products with unique flavors, textures, and packaging. For instance, in May 2021, Mondelez International launched a new premium vegan chocolate bar in the UK. The new vegan bar is said to be made with natural ingredients, free from dairy, and has an indulgent, creamy taste.
Product Insights
The chocolate segment dominated the global vegan confectionery products market in 2020 and is expected to maintain its dominance over the forecast period. The growing health-consciousness among consumers, coupled with increasing vegan population, is driving the demand for vegan confectioneries. Additionally, the presence of various flavors, such as dark chocolate and milk chocolate, is further driving the demand for vegan chocolates globally. According to the research article published by Mintel, in June 2020, 43% of vegan consumers agreed that they are likely to try new flavors of vegan food.
The sugar-free vegan confectionery segment is expected to expand at the fastest CAGR of 8.9% over the forecast period. The increasing awareness among consumers regarding sugary food items and the adoption of healthy diets are some of the key factors driving the segment. Furthermore, the growing demand for healthy and natural food products is also aiding the growth of the sugar-free vegan confectionery segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest share of the vegan confectionery products market in 2021. The convenience of buying vegan confectionery products from supermarkets & hypermarkets is one of the major reasons driving the segment’s growth. Supermarkets & hypermarkets provide an extensive variety of vegan confectionery products and also offer competitive prices. Furthermore, the presence of a wide range of organic products in these stores is encouraging customers to buy vegan confectionery products from supermarkets & hypermarkets.
The online segment is anticipated to expand at the highest CAGR of 13.0% over the forecast period. The rising penetration of the internet and growing preference for online shopping are major factors driving the segment’s growth. Companies are launching their own websites and apps to increase their reach among consumers. For instance, in March 2021, the U.S. based company, Sweet Earth, launched its new website with a wide range of vegan confectionery products. In addition, some companies are also investing in digital advertising to promote their products.
Type Insights
The chocolate segment accounted for the largest revenue share of 67.2% in the year 2022. Products such as dairy-free chocolate chips, bars, and wafers are gaining traction in the vegan confectionery market. Increasing demand for vegan chocolate and other vegan confectionery products is attributed to the growing awareness and acceptance of veganism. For instance, in January 2021, PASCHA Organic, a Canadian company, launched a line of vegan chocolate bars in the United States. In addition, the increasing demand for dark chocolate, as it is considered a healthier option as compared to milk chocolate, is also driving the demand for vegan chocolate.
The sugar confectionery segment is projected to register the highest CAGR of 9.1% over the forecast period. The growing trend of veganism and the increasing demand for healthier alternatives among health-conscious consumers is driving the demand for vegan sugar confectionery products. For instance, in April 2021, The Vegan Candy Company, a U.K.-based confectionery company, launched a range of vegan candy products, including vegan lollipops, vegan jelly sweets, and vegan fruit chews. Moreover, the rising demand for vegan gummy bears and jelly beans is also propelling the growth of this segment.
Regional Insights
Europe is expected to dominate the vegan confectionery products market over the forecast period. The presence of a large number of vegan-friendly countries in Europe, such as the U.K., Germany, and France, is a key factor driving the market’s growth in this region. For instance, in July 2021, Germany-based The Vegan Candy Company launched a vegan version of the iconic gummy bears. In addition, the region is home to a large number of vegan-friendly companies, such as Swedish food company Oatly, which is driving the vegan confectionery market in the region.
North America is expected to witness steady growth in the coming years. The growing trend of veganism in countries, such as the U.S. and Canada, is expected to drive the market’s growth in the region. The increasing number of vegan-friendly products from leading players, such as Mondelēz International and Mars, is further expected to increase product visibility and drive the market for vegan confectionery products in North America.
Financial Projections
In this part of the vegan confectionery products 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 confectionery products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a vegan confectionery products business comes from retail sales of the products, online sales, and distribution. Here you will find a list with a description of each of these sources of income and other possible sources of profit such as catering, fundraising, private label sales, and international markets.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan confectionery products business running will be described. The list of operating expenses includes ingredient purchases, equipment and supplies, packaging, payroll, advertising, marketing, shipping and delivery, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the vegan confectionery products 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 June 2022, Hershey’s launched its vegan range of chocolates, which are free from dairy, gluten, and soy.
– In August 2022, Mars launched a vegan version of its popular M&M’s.
– In October 2022, Just Born launched its vegan range of gummy bears.
Some of the prominent players in the vegan confectionery products market include:
– The Hershey Company
– Mars, Incorporated
– Mondelez International, Inc.
– Just Born, Inc.
– Nestle SA
– Ferrero SpA
– Yildiz Holding
– Kellogg Company
– Lotte Corporation
– McNeil Nutritionals LLC
Global Vegan 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 confectionery products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Chocolate
– Hard Candies
– Gummy Candies
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– 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 Confectionery Products Market?
[A]: Health awareness and the rising demand for plant-based products are the major drivers of the vegan confectionery products market. Consumers looking for healthier options than traditional confectionery products are driving the demand for vegan confectionery products. Additionally, the surge in veganism, dietary restrictions, and ethical considerations are driving the demand for vegan confectionery products.
[Q]: Who are the Leading Players in the Vegan Confectionery Products Industry?
[A]: Some of the leading players in the vegan confectionery products industry are Mondelez International, Unilever PLC, Nestle S.A., Mars Inc., and The Hershey Company.
[Q]: What Growth Opportunities are Available for Vegan Confectionery Products?
[A]: The demand for vegan confectionery products is expected to increase at a significant rate in the coming years due to the growing health awareness and increasing preference for plant-based products. Additionally, the rising demand for vegan chocolates, ice creams, and other confectionery products is expected to provide new opportunities for market growth.
[Q]: What are the Key Trends in the Vegan Confectionery Products Market?
[A]: The vegan confectionery products market is experiencing an increase in the demand for natural and organic products. Additionally, the introduction of new flavors and innovative packaging are some of the key trends in the vegan confectionery products market. Furthermore, the emergence of e-commerce platforms is expected to provide new opportunities for market growth.
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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