According to Markntel Advisors Report, Vegan Chocolate Market is expected to grow at a significant growth rate, and the analysis period is 2024-2030, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

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.

Global Vegan Chocolate Market Research Report & Summary:

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.        

Time Period Captured in the Report:

·         Historical Years: 2019-22

·         Base Years: 2023

·         Forecast Years: 2024-2030

Who are the Key Players Operating in the Vegan Chocolate Market?

The top companies of the Vegan Chocolate Market ruling the industry are: 

One Good, Nestle, Alter Eco, The Hershey’s company, Schmilk Chocolate, Chocoladefabriken Lindt & Sprungli AG, Taza Chocolate, Goodio, Montezuma’s Direct Ltd., Sjaak’s, Plamil Foods Ltd., Endorfin Foods, Barry Callebaut, No Whey Chocolate, and Others (Creative Nature Ltd., Theo Chocolate, Inc.,)

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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.

The Vegan Chocolate Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-By Chocolate Type

-Milk Chocolate- Market Size & Forecast 2019-2030F, USD Million

-White Chocolate- Market Size & Forecast 2019-2030F, USD Million

-Dark Chocolate- Market Size & Forecast 2019-2030F, USD Million

-Caramel- Market Size & Forecast 2019-2030F, USD Million

-Nut- Market Size & Forecast 2019-2030F, USD Million

-Fruit- Market Size & Forecast 2019-2030F, USD Million

-Others (Praline, Baking, etc.,)- Market Size & Forecast 2019-2030F, USD Million

-By Flavor Type

-Unflavored- Market Size & Forecast 2019-2030F, USD Million

-Flavored- Market Size & Forecast 2019-2030F, USD Million

-By Packaging Type

-Molded Bars- Market Size & Forecast 2019-2030F, USD Million

-Chips & Bites- Market Size & Forecast 2019-2030F, USD Million

-Box Assortments- Market Size & Forecast 2019-2030F, USD Million

-Chocolate Truffles- Market Size & Forecast 2019-2030F, USD Million

-By Sales Channel

-Offline- Market Size & Forecast 2019-2030F, USD Million

-Supermarkets & Hypermarkets- Market Size & Forecast 2019-2030F, USD Million

-Convenience Stores- Market Size & Forecast 2019-2030F, USD Million

-Brand Owned Outlets- Market Size & Forecast 2019-2030F, USD Million

-Online - Market Size & Forecast 2019-2030F, USD Million

-By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

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Market Dynamics -Global Vegan Chocolate Market:

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.

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.

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