The global vegan chocolate confectionery market size is expected to reach $ 1 billion by 2027, with market growth of 12.3% CAGR during the forecast period. Dairy products like milk fat, whey, casein, and milk solids are not used in vegan chocolate because this product does not contain any ingredients obtained from animals.
New York, August 31, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Global Vegan Chocolate Confectionery Market By Type, By Product, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06131638/?utm_source=GNW
Vegan chocolate is made from components derived from plants. They contain less fat and cholesterol than normal chocolates. Vegan food culture is on the rise in established countries which is also contributing to the growth of the vegan chocolate market.
Millennials and the working population are strongly embracing vegan culture, which is expected to increase demand for the product. There are a number of countries that have been hit hard by the COVID-19 pandemic, due to which the supply of cocoa has been hampered globally. This reduced the production of cocoa as well as the decline in its sales. Additionally, there has been a drop in demand for premium and artisanal chocolates. On the other hand, the growth of the chocolate market seems to be seeing an increase as there is a growth in consumer demand.
Impact of COVID-19
The COVID-19 pandemic has had a severe impact on the purchasing habits of customers. They prefer to stock products that provide nutrition and energy, have a private label, and are inexpensive. The coronavirus outbreak has hampered the supply chain that has affected the manufacturing of vegan chocolate products, primarily in crafts and small chocolate businesses.
During the pandemic, most people preferred to store essentials to survive. Chocolate may not be on the list of essentials; however, it is a rewarding and fun-seeking article for consumers. In Europe, supermarkets and other grocery stores were out of stock as most chocolates were sold. Thanks to e-commerce facilities, these markets remain open, which contributes to a rapid market recovery. It is estimated that the vegan chocolate confectionery market will pass through the current bottlenecks without suffering heavy losses.
Based on the type, the market is segmented into milk chocolate, dark chocolate and white chocolate. The milk segment acquired the maximum revenue share of the global vegan chocolate confectionery market in 2020. The leading companies are now introducing their famous chocolate confectionery in the vegan chocolate category. This action plan will help the company to gain appreciation from customers all over the world and also lead to increased product sales.
On the basis of product, the market is segmented into Molded Bars, Chips & Bites, Canned & Truffles & Cups. The cast bars segment dominated the market in 2020. The segment would show the same trend during the forecast period. Chocolate bars are considered the most consumed category of chocolate in the world. Its practical size has made it popular among consumers. Based on annual Google searches, the best chocolates titled Favorite Chocolate in the World are sold in bar form.
On the basis of regions, the market is segmented into North America, Europe, Asia-Pacific and Latin America, Middle East and Africa. North America acquired the maximum revenue share in 2020 and is expected to register a significant growth rate during the forecast period. The growing vegan population is expected to accelerate market growth in the region. Asia-Pacific is said to experience lucrative growth opportunities during the forecast period. Asia is the densely populated continent of the world with a larger population and hence it has a positive impact on food culture across the world.
The market research report covers the analysis of the major players in the market. Major companies featured in the report include Mondelez International, Inc., Equal Exchange Coop, Endorfin Foods, Raaka Chocolate Ltd., Goodio, No Whey Chocolate, Theo Chocolate, Inc., Endangered Species Chocolate, LLC, Alter Eco, Inc., and Chocolate Taza.
Recent strategies deployed in the vegan chocolate confectionery market:
Partnerships, collaborations and agreements:
Apr-2021: Mondel? Z International partners with Olam Food Ingredients (OFI). This collaboration aimed to create the largest sustainable cocoa commercial farm in the world.
May-2018: Goodio has partnered with the Ubuntu Foundation. The collaboration aimed to introduce a new coffee chocolate, which would support Ubuntu’s charitable programs in Kenya.
Mergers and Acquisitions :
January-2021: Mondelez International acquires Hu Master Holdings, the parent company of Hu Products. This acquisition of Hu would complete Mondelez International’s snacking portfolio in North America.
Product launches and product extensions:
May-2021: Theo Chocolate launched a new chocolate snack called Cookie Bites. The snack is available in three flavors: Double Chocolate, Snickerdoodle, and Mint Chocolate.
January-2021: Alter Eco launched two super dark chocolate bars in its Blackout range, Total Blackout and Raspberry Blackout. These new flavor bars contain Mint Blackout, Classic Blackout and Super Blackout.
June 2020: Endangered Species launched Vegan Oat Milk Chocolate Chips, which are made from ingredients such as gluten-free oats and 55% cocoa and also contain half the sugar of standard baking chips. . The company posted it on Whole Foods Markets and other retailers across the country.
March 2020: Endangered Species Chocolate launched a new line of animal-free oat milk chocolate. This product line contains certified vegan and gluten-free oat milk bars available in three flavors: Zebra, oat milk and dark chocolate: Bumblebee, oat milk, sea salt and almonds and dark chocolate: and Gorilla, oat milk, Rice crumble and dark chocolate.
Jan-2019: Alter Eco presented their latest super dark plant-based truffles. This launch expands Alter Eco’s popular line of fair trade organic truffles by adding a decadent vegan choice to the chocolate aisle.
June 2018: Finnish chocolate maker Goodio presented a range of oatmeal chocolate bars, Chocoat. This range contains 60% less sugar than conventional milk chocolate, such as milkybar.
January 2018: Raaka Chocolate introduced new mini bars enriched with unroasted dark chocolate. These eight-gram minibars come in the best-selling flavors of pink sea salt and coconut milk and made their sampling debut at the Winter Fancy Food Show.
Dec-2017: Alter Eco unveiled new dark chocolate and coconut snacks. This new range of organic and fair trade snacks is available in three new flavors: Seeds + Salt, Original and Cherry + Almond Butter.
Scope of the study
Market segments covered in the report:
â¢ Milk chocolate
â¢ Dark chocolate
â¢ White chocolate
â¢ Molded bars
â¢ Chips and bites
â¢ In box
â¢ Truffles and cups
â¢ North America
o United States
o Rest of North America
o Rest of Europe
â¢ Asia Pacific
o South Korea
o Rest of Asia-Pacific
o United Arab Emirates
o Saudi Arabia
o Rest of LAMEA
â¢ Mondelez International, Inc
â¢ Equal exchange coop
â¢ Endorfin Foods
â¢ Raaka Chocolate Ltd.
â¢ No whey chocolate
â¢ ThÃ©o Chocolat, Inc.
â¢ Endangered Species Chocolate, LLC
â¢ Alter Eco, Inc.
â¢ Taza chocolate
â¢ Comprehensive coverage
â¢ The largest number of tables and figures on the market
â¢ Subscription-based model available
â¢ Best price guaranteed
â¢ After-sales research support guaranteed with 10% free customization
Read the full report: https://www.reportlinker.com/p06131638/?utm_source=GNW
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