Vegan Chocolate Market

The global vegan chocolate market size was valued at USD 531 Million in 2022 and is likely to reach USD 1352 Million by 2031, expanding at a CAGR of 13.8% during the forecast period, 2023–2031. The growth of the market is attributed to the growing number of animal welfare organizations, an increase in the number of people adopting vegan lifestyles, and a surge in awareness about the benefits of plant-based food products is fueling the market.

Vegan chocolate is made up of plant-based ingredients including cocoa butter, cocoa beans, and sweeteners like cane sugar or maple syrup. Vegan chocolate is made without animal-derived products such as milk or dairy products. 

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It is nutritious and considered a healthier alternative to organic chocolate. Nutritious-based vegan chocolate is getting traction among consumers as this chocolate contains a host of antioxidants found in fruits, vegetables, nuts, grains, and seeds.  Seeds and nuts contain fibers that take longer to digest and give more energy and are rich in vitamins that maintain appetite.

Vegan consumers have a discerning approach toward their food and diet, which provides the availability of vegan chocolates and offer better option compared to regular chocolate. Vegan chocolate has a lower quantity of fat and cholesterol as compared to normal chocolate and these are considered healthier than regular ones.

Processed sugar is often used in normal chocolate which is harmful to health. Organic vegan chocolate serves to satisfy sugar cravings without using processed sugar which improves consumers’ health and helps to regulate blood sugar levels.

Vegan chocolates are rich in proteins and low in fat, which can aid in weight loss. Additionally, the consumption of vegan chocolate benefits the immune system and blood circulation in the body as it contains certain nutrients. Cocoa beans are a source of minerals and vitamins which includes iron, vitamin C, copper, magnesium, zinc, and phosphorus.

The COVID-19 pandemic hampered the vegan chocolate market as the government across the globe imposed an emergency lockdown to prevent the virus spread. This leads to causing disruption in the supply chain of cocoa which resulted in less production of vegan chocolates.

Vegan Chocolate Market Dynamics

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Key Trends

Growing demand for various vegan-based products such as nut-protein, salted caramel, and brown butter propel the growth of the market. Vegan bars are diabetic friendly which helps to reduce heart-related diseases and healthy alternatives for diabetic patients.

The vegan population is rapidly growing across the globe due to growing awareness of healthy and nutrient-rich products to prevent sedentary disorders is propelling the global market.

Major Drivers

Increasing demand for vegan chocolate from millennials and the young generation as the vegan lifestyle is gaining rapid traction among these consumers is driving the market. A vegan diet provides all the nutrients that a body requires and helps to lower cholesterol and blood pressure.

A vegan diet lowers the number of incidents of heart disease, type 2 diabetes, and some types of cancers. Furthermore, increasing awareness regarding animal welfare and environmental conservation campaign are fueling the market growth.

Existing Restraints

Vegan chocolate faces the challenge due to the use of preservatives and extensive processing required for dairy-free chocolate production. The production process for vegan chocolate reduces flavonoids, antioxidants, and the product’s nutritional value. Vegan chocolates are more expensive than traditional chocolates which hinders the market growth.

Emerging Opportunities

Increasing health awareness among consumers regarding food-related allergies creates lucrative opportunities for the market. Rising cases of lactose intolerance and food-related allergies among adults and children caused a change in consumers’ food preferences.

Consumers across the globe witnessed several lactose intolerances and food allergies due to dairy foods including milk, yogurt, and cheese. This can create new opportunities for the market players to grow at a significant rate in the coming years.

Scope of Vegan Chocolate Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Vegan Chocolate Market Segment Insights

Product Type Segment Analysis

Based on product type, the vegan chocolate market is divided into milk chocolate, white chocolate, and dark chocolate. The milk chocolate segment is expected to grow significantly during the projection period due to their similarity in taste and texture to normal chocolates. These products typically use similar ingredients almond and soy milk as substitutes in production and add higher nutritious value and anti-aging properties.

The dark chocolate segment is anticipated to hold a key market share due to increasing awareness regarding health benefits. It is less in fats, calories, and sugar, and contains high levels of antioxidants and flavonoids to lower the risk of heart disease. Dark chocolate is gluten-free and also free from processed sugar. Vegan chocolate significantly improves brain function and dark chocolate has more caffeine that energizes the brain and helps to stay active.

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Flavor Segment Analysis

On the basis of flavor, the global market is segregated into coconut milk, caramel, brown butter, lavender, and others. The coconut milk segment is projected to register a considerable CAGR during the forecast period due to the high concentration of minerals and vitamins. Coconut milk contains fiber which benefits cardiovascular health and lowers the risk of colon cancer.

