The global Vegan Chocolate Confectionery market size is expected to be worth around US$ 6.42 billion by 2030, according to a new report by Vision Research Reports.
The global Vegan Chocolate Confectionery market size was valued at US$ 480.2 Mn in 2020 and is anticipated to grow at a CAGR of 20.8% during forecast period 2021 to 2030.
Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/38368
Growth Factors
Growing awareness about animal cruelty and the rise in environmental protection campaigns are expected to be the major factors contributing to the growth of the market. Vegan chocolate confectionery is popular among consumers following a flexitarian or vegan diet or consumers having lactose intolerance and other food allergies.
The molded bars product segment led the market and accounted for the highest revenue share in 2020. Bar chocolates are the most consumed chocolate form in the world. According to a study conducted by Google, the top five chocolates titled as favorite in the world, based on their annual searches, are sold in the form of bars.
The milk chocolate segment accounted for the largest share in the market in 2020 on account of the high demand for these products due to their sweet and creamy taste. According to a study conducted by Google, in October 2019, Cadbury Dairy Milk chocolate was considered to be the most popular chocolate bar in the world. According to the same study, the classic milk chocolate bar received, on average, a total of 470,680 searches annually. These market trends are anticipated to increase the product demand.
Report Highlights
Milk was the largest product segment with a share of more than 39% in 2020. Major players in the market are launching their renowned in a vegan version too. With this strategy, the company can enjoy the brand loyalty of customers across the globe and result in higher sales of such products. For instance, in February 2020, Mondelēz International announced the launch of a vegan version of its most popular brand Dairy Milk.
The offline distribution channel segment accounted for the largest share of more than 85% in 2020. The segment is projected to retain its dominance throughout the forecast period owing to the high consumer inclination toward shopping grocery products from supermarkets and convenience, specialty, & grocery stores. Most of the products launched by companies are debuted at big supermarkets, such as Walmart, Tesco, and Kroger, due to their larger customer base. The wide availability of both premium and private label brands at these stores boost product sales through offline distribution channels.
Molded bars held the largest revenue share of more than 52% in 2020 and is expected to maintain the leading position over the forecast period. Bar chocolates are the most consumed chocolate form in the world. They are popular among consumers owing to their convenient size. The product demand in the retail market of the Middle East and Africa has witnessed a huge surge in the last two decades. The market has seen a growth of more than 100% since 2000 due to the strong economic growth, shifting lifestyles with rising incomes, increasing young population, and high incoming tourists in the region.
The chips & bites segment is anticipated to register the fastest CAGR from 2021 to 2030. Chips & bites are primarily used for cooking purposes. The trend of home cooking and preparing uncommon dishes, especially bakery items, while all the bakeries and restaurants were shut, was observed across the globe. The adoption of the product is increasing remarkably among millennials and centennials. Therefore, manufacturers in the industry have been introducing new products targeting these age groups.
North America accounted for the largest revenue share of over 47% in 2020 and will expand further at a steady CAGR from 2021 to 2030. The rising vegan population across the region is estimated to drive market growth. Asia Pacific is expected to be the fastest-growing regional market during the forecast period. Asia is the most populous continent in the world with more than half of the world’s population and sets up a positive note when it comes to influencing food trends around the world.
| Report Coverage | Details |
| Market Size | US$ 6.42 billion by 2030 |
| Growth Rate | CAGR of 20.8% From 2021 to 2030 |
| Base Year | 2020 |
| Forecast Year | 2021 to 2030 |
| Segments Covered | Product, Type, Distribution Channel, Region |
| Companies Mentioned | Alter Eco, Equal Exchange Coop., Endorfin, Chocoladefabriken Lindt & Sprüngli AG, Mondelēz International, Goodio, Montezuma’s Direct Ltd., Evolved |
Key Players
Market Segmentation
The study objectives of this report are:
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/38368 or call: +1 9197 992 333
Vision Research Report, Recently Announced New Report on "Smart Lock market - Global Industry Analysis,…
Vision Research Report, Recently Announced New Report on "2D barcode reader market - Global Industry…
Vision Research Report, Recently Announced New Report on "commercial refrigeration equipment market - Global Industry…
Vision Research Report, Recently Announced New Report on "Restaurant Point-of-Sale Terminal market - Global Industry…
Vision Research Report, Recently Announced New Report on "vacuum cleaner market- Global Industry Analysis, Market…
Vision Research Report, Recently Announced New Report on "household refrigerators and freezers market - Global…