Global Vegan Chocolate Market Research Report: Forecast (2024-2030)

Market Definition

Vegan chocolate refers to chocolate products free from animal-derived substances without animal products such as dairy, eggs, and honey. The vegan chocolates are plant-based chocolates made of almond, oat, and soy milk. Vegan chocolates have more cocoa, cocoa butter, sugar, and sometimes other natural plant-based flavors.

Market Insights & Analysis: Global Vegan Chocolate Market (2024-30):

The Global Vegan Chocolate Market size is estimated to grow at a CAGR of around 12.8% during the forecast period, i.e., 2024-30. The market is experiencing growth due to a rising awareness of health among consumers, driven by increasing rates of diseases like heart attacks, diabetes, and hypertension. With a growing concern for their well-being, consumers are increasingly turning to dairy-free products. These alternatives offer the dual advantage of both taste and health benefits, allowing individuals to maintain their health while still enjoying flavorful options.

In addition, the rising number of animal rights organizations across the globe increases the demand for vegan products due to the unethical treatment of animals by administering antibiotics like oxytocin to produce milk and increasing the production capacity for milk. This has a negative impact on their health and increases the rate of congenital disease in their offspring. Therefore, consumers are shifting toward vegan products to protect their health and the animals' health as well.

Global Vegan Chocolate Market Driver:

Rising Instances of Diseases Among Consumers Fueling the Market Growth – The rate of diseases such as heart attack, diabetes, anaphylaxis, etc, are increasing due to high intakes of dairy products, which results in an increased risk for these diseases. According to the World Health Organization, there have been nearly 10 million deaths in 2020 due to cancer, and the diabetes mortality rate increased by around 3% in 2019. Due to the increasing rate of diseases, consumers are shifting toward a vegan diet, as it tends to contain less saturated fat and cholesterol and more dietary fiber.

According to the American Journal of Clinical Nutrition, individuals who consume a vegan diet have lower serum cholesterol and lower blood pressure, reducing the risk of heart disease. The shifting of consumers towards a vegan diet would increase market growth.

Global Vegan Chocolate Market Challenge:

Lack of Production of Cocoa Beans Impeding Market Growth – The chocolate industry is facing a huge issue with the production of cocoa beans, which are a raw material for chocolates. Ghana, the world’s second-largest cocoa producer, is unlikely to be able to fulfill the demand for cocoa due to a lack of fertilizers and spraying chemicals. Also, with the heavy rain in West Africa, black pod disease has spread, causing cocoa pods to turn black and rot, resulting in lower cocoa crop quality and production, which directly affects the chocolate market. Due to the shortage of cocoa beans, the prices of chocolate increased which indirectly affected market growth.

Global Vegan Chocolate Market Trend:

Growing Demand for Vegan-Based Products Propels Market Growth – Individuals are shifting towards plant-based products such as nut protein, salted caramel, and brown butter. Vegan chocolates are diabetic friendly which helps to reduce heart-related disease and are a healthy alternative for diabetic patients. The growing awareness of health among consumers is increasing the growth of vegan-based chocolates. Consumers who love sweets can freely avail these vegan chocolates as they are beneficial for health and do not cause any harmful side effects. Therefore, the growing demand for vegan-based products is increasing market growth and is expected to drive the market in the forecast period as well.

Global Vegan Chocolate Market (2024-30): Segmentation Analysis

The Global Vegan Chocolate Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It also includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on Chocolate Type:

• Milk Chocolate
• White Chocolate
• Dark Chocolate
• Caramel
• Nut
• Fruit
• Others (Praline, Baking, etc.,)

The milk chocolate segment is anticipated to dominate the Global Vegan Chocolate Market. Plant-based milk products such as soy milk, almond milk, coconut milk, etc. are used for vegan chocolates, which provide an authentic dairy feel. Individuals with lactose intolerance can enjoy non-dairy milk chocolate, which is fortified with protein, vitamins, and minerals. Milk chocolates are one of the most loved chocolates among consumers globally, due to their great taste, and also promote veganism among consumers.

Based on Packaging Type:

• Molded Bars
• Chips & Bites
• Box Assortments
• Chocolates Truffles

Molded bars hold a significant share of the Global Vegan Chocolate Market due to their wide availability, and consumers love to eat molded chocolates of different sizes and styles. Chocolates of different styles or molded shapes are easily available in grocery stores, hypermarkets, and online stores. The kids mainly prefer the molded bars segment because they have an extra affection for the cartoons and pictures on the chocolate bars.

Global Vegan Chocolate Market (2024-30): Regional Projections

Geographically, the Global Vegan Chocolate Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-pacific

Europe holds a significant market share in the Global Vegan Chocolate Market, due to increasing demand for plant-based and dairy-free products. Veganism and vegetarianism have been becoming more popular in the region as consumers seek alternative options for traditional chocolates. Germany, the UK, and France are among the leading markets. According to Germany’s Ministry of Agriculture, individuals are swapping meat products for plant-based products, the meat consumption dropped to 52 kg per person in the year 2022. Therefore, when consumers shift towards veganism, this would increase market growth, as they focus on their health and eating vegan food and products, i.e., vegan chocolates.

Global Vegan Chocolate Industry Recent Development:

• 2022: Nestle the vegan chocolate Kit Kat V would launch in 15 European countries including Germany, the UK, France, Austria, Denmark, Sweden, and others. The Kit Kat V has an 18% lower carbon footprint compared to standard milk chocolate Kit Kat.

Gain a Competitive Edge with Our Global Vegan Chocolate Market Report

• Global Vegan Chocolate Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Vegan Chocolate Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.