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Product Form Segment Analysis

On the basis of product form, the vegan chocolate market is segmented into molded bars, blended, granules, liquid, and powder. The molded bars segment is anticipated to hold a key share of the market, due to its convenient size, it is the most consumed chocolate form globally.

The demand for vegan molded bars is rapidly increasing as these have high cocoa percentages ranging from 60% to 80%. The growing consumer’s preference for high percentages of cocoa in a vegan bar for a more intense and bitter flavor for improving brain function helps to stay focused and also prevents blood pressure and cardiovascular diseases.

Distribution Channel Segment Analysis

In terms of distribution channel, the global market is bifurcated into online and offline. The offline sales segment is divided into hypermarkets, supermarkets, departmental & discount stores, and specialty stores. The offline sales segment is projected to expand at a considerable CAGR during the forecast period, owing to the growing inclination of consumers towards shopping for grocery products.

Hypermarkets and supermarkets provide consumers to physically compare the nutrient components of chocolate bars. Global companies are launching specialty stores that help consumers for an easy assortment of various types of vegan items within the line helping in easy to buy process.

The online sales segment is anticipated to gain significant revenue shares in the vegan chocolate market, due to rapidly growing e-commerce websites to buy different vegan products. E-commerce websites that are convenient and allow consumers to easily compare product prices, read reviews, and direct doorstep delivery. Online sales discounts the products and help consumers to get cheaper in the costs.

Regional Analysis

In terms of region, the global vegan chocolate market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to dominate the market during the projection period due to the growing adaption of vegan products among the population in the region. Consumers become more health conscious which flexitarian diets as a part of a healthy lifestyle.

The festival celebration of in Europe has led to an increase in sales of vegan chocolate as the rapid growth of vegan products and increasing health awareness due to healthy lifestyles among consumers in the region. Consumers tend to prefer vegan products on various occasions as confectionary is a popular gifting item in European culture creating significant opportunities for the market.

The demand for various products is growing in the region due to the presence of key manufacturers such as Nestle. Recently Nestle announced the launch of a new kit kat brand named Kit Kat V, Composed of sustainable rice and cocoa instead of milk.

The market in North America is anticipated to increase its market share during the forecast period, owing to plant-based diets and increasing demand for nutrients rich vegan products such as protein bars, dark chocolate, and sugar-free candy bars.

Vegan products are rich in nutrients that help to protect cells from inflammation and boost the immune system. Increasing awareness regarding environmental degradation and animal cruelty has resulted in the growing adoption of a vegan diet. This can create new market opportunities for the market players.

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Segments

The Vegan Chocolate Market has been segmented on the basis of

Product Type

• Milk Chocolate
• Raw Chocolate
• Dark Chocolate

Flavor

• Coconut Milk
• Caramel
• Brown Butter
• Lavender
• Others

Product form

• Molded Bar
• Blended
• Granules
• Liquid
• Powder

Sales Channel

• Online
• Offline
  • Hypermarkets
  • Supermarkets
  • Convenience Store
  • Specialty Stores

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Mars, Incorporated and its Affiliates
• Nestlé
• Alter Eco
• EQUAL EXCHANGE COOP
• Creative Nature Ltd.
• Mondelez United Kingdom.
• Tofutti Brands, Inc.

Competitive Landscape

Key players competing in the global Vegan Chocolate Market are Mars, Incorporated and its Affiliates; Nestlé; Alter Eco; EQUAL EXCHANGE COOP; Creative Nature Ltd.; Mondelez United Kingdom.; Tofutti Brands, Inc.

These companies adopted development strategies including, acquisitions, partnerships, mergers, innovative product launches, and production expansion to expand their consumer base worldwide. For instance,

• On November 18^th, 2022, Lindt launch a new chocolate bar for Veganuary in Vegan Caramel Sea Salt flavor. The new bar is made up of gluten-free oats drink and almost paste gives along with a creamy texture like other chocolate. The bar has caramel pieces with great taste and a crunchy texture.
• On June 16^th, 2022 Mars, Incorporated and its Affiliates partnered with Perfect Day, Inc. to launch its first-ever vegan-friendly, lactose-free, and animal-free chocolate innovated in the United State market called CO2COA.
• On February 24^th, 2022, Cadbury launched its first-ever plant-based vegan chocolate called the Cadbury Plant Bar, Cadbury vegan chocolate comes in two flavors named salted caramel and smooth chocolate. The vegan-certified bars involve a rice extract, almond paste, and a blend of cocoa, and promise a lusciously smooth texture and all the goodness of chocolate.