According to the latest report by IMARC Group, titled, “Vegan Chocolate Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global vegan chocolate market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
The global vegan chocolate market size reached US$ 1.06 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.02 Billion by 2028, exhibiting a growth rate (CAGR) of 11.30% during 2023-2028.
Vegan chocolate is a kind of chocolate that lacks animal-derived ingredients and is prepared by utilizing plant-based components, such as cocoa butter, cocoa solids, natural sweeteners, etc. It excludes dairy items which include milk, eggs, honey, etc., giving it a slightly distinct flavor as compared to its traditional counterparts. Vegan chocolate products are enjoyed by individuals who adhere to a vegan lifestyle or have lactose intolerance. They serve as an excellent choice for environmentally conscious customers, on account of their reduced carbon footprint when compared to regular chocolates. Vegan chocolate items are widely available in various variations, including dark, milk, white, etc., which are crafted with higher cocoa solid percentages, less sugar, plant-based milk, and other plant-derived ingredients. Consequently, they are in widespread demand among consumers across the globe.
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The vegan chocolate market is primarily driven by the growing prevalence of lactose intolerance and food allergies from dairy based products among individuals. Apart from this, the emerging trend of veganism is also bolstering the market growth. Additionally, the escalating environmental consciousness among consumers is propelling the adoption of vegan chocolates, as they are made by using sustainably sourced ingredients and have a smaller carbon footprint as compared to traditional chocolates, which is acting as another significant growth-inducing factor. Besides this, the launch of numerous environmental conservation campaigns by government bodies is further catalyzing the global market. Moreover, the introduction of innovative flavors by leading manufacturers and the increasing product availability via e-commerce platforms are expected to augment the vegan chocolate market in the coming years.
The report has segmented the market into the following categories:
Chocolate Type Insights:
Nature Insights:
Sales Channel Insights:
Breakup by Region:
The report covers the major market players including:
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