Vegan Chocolate Market to Reach Valuation of USD 1975.2 Million by 2028 – Growth in Awareness About Animal Cruelty Drives the Market

In terms of revenue, the Global Vegan Chocolate Market is expected to reach USD 1975.2 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 14.80% from 2022 to 2028.

A healthier alternative to traditional chocolate is Vegan Chocolate. Daily use of healthy vegan products and rising demand for Vegan Chocolate during the predicted period have fueled the expansion of the Vegan Chocolate industry globally. Vegan Chocolates are considered a healthier choice because they don't contain dairy-based ingredients like milk and animal fats. Additionally, Vegan Chocolates help people lose weight since they are high in protein and low in fat. Additionally, Vegan Chocolate supports a more robust immune system and controls blood circulation.

Furthermore, consumers choose cruelty-free food products. The market is expanding due increased in environmental preservation initiatives and a rise in public awareness of animal suffering. Due to the increase in food allergies and incidences of lactose intolerance in both children and adults in recent years, consumers' food preferences have also changed.

Key Highlights from Report:

• Among Product Types, the White Chocolate segment is anticipated to dominate the Vegan Chocolate market with the highest market share during the forecast period. Due to its similarity in flavor and texture to regular milk chocolate, vegan milk chocolate has a larger market.
• By Flavor, the Flavoured Chocolates segment accounted for the highest CAGR in the forecast period. The distribution of flavored chocolate goods enables manufacturers to serve a wide range of consumers.
• Geographically, North America held the largest market share and is likely to be the most profitable market in the forecast period. The region's Vegan Chocolate market is anticipated to grow due to rising health consciousness, particularly among the younger generation.

Market Dynamics

Increased demand for vegan food products is anticipated to result from an increase in the number of animal rights organizations. Consumers are becoming more compassionate to their plight when contemplating the circumstances and environments in which animals are raised. Due to worries about animal welfare, they are choosing plant-based items more often, mainly plant-based chocolates. The People for the Ethical Treatment of Animals (PETA) claims that to increase cows' annual milk production, BGH and antibiotics are given to them. To increase cow productivity and efficiency, various hormones are employed. Their health suffers as a result, and the likelihood of their children being born with congenital abnormalities rises. Dairy milk, which many people today consider a significant source of environmental problems, is not used in producing Vegan Chocolate. Crops can be utilized to make chocolates with milk as an ingredient. This would aid in addressing environmental issues.

Demand for Vegan Chocolates is anticipated to increase as consumer health awareness grows. A well-designed vegan diet that follows healthy eating principles offers all the nutrients a body needs. According to the American Academy of Nutrition and Dietetics and the British Dietetic Association, it is appropriate for persons of all ages and stages of life. Numerous studies link Vegan Chocolate consumption to lowered blood pressure, cholesterol levels, and rates of heart disease, type 2 diabetes, and other malignancies. By avoiding toxic animal fats, veganism helps to encourage healthy eating habits and lowers the likelihood of adverse effects. In addition, plant chocolates are a great source of vitamins, minerals, and necessary fiber. Consumers who are lactose intolerant frequently prefer plant-based substitutes. Thus, there is a growing global demand for Vegan Chocolates.

Nonetheless, the price differential between vegan and traditional chocolates limits the global Vegan Chocolate market expansion.

North America Vegan Chocolate market is anticipated to see significant market growth with the highest CAGR during the forecast period. This is a result of people consuming more vegan food. People are encouraged to consume Vegan Chocolates because they don't include processed sugar, which is used to make regular chocolates but is bad for your health. The consumption of Vegan Chocolate has also increased as diabetes cases in the North American region have climbed. To lessen sugar cravings without compromising their health, people with diabetes are permitted to eat organic Vegan Chocolate. According to the WHO, diabetes was the ninth greatest cause of death in 2019 and is directly responsible for an estimated 1.5 million deaths. While 28.7 million people, including 28.5 million adults, and 37.3 million people (11.3 percent of the U.S. population), according to the National Diabetes Statistics.

The Global Vegan Chocolate Market is Segmented as follows

• Product Types
  • Raw Chocolate
  • White Chocolate
  • Dark Chocolate
  • Other Product Types
• Flavors
  • Unflavoured
  • Flavoured
• Product Forms
  • Bars
  • Blended
  • Cookies
  • Granules
  • Liquid
  • Powder
  • Whole
  • Other Product Forms
• Applications
  • Baking Mixes
  • Snack Bars & Cereals
  • Candy, Chocolate & Gums
  • Cocoa Chips & Cookies
  • Coffee
  • Dairy & Desserts
  • Dietary Supplements
  • Ice Cream & Shake Mix
  • Condiments, Sauces & Spreads
  • Sports Bars & Nutrition
  • Others
• Sales Channel
  • B2B / HoReCa
  • B2C
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Vegan Chocolate Market is

Mondelez International (US), The Hershey Company (US), Schmilk Chocolate (Chocolate Hollow LLC) (US), Lindt & Sprüngli (Switzerland), Ritter Sport (Germany), Hu Chocolate (US), Alter Eco (US), TCHO (US), Endorfin Foods (US), Sjaak’s (US), VGAN Chocolates (US), Divine Treasures LLC (US), Equal Exchange COOP (US), No Whey Chocolate (US)

The Global Vegan Chocolate Market Scope can be Tabulated as below