The global vegan confectionery market is expected to rise at a CAGR of 7.3% from 2024 to 2034. The market is estimated to be worth USD 1,377.7 million in 2024 and is expected to reach USD 3,327.8 million by 2034. Consumers are increasingly adopting plant-based diets due to health concerns and lifestyle disorders. Manufacturers have developed a range of plant-based products to cater to the growing demand in the confectionery industry.
| Attributes | Key Statistics |
|---|---|
| Vegan Confectionery Market Value (2024) | USD 1,377.7 million |
| Anticipated Market Value (2034) | USD 3,327.8 million |
| Value-based CAGR (2024 to 2034) | 7.3% |
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Plant-Based Confectionery Sector Propels the Global Vegan Confectionery Market
The global vegan confectionery market has grown remarkably in recent years, propelled forward by many factors. One of the main drivers of demand for vegan confectionery is the rising popularity of veganism, especially among millennials and the working population. The sudden shift toward plant-based diets is linked to the growing awareness of animal rights and environmental sustainability.
Consumers are more concerned about the ethical treatment of animals and the impact of food production on the environment. As a result, there has been a surge in campaigns and awareness efforts to promote veganism and plant-based diets, which has further boosted the market for vegan confectionery. The vegan confectionery market appears to have a promising future, with more expansion anticipated in the upcoming decade
The rising health and wellness awareness has led to a significant surge in demand for vegan confectionery products in recent years. One of the primary reasons behind this trend is the growing perception that vegan sweets are healthier than their traditional counterparts.
Vegan confectionery items are devoid of artificial additives, cholesterol, and allergens, making them an ideal choice for health-conscious people. Moreover, the increasing focus on health and wellness has contributed to the popularity of vegan confectionery products, as people now better understand the harmful impact of consuming excessive sugar and other unhealthy ingredients in traditional sweets.
The demand for plant-based products is increasing due to growing environmental concerns, presenting a profitable opportunity for market players in the vegan confectionery industry.
The vegan confectionery market experienced a steady CAGR of 7.30% from 2019 to 2023. The market growth is predicted to accelerate to a faster CAGR of 9.2% from 2024 to 2034. The projection suggests that the vegan confectionery product market is likely to experience a sustained decline over the next decade, indicating a growing trend toward plant-based and cruelty-free confectionery options.
| Attributes | Key Statistics |
|---|---|
| Historical Market Value (2023) | USD 1,276.3 million |
| Vegan Confectionery Market Size (2024) | USD 1,377.7 million |
| HCAGR (2019 to 2023) | 9.2% |
The demand for organic and sustainable food products is set to rise significantly in the future. The benefits of plant-based diets for both the environment and consumer health are now well known to consumers.
Sweet manufacturers are expanding their product lines to include vegan options with various flavors to cater to the different tastes of consumers. Furthermore, the demand for various forms and flavors of vegan confectionery is anticipated to remain high, leading to sustained sales growth and customer retention.
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| Attributes | Details |
|---|---|
| By Product | Vegan Chocolate Bars |
| Market Share in 2024 | 27.6% |
The vegan confectionery market has a wide range of products, with vegan chocolate bars being a popular choice due to their easy availability. In 2024, vegan chocolate bars held a market share of 27.6%.
Vegan chocolate bars are usually crafted using high-quality vegan ingredients, such as dark chocolate, nuts, and dried fruits. They are typically prepared with minimal additives and preservatives, making them a healthier and more natural option for consumers. With growing health concerns, many consumers prefer to opt for organic and natural food products that are perceived to offer more significant benefits in the market.
| Attributes | Details |
|---|---|
| By Distribution Channel | Retail |
| Market Share in 2024 | 42.5% |
The retail distribution channel facilitates higher sales of vegan products, accounting for a market share of 42.5% in 2024. The plant-based food industry has been promoting vegan confectionery products through partnerships with grocers and retail chains.
During the forecast period, the retail distribution channel is expected to experience a faster growth rate. The increasing number of retailers offering competitive pricing propels this segment’s growth. The largest market share can be attributed to easy access and robust distribution outlets.
| Country/Region | CAGR (2024 to 2034) |
|---|---|
| United States | 6.8% |
| United Kingdom | 10.3% |
| Germany | 9.2% |
| Australia | 7.4% |
| BENELUX | 11.9% |
Over the forecast period, the United States market is expected to experience significant growth at a CAGR of 6.8% from 2024 to 2034. To appeal to a broader range of consumers, companies in the United States invest in developing new vegan confectionery products and expanding their distribution channels.
For instance, in February 2023, Mondelez released a new vegan Oreo cookie variant that has been gaining popularity as a dairy-free confectionery product.
The United Kingdom market is expected to experience a significant CAGR of 10.3% from 2024 to 2034. The market for vegan confectionery in the United Kingdom is rising as more people adopt vegan lifestyles.
Manufacturers and suppliers have an opportunity to cater to the growing demand by offering a diverse range of high-quality and delicious vegan confectionery options. The market is driven by health consciousness, environmental concerns, and ethical considerations, making the United Kingdom a promising landscape for the growth of the vegan confectionery market.
The BENELUX region has emerged as a lucrative market for vegan confectionery, holding immense growth potential. Accounting for 11.9% of the global vegan confectionery market, BENELUX dominates the sector due to its large population, evolving dietary preferences, and increased awareness of health and environmental concerns. This has led to a surge in demand for vegan chocolate confectionery and other plant-based products.
Manufacturers and suppliers can introduce high-quality, innovative vegan chocolate confectionery options to tap into the fast-growing BENELUX market. Investing in research and development for unique and appealing vegan chocolate products can help companies stand out in this market.
Germany holds the edge in the vegan confectionery market with an estimated CAGR of 9.2% through 2033. The projection period estimates that the country will experience the quickest growth rate, attributed to the increasing awareness of health and wellness issues.
German consumers are increasingly mindful of the impact of their diet on their health. They seek healthier alternatives to traditional candy, typically high in sugar, calories, and fat. Vegan confectionery is a better option, as it is made with natural ingredients, contains less sugar and fat, and is often free from preservatives and artificial additives.
The Australian vegan confectionery market is expected to grow at a CAGR of 7.4% over the forecast period. The demand for vegan sweets in Australia is rising, with an increasing awareness of animal welfare, health concerns, and a growing interest in plant-based diets contributing to this trend.
Manufacturers and suppliers may exploit the market shift by introducing inventive and high-quality vegan products that suit Australian customers' preferences and values.
The vegan confectionery market has witnessed significant growth and diversification in recent years due to the entry of many competitors. Key players in the industry focus on introducing high-end, nutrient-rich products that cater to a broader range of tastes and preferences to maintain their competitive edge.
Moreover, manufacturers are scaling up their production capabilities in response to the growing demand for vegan confectionery items while ensuring their products retain their nutritional value. As a result, consumers now have access to a more extensive and diverse range of vegan confectionery products, contributing to the overall market growth.
Recent Developments in the Vegan Confectionery Market
The global vegan confectionery market is valued at USD 1,377.7 million in 2024.
In 2023, the global vegan confectionery market was valued at USD 1,276.3 million.
In 2024, vegan chocolate bars are estimated to hold a market share of 27.6%.
The market is anticipated to expand at a CAGR of 9.2% from 2024 to 2034.
Candies made without dairy and with natural colors, flavors, and real fruit juice can be considered vegan.
| Estimated Size (2024E) | USD 305,673.6 million |
|---|---|
| Projected Value (2034F) | USD 558,145.9 million |
| Value-based CAGR (2024 to 2034) | 6.2% |
| 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% |
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