Vegan Chocolate Market

Vegan Chocolate Market Outlook for 2023 to 2033

The Vegan Chocolate Market valuation is likely to be valued at USD 1,233.9 million in 2023. The market is predicted to grow at a CAGR of 11.9% from 2023 to 2033. The size of the vegan chocolate market is expected to reach USD 3,814.2 million by 2033.

Vegan Chocolate Market Analysis and Insights

• With the increasing vegan population, demand for various vegan food products, including vegan chocolate, is also growing.
• Producers of vegan chocolates are also making sure consumers have a similar variety to traditional chocolate. Thus, the production of different types of vegan chocolates, such as dark vegan chocolate, vanilla vegan chocolate, vegan cookies, etc., is being stepped up.
• Manufacturers of vegan chocolate are also making sugar-free products. The vegan chocolate market targets lactose intolerant and vegan consumers who do not intake sugar.
• Brands in the vegan chocolate industry focus on sustainability and thus produce chocolates from organic and natural sources. They are also emphasizing sustainable packaging methods.

Attributes	Details
Vegan Chocolate Market Value, 2023	USD 1,233.9 million
Projected Market Value, 2033	USD 3,814.2 million
Value-based CAGR, 2023 to 2033	11.9%

Historical Analysis of the Vegan Chocolate Market from 2018 to 2022

The value of the vegan chocolate market in 2018 was USD 681.34 million. The market grew at a CAGR of 13% over the historical period from 2018 to 2022.

The number of people turning to veganism accelerated immensely over the historical period. Countries like the United States, the United Kingdom, and Germany saw a rise in the number of people aiming to reduce meat intake. Consequently, the popularity of plant-based products increased significantly. By the end of the historical period, the market size reached USD 1,110.9 million.

Attributes	Details
Vegan Chocolate Market Value, 2018	USD 681.34 million
Vegan Chocolate Market Value, 2022	USD 1,110.9 million
Historical CAGR, 2018 to 2022	13%

Long-term Analysis of the Vegan Chocolate Market from 2023 to 2033

In 2023, the vegan chocolate market valuation is USD 1,233.9 million. The market is forecasted to grow at an impressive CAGR of 11.9% from 2023 to 2033.

Awareness is growing among people of the benefits of switching to plant-based diets. Chocolate manufacturers are expected to hop on the vegan trend by expanding their product lines to include vegan chocolates, offering diverse flavors. Differing forms and tastes of vegan chocolate are tipped to keep sales of the product as well as customer retention high.

Organic and sustainable food product trends are predicted to rise over the forecast period. The number of people turning away from sugar consumption is also expected to increase.

Brands in the vegan chocolate industry are predicted to keep pace by offering sustainable and sugar-free products. The demand for vegan chocolates is predicted to reach USD 3,814.2 million by the end of the forecast period.

Trends in the Vegan Chocolate Market

• Adoption of veganism is especially higher among the younger generation, which acts as a customer base driving the market.
• Vegan chocolates are generally more expensive than traditional chocolates. However, the vegan crowd's commitment to veganism ensures price is not a huge stumbling block for the market. The increasing disposable income makes the younger generation likely to buy vegan chocolates, even if the price is high.
• Nut-based chocolates are higher in demand. Nearly three-quarters of all consumers prefer nuts in chocolates. Vegan chocolates prepared with nuts such as almonds, macadamias, and pecans are thus gaining popularity.
• As children make up a huge section of the consumer base for chocolates, brands are choosing attractive packaging methods. Chocolates are paired with toys to appeal to children. In line with the plant-based nature of vegan chocolates, the toys are often made from recyclable and sustainable materials.
• Companies in the market are investing in technology further to improve the taste and flavor of vegan chocolates.
• Rising health consciousness among the younger generation is also stimulating the market demand. Vegan chocolates are considered healthier than traditional chocolates. Brands are also launching sugar-free chocolates to appeal further to the health enthusiast crowd. Thus, vegan chocolates are emerging as a healthier alternative to traditional chocolates.
• Demand for artisanal chocolates is growing as a personal touch is added to the product. Artisanal or hand-made vegan chocolates are also being produced in line with this trend.

Category-wise Insights

The vegan chocolate market can be split up into two segments: product types and form. By looking at the segments, the preference of the consumers in the way vegan chocolates are consumed can be observed.

Dark Vegan Chocolate Entices Consumers

Attributes	Details
Top Product Type	Dark Chocolate
Market Share in 2023	68.4%

Consumers highly prefer the bitter taste of dark chocolate. The dark chocolate segment accounts for a share of 68.4% of the market by product type. Consumers are increasingly moving away from sugary sweet chocolates.

Certain health benefits associated with dark chocolate, such as fighting against the risk of heart conditions and Alzheimer's, have enhanced its sales.

