Vegan Chocolate Market Size, Share & Industry Analysis, By Product Type (Dark, White, Other Product Types), By Flavor Type (Caramel, Brown Butter, Coconut Milk, Lavender, Other Flavor Types), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Specialty Retail Stores, Online Retail Stores , Others) And Regional Forecast 2023-2030

Vegan chocolates are considered a healthier alternative to traditional chocolates, resulting in its significant adoption globally. As awareness among consumers is increasing regarding the harmful effects of animal cruelty and increasing greenhouse emissions caused by animals, the demand for vegan diet is also increasing.   

Vegans are extremely particular about the food and diet; hence, the availability of vegan chocolates provide them a better option against normal chocolates.  Vegan chocolates are not made of dairy-based products such as milk and animal fats; thus, considered a healthier alternative. Traditional chocolates are made of processed sugar which is harmful for health but organic vegan chocolate don’t use processed sugar and hence acts as a suitable alternative for traditional chocolates to reduce sugar cravings without affecting health. Vegan chocolates are high in proteins and contain low quantity of fats and are helpful in losing weight. Furthermore, vegan chocolate also helps to boost the immune system and regulate blood flow in the body. Owing to the factors above, the demand for vegan chocolates would be growing at higher rate in the coming years.

Various international and local companies are developing vegan chocolates that suit the customers' specific requirements in the market. For instance, local companies are developing vegan chocolates such as in Romania vegan chocolate companies such as Heidi, Delhaize, Sweet & Safe are developing diary-free chocolates; Bulgarian companies such as koleff and HappyBenjamino are involved in the vegan chocolate making process.

Big companies are also involved in new product development which are more targeted toward the vegan market. For instance, recently, Nestle announced the launch of a new kit kat brand- “Kit Kat V” composed of sustainable cocoa and rice instead of milk. Recent studies in the UK, U.S. and Australian market, has shown that 5.6% chocolate and fudge products carry vegan claim in the overall chocolate market. This creates huge opportunities for new companies to develop new products and increase their presence in the market.

Diary-free chocolates are highly processed and contain preservatives, which reduces flavonoid antioxidants and this reduces the nutritional value of vegan chocolate. Furthermore, vegan chocolates are comparatively costlier than normal dairy-based chocolates. This acts as one of the main factor responsible for restraining the growth of the vegan chocolate market 

Key Market Driver -

Vegan Chocolates Are Dairy Free and Low-In Fat Content Making Them Healthier Alternative to Traditional Chocolates

Key Market Restraint -

Vegan Chocolates Are Costlier Than Traditional Chocolates

Key Players Covered:

The key players operating in the global vegan chocolate market are Plamil Foods Ltd, Tofutti Brands, Kraft Foods Group Inc, Lindt & Sprüngli AG, Newmans Own Inc, Ludwig Weinrich GmbH & Co. KG., The WhiteWave Foods Company, The Hershey Company, Divine Chocolate Limited, and other regional players.

Although raw chocolate is considered vegan chocolate, companies are also developing vegan milk chocolate which are composed of coconut milk compared to dairy milk. This makes the vegan chocolate nutritious as it includes minerals such as magnesium, calcium, selenium and vitamins. The consumption of dairy free chocolate also helps to improve the blood flow and improves the cardiovascular health of the body.

The growing awareness about animal cruelty and the increasing demand in reduction of consumption of diary based products among animal rights group has increased the awareness about vegan diet and vegan products. Furthermore, the artificial production of animals for human consumption has led to increase in green house emission as animal excrements contain nitrous oxide, methane, ammonia which are major contributors to global warming. Additionally, there are also consumers who are lactose intolerant and demand for dairy free chocolates. 

As it is a niche market, there are several regional players operating in this market and they adopt a personalized packaging option for their customers.  Companies are also developing sustainable packaging options made of 100% biodegradable kraft paper such as HNINA for their new gourmet vegan chocolates.

Regional Analysis:

Europe is one of the major market for vegan chocolates due to continued adaption of vegan diet in the population. As per survey conducted by vegan food producer Veganz, in recent years the vegan population has increased from 1.3 million to 2.6 million. This in turn has increased the demand for vegan chocolate in the European market. The increasing awareness about animal cruelty and environmental degradation has resulted in increased adoption of vegan diet and acts as the major factor influencing the growth of vegan chocolate market in the region.

North America region is anticipated to witness a substantial growth in the foreseeable future due to the growing adoption of the vegan diet. The increasing health consciousness especially among the younger cohort is also expected to boost the vegan chocolate sector in the region.

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Segmentation

Key Industry Developments

• In 2020, Mars launched vegan version of chocolate brands – Bounty and Topic. The first vegan chocolate launched by Mars was in the year 2019 as a part of their galaxy brand namely “Galaxy Vegan”.