Vegan Chocolate Market is Set to Reach USD 1.45 Billion in Revenues by 2032 -TMR

In 2022, the worldwide vegan chocolate market attained a valuation of US$ 532.7 million. Projections indicate a robust compound annual growth rate (CAGR) of 10.5% between 2023 and 2032. Anticipated findings suggest that the global vegan chocolate market is poised to achieve a remarkable milestone, reaching a valuation of US$ 1.45 billion by the conclusion of 2032.

Veganism involves consuming plant-based products, making vegan chocolate inherently dairy-free. Studies highlight that vegan chocolates are linked to lower blood pressure, cholesterol, and reduced risks of heart disease, type 2 diabetes, and certain cancers.

Modern consumers prioritize health benefits when selecting consumable products. A 2021 survey by the International Food Information Council and the American Heart Foundation revealed that 43% of Americans consistently seek healthy options, while 52% do so occasionally. This trend bodes well for the ongoing growth of vegan chocolates.

Key Companies-

The report from Transparency Market Research features profiles of various vegan chocolate manufacturers, including Barry Callebaut, Chocoladefacriken Lindt & Sprungli AG, Nestle, Endangered Species Chocolate, Alter Eco, Taza Chocolate, Theo, TCHO, Equal Exchange Coop, Goodio, Montezuma’s Direct Ltd., Sjaak’s, Plamil Foods Ltd., Dylan’s Candy Bar, and Creative Nature Ltd.

Capitalizing on the growing trend towards vegan food consumption, the mentioned market players are introducing new product lines. Substantial investments in extensive research and development activities are being made by manufacturers, primarily aimed at crafting label-friendly products, expanding portfolios, and innovating in the realm of vegan chocolate flavors.

Key Market Developments

In May 2022, Chocoladefacriken Lindt & Sprungli AG made a significant entry into the vegan chocolate market by introducing oat milk-based chocolate bars. The Lindt Classic Recipe OatMilk range, featuring original and salted caramel flavors, made its debut on supermarket shelves across the United States. Notably, the company replaced traditional dairy milk with gluten-free oat milk powder and almond paste.

1. Nestle's KitKat V Expansion (August 2022): Building on the success of its vegan KitKat V, Nestle expanded the availability of the plant-based chocolate treat across 15 European countries in August 2022. Following a test launch in the United Kingdom and select markets in 2021, KitKat V offers the iconic crispy wafer and smooth chocolate textures, replacing traditional milk with a rice-based alternative.

Key Takeaways from the Market Study

Current Market Valuation (2022): The global vegan chocolate market stood at a noteworthy US$ 532.7 million in 2022.

• Anticipated Year-on-Year Growth (2022-2033): A robust year-on-year growth rate exceeding 10% is forecasted for the market, with an expected value of US$ 588.59 million by 2033.
• Organic Vegan Chocolate Demand Projection: The demand for organic vegan chocolate is expected to surge at an impressive Compound Annual Growth Rate (CAGR) of 11.5% until the year 2032.
• Preference for Dark Vegan Chocolates (2022): In 2022, dark vegan chocolates dominated the market, accounting for 52.9% of the total revenue.
• Rise in Online Retail Channel Sales: Sales of vegan chocolates through online retail channels are projected to experience a significant growth, with an anticipated Compound Annual Growth Rate (CAGR) of 11.7%.
• Forecasted Market Expansion (2023-2032): The global market for vegan chocolates is expected to witness substantial growth, expanding 2.4 times from 2023 to 2032.

The valuable insights presented above are derived from a comprehensive report on the Vegan Chocolates Market by Transparency Market Research. Our in-depth research and analysis aim to provide a thorough understanding of the current market landscape and future trends in the realm of vegan baking ingredients.

Contact:

Bhushan Dhumal

Transparency Market Research Inc.

Media Relations Team

Email-Bhushan.Dhumal@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

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