SAN FRANCISCO, July 20, 2021 / PRNewswire / – The World vegan chocolate confectionery market size is expected reach $ 1.41 billion by 2028, registering a CAGR of 14.8% over the forecast period, according to a new report from Grand View Research, Inc. Growing awareness of cruelty to animals and increase in environmental protection campaigns are expected to be the major factors contributing to the growth of the market. Vegan chocolate candies are popular among consumers on a flexitarian or vegan diet or consumers with lactose intolerance and other food allergies.
Main lessons and findings:
- Asia Pacific is expected to be the fastest growing regional market over the forecast years due to increasing cases of lactose intolerance and growing number of vegans in the region
- Chips and Bites Segment Expected to Record Fastest CAGR from 2021-2028 Due to Wide Scope of Chips and Bites in Premium Bakery Products
- North America dominated the global market with a revenue share of over 37% in 2020
- This growth has been attributed to the growing demand for vegan and dairy-free products in North America
Read the 180-page market research report, “Vegan Chocolate Confectionery Market Size, Share and Trend Analysis Report by Product (Molded Bars, Chips & Bites, Boxed), by Distribution Channel (Online, Offline), by Type ( black, milk), by region and segment forecast, 2021 – 2028“, by Grand View Research
The molded bars segment dominated the market and accounted for the highest revenue share in 2020. Chocolate bars are the most consumed form of chocolate in the world. According to a study conducted by Google, the top five chocolates qualified as favorite chocolates in the world, based on their annual research, are sold in the form of bars.
The milk chocolate segment accounted for the largest share of the market in 2020 due to the high demand for these products due to their sweet and creamy taste. According to a study conducted by Google, in October 2019, Cadbury Dairy Milk chocolate was considered the most popular chocolate bar in the world. According to the same study, the classic milk chocolate bar received, on average, a total of 466,680 searches per year. These market trends are expected to increase the demand for products.
The offline distribution channel accounted for the largest share of the global market in 2020. This segment is expected to retain its dominance throughout the forecast period due to the tendency of consumers to purchase groceries in supermarkets and retail stores. convenience stores, where they can physically examine the quality of the product. . The global market is fragmented with the presence of a large number of global and regional players.
Grand View Research has segmented the global vegan chocolate confectionery market on the basis of product, type, distribution channel and region:
- Vegan Chocolate Confectionery Product Outlook (Volume, Thousands Units; Revenue, USD Million, 2016-2028)
- Molded bars
- Chips and bites
- Truffles & Cups
- Vegan Chocolate Confectionery Type Outlook (Volume, Thousands of Units; Revenue, USD Million, 2016-2028)
- Vegan Chocolate Confectionery Distribution Channel Outlook (Volume, Thousands of Units; Revenue, USD Million, 2016-2028)
- Regional Vegan Chocolate Confectionery Outlook (Volume, Thousands Units; Revenue, USD Million, 2016-2028)
- North America
- The Netherlands
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of major players in the vegan chocolate confectionery market
- Alter Eco
- Equal exchange coop.
- Chocoladefabriken Lindt & Sprüngli AG
- Mondelēz International
- Montezuma’s Direct Ltd.
Discover more studies related to the chocolate and confectionery markets, by Grand View Research:
- Sugar-free confectionery market – The global sugar-free confectionery market size is expected to reach $ 2.81 billion by 2027. It is expected to grow at a CAGR of 5.1% from 2020 to 2027.
- Gluten-free chocolate market – The size of the global gluten-free chocolate market is expected to reach $ 2.37 billion by 2025. The increasing prevalence of celiac disease is the key driver of product demand.
- Chocolate confectionery market – The global chocolate confectionery market is expected to reach $ 154.5 billion by 2025. The chocolate confectionery market growth is expected to increase owing to the favorable impact of advertising.
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About Grand View Search
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess opportunities as they arise.
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