SAN FRANCISCO, July 20, 2021 /PRNewswire/ -- The global vegan chocolate confectionery market size is expected to reach USD 1.41 billion by 2028, registering a CAGR of 14.8% over the forecast period, according to a new report by Grand View Research, Inc. 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.
Key Insights & Findings:
Asia Pacific is expected to be the fastest-growing regional market during the forecast years due to the rising cases of lactose intolerance and an increasing number of vegans in the region
The chips & bites segment is expected to register the fastest CAGR from 2021 to 2028 owing to the wide application scope of chips and bites in premium bakery products
North America dominated the global market accounting for a revenue share of over 37% in 2020
This growth was credited to the rising demand for vegan and dairy-free products in North America
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 chocolates 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 466,680 searches annually. These market trends are anticipated to increase the product demand.
Offline distribution channel accounted for the largest share of the global market in 2020. This segment is projected to retain its dominance throughout the forecast period owing to the consumer inclination toward shopping grocery products from supermarkets and convenience stores, where they can physically examine the product quality. The global market is fragmented with the presence of a large number of global and regional players.
Grand View Research has segmented the global vegan chocolate confectionery market on the basis of product, type, distribution channel, and region:
List of Key Players of Vegan Chocolate Confectionery Market
Equal Exchange Coop.
Chocoladefabriken Lindt & Sprüngli AG
Montezuma's Direct Ltd.
Check out more studies related to chocolate & confectionery markets, by Grand View Research:
Sugar-free Confectionery Market – The global sugar-free confectionery market size is expected to reach USD 2.81 billion by 2027. It is expected to grow at a CAGR of 5.1% from 2020 to 2027.
Gluten-free Chocolate Market – The global gluten-free chocolate market size is projected to reach USD 2.37 billion by 2025. Increasing prevalence of celiac disease is the key factor driving the product demand.
Chocolate Confectionery Market– The global chocolate confectionery market is anticipated to reach USD 154.5 billion by 2025. The chocolate confectionery market growth is anticipated to increase due to the favorable impact of advertising.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.