A report by Grandview Research* states that the global vegan chocolate confectionery market size was valued at $467.2 million in 2020, with the expectation of continued growth at a CAGR of 14.8% during the forecast period of 2021 to 2028.
The report cites veganism, awareness of animal cruelty and environmental protection campaigns as key market drivers, while the COVID-19 pandemic adversely affected the market due to hampering the supply of cocoa across the globe.
Report highlights include:
- Rising cases of lactose intolerance, which can lead to various types of allergies including anaphylaxis, milk protein-induced entropy and protein-induced gastroenteritis, have changed the food preferences of consumers in recent years.
- Milk was the largest product segment with a share of more than 39% in 2020. Major players in the market are launching their products in a vegan version.
- Vegan dark chocolate confectionery is anticipated to be the fastest-growing product segment from 2021 to 2028.
- The offline distribution channel segment accounted for the largest share of more than 75% in 2020. The segment is projected to retain its dominance throughout the forecast period.
- Molded bars held the largest revenue share of more than 42% in 2020 and is expected to maintain the leading position over the forecast period. The product demand in the retail market of the Middle East and Africa has witnessed a huge surge in the last two decades.
- The chips and bites segment is anticipated to register the fastest CAGR from 2021 to 2028, owing to the rising demand of premium baking products and at-home cooking.
- North America accounted for the largest revenue share of over 37% in 2020 and will expand further at a steady CAGR from 2021 to 2028.
- The Asia Pacific is expected to be the fastest-growing regional market during the forecast period, with China, Japan, Taipei, India, Singapore, Sri Lanka and South Korea as key markets of the region.
*Vegan Chocolate Confectionery Market Size, Share & Trends Analysis Report By Product (Molded Bars, Chips & Bites, Boxed), By Distribution Channel (Online, Offline), By Type (Dark, Milk), By Region, And Segment Forecasts, 2021 - 2028