The vegan chocolate market is projected to grow considerably during the forecast period
Vegan chocolates fall under the category of true chocolates as they are derived from the same cacao beans. Their classification as "non-vegan" arises only when animal-derived ingredients like dairy, butter, or honey are incorporated. Made with plant-based alternatives such as soy milk or maple syrup, vegan chocolates cater to the increasing number of individuals embracing a vegan lifestyle globally.
The rising prevalence of veganism is evident in the significant surge in people actively seeking plant-based alternatives. In 2021, Google reported a remarkable spike in searches for "vegan food near me," indicating a staggering over 5,000-percent increase in interest. This heightened awareness has led to the development of plant-based chocolate products to meet the growing demand.
The vegan chocolate market is categorized by type into Dark Chocolate, White Chocolate, and others. Additionally, distribution channels with products available both online and offline. This comprehensive landscape reflects the evolving preferences of consumers, fostering the continued expansion of the vegan chocolate market in response to the increasing popularity of plant-based options.
Market Driver
Globally, the surge in Veganism is propelled by heightened awareness regarding animal welfare issues and the environmental repercussions of animal agriculture. A study conducted by the Smart Protein Project reveals that 37% of Europeans in their sample exhibit flexitarian, vegetarian, or vegan dietary preferences. This trend signifies a shift towards reduced consumption of animal-based foods, indicating that adopting such dietary practices is becoming the norm in Europe.
Recent studies suggest a notable increase in the vegan population in the US, with a reported 6% rise. This global upswing in veganism is a driving force behind the escalating demand for vegan products, particularly in collaboration with the flourishing market for vegan chocolates. As more individuals embrace plant-based lifestyles, the demand for vegan-friendly options will increase.
With enhanced accessibility and availability, Vegan chocolate varieties are experiencing a surge in accessibility, making them readily available in supermarkets, specialty stores, and online platforms. For instance, All Things Barcelona offers different packs of vegan chocolate with a net weight of 45-50g and 60g, providing online delivery options for added convenience. Additionally, Crosstown's recent launch in January 2024 introduces three limited edition doughnuts and a dough bite flavor, complementing their existing range of vegan doughnuts.
Major players in the chocolate industry are also embracing vegan trends, with KitKat launching KitKat V on August 2022, the vegan version, in 15 European countries, contributing to the mainstream availability of vegan chocolate alternatives. This collective shift towards introducing and expanding vegan product lines signifies a growing and easily accessible market for vegan chocolate, catering to diverse consumer preferences.
Market Restraints
Vegan chocolate become a choice for individuals seeking a delectable and health-conscious treat. However, the production of vegan chocolate can incur higher costs due to the premium nature of certain plant-based milk alternatives, like oat milk, and the use of vegan fats, which may surpass the cost of their dairy counterparts. The elevated cost of vegan chocolate is often attributed to the inclusion of high-quality ingredients such as organic cocoa beans and natural sweeteners. However, the sought-after demand for plant-based alternatives will grow owing to the ethical and environmental concerns hence, demand for vegan chocolate will also rise.
The vegan chocolate market is segmented by distribution channels as online and offline.
The vegan chocolate market is segmented based on its distribution channels, both online and offline avenues. Consumers can conveniently access a diverse range of vegan chocolate options through online platforms. Simultaneously, traditional offline channels, such as brick-and-mortar stores, offer a tangible and in-person shopping experience for those who prefer to explore and purchase vegan chocolates directly from physical retail locations.
North America is anticipated to hold a significant share of the vegan chocolate market.
North America will hold a notable position in the vegan chocolate market, driven by multiple factors. The region's existing and growing vegan population contributes significantly to the market's prominence, reflecting a shift in consumer preferences toward plant-based alternatives.
Additionally, the presence of major players such as Cadbury, and Mars Wrigley, in the chocolate industry actively engaging with vegan offerings to the market. As consumer preferences evolve towards healthier and sustainable choices, the demand for vegan chocolate in North America is anticipated to witness sustained growth.
Market Developments
Company Products
Market Segmentation