According to Fortune Business Insights, the vegan chocolate market size has grown rapidly due to an increase in demand for alternative chocolates to reduce sugar craving without affecting health. The market expansion is being propelled by rising public concern over animal cruelty and increased environmental preservation efforts.
Fortune Business Insights™ has examined these responses in a research report titled, “VeganChocolate Market, “2022-2029."
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/vegan-chocolate-market-106130
Segments-
With regards to product type, the market is divided into white, dark and other product types. On the basis of flavor type, the market is segregated brown butter, coconut milk, caramel, lavender and other flavor types. Based on distributional channel, the industry is divided into online retail stores, specialty retail stores, convenience stores, hypermarkets/supermarkets and others. In terms of region, the market is categorized into the Middle East Africa, Europe, South America, North America, and the Asia Pacific.
Report Coverage-
Secondary and primary sources are used to get a detailed overview of the study in a prominent way. The report's context also considers the qualitative and quantitative approaches to achieve a detailed analysis. Meetings with the upper management, such as the board of directors and employees, have contributed to thoroughly recognizing the industry in the best possible way. For secondary resources, various press releases and journals are used to fetch the details of the industry. The report also includes a COVID-19 analysis to boost the market coverage.
Drivers and Restraints:
Growing Demand for Dairy-Based ProductTriggered Investment in Market
The key element that accelerates the vegan chocolate market growth adoption is increasing awareness among individuals as vegan chocolate is devoid of dairy and low in fat content. Another primary factor driving the expansion of the market is the rising demand for plant-based chocolate products. Also, the growing awareness about vegan products and vegan diet among individuals has bolstered the product demand. However, the high price of vegan chocolates than traditional chocolates could significantly restrain the market growth.
Regional Insights
Robust Demand for Vegan Products to Propel European Market
Europe is predicted to experience a substantial increase in the vegan chocolate market share by the continued adaption of a vegan diet in the population. The increased presence of online retail stores and supermarkets across the region has further boosted the product demand. Moreover, increasing awareness about environment degradation and animal cruelty is a significant factor that stimulates the market in the region.
The growth dynamics of the North America are witnessing tremendous growth in this market due to increase health awareness among young generation. Furthermore, due to the availability of vegan products at various supermarkets and online retail stores could help the region to hold the significant position in terms of vegan products.
Competitive Landscape-
Stakeholders' Emphasis on Technical Improvements to Boost Portfolios
Leading companies, such as Mars, launched vegan versions of chocolate to get a competitive edge in the marketplace. Major industry players are expected to invest in product launches, partnerships and mergers acquisitions to get an additional lead. Developments in the business include:
- January 2021: Mars launched a vegan version of a chocolate brand by name bounty and topic to boost dairy-free products.
A list of prominent companies in the market:
- Plamil Foods Ltd (U.K.)
- Kraft Foods Group Inc., (U.S.)
- The WhiteWave Foods Company (U.S.)
- The Hershey Company (U.S.)
Divine Chocolate Ltd (U.K.)
