Vegan Chocolate Market: Introduction
As the name suggest vegan chocolate does not contain any ingredient derived from animals such as dairy product and dairy related products such as milk solids, milk fat, casein, and whey. Any chocolate whose ingredient comes under these parameters is a vegan chocolate. Vegan chocolate is entirely made from the plant-based ingredients, hence it is low in cholesterol and fat making it healthier than conventional chocolate. Vegan food is trending in the developed market which is driving the vegan chocolate market. However, the vegan food market is considered niche in the industry but the increase in the awareness of animal cruelty by the various animal right group have made vegan food popular which have resulted in an increase in a number of people who are turning vegan thus consolidating the market size and projecting it into the direction of the mainstream market.
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Vegan Chocolate Market Segmentation
Vegan chocolate market is segmented on the basis of application, distribution channel, end-user and regions
On the basis of application, vegan chocolate can be segmented into-
- Bakery
- Confectionary
- Beverages
- Preserved food
Bakery segment includes vegan cookies, bread, vegan cake etc. made from vegan chocolate, while confectionary segment includes products like vegan chocolate candies or sweets. Beverage segment includes vegan chocolate shakes.
On the basis of distribution channel, vegan chocolate market is segmented into
- Hypermarket/supermarket
- Convenience stores
- Specialty stores
- Grocery stores
- Online retailing.
Online retailing is expected to register relatively higher growth in the vegan chocolate market over the forecast period. Increasing trend of online purchasing of products among youth is expected to support the segment growth over the forecast period.
On the basis of end-users, vegan chocolate market is segmented into
- Household
- Industrial
- Restaurant, Bar, and Hotel
Among all the segment household is expected to show higher value share in the forecast period owing to increase in consumer demand because of the trend of health and wellness in the food and beverage market.
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Vegan chocolate Market Dynamics
Vegan food is perceived to be healthier than conventional food by the consumers, also the increase in the awareness towards animal cruelty in the dairy and meat industry and a greener environment are acting as a primary driver for the vegan chocolate market. Furthermore, researches indicate that the animal agriculture is one of the major cause of an increase in the emission of global greenhouse gases. The animal excrements emit gases which include nitrous oxide, methane, hydrogen sulfide, and ammonia. Hydrogen sulfide and ammonia poison the air while methane and nitrous oxide are the main contributors to global warming. Vegan chocolate is also used as an alternative to conventional chocolate by the lactose intolerant consumers. Launches of different vegan chocolate flavors is also driving the market. The restraint for the vegan chocolate market is higher pricing than the conventional chocolate.
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Vegan chocolate Market Regional Outlook
Geographically vegan chocolate market is segmented into North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.
Europe is expected to dominate the vegan chocolate market followed by North America in terms of value share in the forecasted period owing to increase in concern on animal ethics, health, and greener environment, also high disposable income, advanced technology, the presence of R&D centers along with manufacturing facilities. Asia-Pacific, Latin America, and Middle East and Africa shows moderate potential for vegan chocolate market and is estimated to show a moderate growth.
Vegan Chocolate Key Players
Some of the regional players for the vegan chocolate market are Plamil Foods Ltd, Tofutti Brands, Kraft Foods Group Inc, Lindt & Sprüngli AG, Newmans Own Inc, Ludwig Weinrich GmbH & Co. KG., The WhiteWave Foods Company, The Hershey Company, Divine Chocolate Limited and other regional players.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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