Consumers Prefer Vegan Chocolate in Bar Form

Attributes	Details
Top Form	Bars
Market Share in 2023	74.4%

Bars are the leading form in which vegan chocolates are consumed. In 2023, bars dominate the market share by form, holding a share of 74.4%.

The popularity of chocolate bars remains evergreen. The trend of healthy chocolate bars is also contributing to the market’s growth.

Country-Wise Insights

Countries	CAGR (2023 to 2023)
United States	11.0%
Germany	5.5%
Japan	14.8%
China	6.3%
Australia	12.5%

The vegan movement is growing its foothold all over the world. Thus, the scope of the market for vegan chocolate is increasing with time. However, certain countries/regions constitute the major share of the market revenue.

North America, Europe, and the Asia Pacific dominate the market. The rising vegan trend in Europe and North America is aiding the demand for vegan chocolates. The increasing population in Asia Pacific aids the growth of the market.

Presence of Big Vegan Chocolate Brands Propelling the Market in the United States

Several people in the United States have a huge appetite for chocolates. Vegan chocolate is also being consumed in large quantities. The United States market accounts for a significant 31.5% of the market share.

American brands like The Hershey Company and Mars, Inc. are giants in the chocolate industry. The portfolios of brands are being expanded to appeal to the vegan population. For example, in June 2022, Mars, Inc. entered the vegan chocolate market by launching its animal-free and lactose-free CO2COA bar.

Online Channels Boost the Market in China

The Chinese market holds 13.6% of the market share in 2023. Online platforms are aiding the sale of vegan chocolate in China. The vegan population can access chocolates from local and multinational brands online. The online channel is also aiding companies in the Western sphere to expand into China.

Western brands are taking advantage of the rising demand for vegan chocolates in China by launching new products in the country.

For example, in 2019, the German vegan chocolate brand Nu Company entered the Chinese market, rebranding itself as Nuchoc in China.

Nut-based Vegan Chocolates Driving the Market in Germany

Europe has a long tradition of chocolate-making and consumption. Chocolate is also a part of many traditions in the region. The vegan chocolate industry is enjoying the benefits of the European people undertaking vegan diets. Germany is one of the leading countries in Europe for vegan chocolates. Germany holds a 9.4% share of the market in 2023.

Germany has a large consumer base that prefers chocolates as a snack. More than 30% of all Germans enjoy chocolate as a relaxing food. The significant German consumer base is also favoring nut-based chocolates. Players in the German market are taking advantage of the Germans’ preference for nut-based chocolates.

For example, Alfred Ritter GmbH & Co. KG offers the Halbbitter-Schokolade Mandel Quinoa vegan chocolate, which has a mix of quinoa and almonds.

Competitive Landscape in the Vegan Chocolate Market

The potential of the vegan chocolate industry is luring multinational chocolate brands. Recognized chocolate brands like Nestlé S.A. and The Hershey Company have entered the market. However, brands that focus solely on vegan chocolates are also thriving.

With the aid of technological advancement, the quality of vegan chocolate is being improved. Technological investments have enabled manufacturers to experiment with tastes and flavors.

Recent Developments in the Vegan Chocolate Market

• In October 2023, Smoothie King launched the Açai Cocoa Haze and Coco Pitaya-Yah smoothie bowls. Both contain vegan and dairy-free chocolate.
• Also in October 2023, British brand Spellbound launched a range of four chocolate products. The gluten-free, vegan chocolate products boast various benefits like helping digestion and reducing stress.
• In September 2023, Mummy Meegz collaborated with the sustainable packaging brand Parkside. Through the collaboration, Mummy Meegz’s oat milk and white chocolate product lines now come with sustainable packaging.
• In January 2020, the German brand Vego expanded into the United States market. The brand partnered with Frederick Export to make its products available in the United States.

Vegan Chocolate Market Key Players

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

Key Segments

By Product Type:

• Raw Chocolate
• White Chocolate
• Dark Chocolate
• Others

By Form:

• Blended
• Cookies
• Bars
• Granules
• Liquid
• Powder
• Whole
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

What is the Market Vegan Chocolate Size?

In 2023, the size of the vegan chocolate market is estimated to be USD 1,233.9 million.

What are the Current Trends in the Vegan Chocolate Market?

Artisanal chocolates and chocolates packaged with toys are two of the trends in vegan chocolate.

What is the Future of the Vegan Chocolate Market?

The vegan chocolate market is expected to progress at a remarkable CAGR of 11.9% during the period from 2023 to 2033.

What is the Projected Vegan Chocolate Market Size by 2033?

By 2033, the size of the vegan chocolate market is forecasted to reach USD 3,814.2 million.

Who are the Prominent Players in the Vegan Chocolate Market?

Mondelez International, The Hershey Company, Schmilk Chocolate (Chocolate Hollow, LLC), and Lindt & Sprüngli are some of the prominent players in the vegan chocolate market.