According to the latest report by IMARC Group, titled, “Vegan Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global vegan chocolate market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the vegan chocolate market?

The global vegan chocolate market size reached US$ 1.06 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.02 Billion by 2028, exhibiting a growth rate (CAGR) of 11.30% during 2023-2028.

What is vegan chocolate?

Vegan chocolate is a kind of chocolate that lacks animal-derived ingredients and is prepared by utilizing plant-based components, such as cocoa butter, cocoa solids, natural sweeteners, etc. It excludes dairy items which include milk, eggs, honey, etc., giving it a slightly distinct flavor as compared to its traditional counterparts. Vegan chocolate products are enjoyed by individuals who adhere to a vegan lifestyle or have lactose intolerance. They serve as an excellent choice for environmentally conscious customers, on account of their reduced carbon footprint when compared to regular chocolates. Vegan chocolate items are widely available in various variations, including dark, milk, white, etc., which are crafted with higher cocoa solid percentages, less sugar, plant-based milk, and other plant-derived ingredients. Consequently,they are in widespread demand among consumers across the globe.

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What are the growth prospects and trends in the vegan chocolate industry?

The vegan chocolate market is primarily driven by the growing prevalence of lactose intolerance and food allergies from dairy based products among individuals. Apart from this, the emerging trend of veganism is also bolstering the market growth. Additionally, the escalating environmental consciousness among consumers is propelling the adoption of vegan chocolates, as they are made by using sustainably sourced ingredients and have a smaller carbon footprint as compared to traditional chocolates, which is acting as another significant growth-inducing factor. Besides this, the launch of numerous environmental conservation campaigns by government bodies is further catalyzing the global market. Moreover,the introduction of innovative flavors by leading manufacturers and the increasing product availability via e-commerce platforms are expected to augment the vegan chocolate market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

Chocolate Type Insights:
Milk Chocolate and White Chocolate
Dark Chocolate
Others

Nature Insights:
Organic
Conventional

Sales Channel Insights:
B2B
B2C
Supermarkets and Hypermarkets
Convenience Stores
Online Stores
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Alter Eco
Barry Callebaut AG
Chocoladefacriken Lindt & Sprungli AG
Chocolove
Endangered Species Chocolate, LLC
Goodio
Hu Kitchen (Mondelez International)
Montezuma’s Chocolate Limited
No Whey Chocolates, LLC
Plamil Foods Ltd.
Sjaak’s
Theo Chocolate, Inc., etc.

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