Market Size of Vegan Chocolate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vegan Chocolate Market Analysis
Global Vegan Chocolate Market is projected to register a CAGR of 13.7% during the forecast period (2022-2027).
The growing popularity of veganism among consumers across the globe, especially among millennials is a major factor driving the growth of the market. For instance, according to the vegan society, in 2014, the number of vegans in Great Britain was estimated to be 150 thousand, which increased to 600 thousand in 2019. An increasing number of environmental protection campaigns and growing awareness about animal cruelty are supporting the growth of the market. In recent years, consumers' food tastes have also changed as a result of rising food allergies and cases of lactose intolerance in both children and adults. For instance, the Food Tolerance Network reported that in 2019, almost 70% of people worldwide are lactose intolerant.
Some vegan chocolate brands also use milk substitutes like almond milk or soy milk to produce authentic vegan chocolates. For instance, in 2021, an Indian brand 'MilkinOats' has launched vegan milk chocolate made with oat milk. Their premium range, called Chalet Chokolad, is made in Swiss chalets and offers two varieties namely Chalet Velvety and Chalet Almond Crunch. Moreover, factors like concerns regarding animals' welfare in food production, the belief that vegan chocolates are healthier that boost healthy blood sugar, and the usage of alternative sweeteners like stevia in manufacturing processes are expected to boost the market at a faster pace during the forecast period.
