About Vegan Chocolate
Vegan chocolate consists of ingredients like cacao, cocoa butter, sugar, vanilla, and other things in which no animal obtained products are used. The cacao content of 50% or more than that is used in vegan chocolate and indicates higher chocolate content. It can be made by adding nuts and dry fruits to enhance its flavors and texture. The chocolates are available in a form of plates or bars in supermarkets, online stores, convenience stores, etc. and it is used in bakery products, confectionery event in cosmetics products.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 13.6% |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Vegan Chocolate market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Alter Eco (United States), Chocoladefabriken Lindt & Sprüngli AG (Switzerland), Mondelez International (Cadbury) (United Kingdom), Lulu's Chocolate (United States), Barry Callebaut (Switzerland), Chocolove (United States), Chocolate Inspirations (United States), Theo Chocolate (United States), Purdys Chocolatier (Canada) and Ecofina GMBH (iChoc) (Germany) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Vegan Chocolate market by Type (Plate and Bar), Application (Direct Consumption, Cake, Icecreams, Cosmetic Products and Others) and Region.
On the basis of geography, the market of Vegan Chocolate has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Nature, the sub-segment i.e. Organic will boost the Vegan Chocolate market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Supermarket will boost the Vegan Chocolate market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Ingredients, the sub-segment i.e. Cocoa will boost the Vegan Chocolate market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Consumption of Vegan Chocolate Among Vegan Population and Use of Vegan Chocolate in the Bakery Products
Market Growth Drivers:
Growing Demand for the Health Food Products and Chocolate and Increasing Application of the Chocolates in the Various Confectionery and other Products
Challenges:
New Entrants in the Vegan Chocolate Market with Low-Quality Fake Products
Restraints:
Allergy-Related Issues with the Consumption of Vegan Chocolate to some People
Opportunities:
Surging Demand for the Vegan Chocolates Among Developing Nations who are Becoming More Health Conscious
Market Leaders and their expansionary development strategies
On 24th February 2020, Cadbury is planning to release a new version of its iconic Cadbury Dairy Milk chocolate bar that will be vegan. The company has not confirmed a launch date for the plant-based chocolate, but it has been testing the concept for a while. Cadbury, which is owned by Mondelez International, wants to meet the rising demand for dairy-free candy and snacks.
On 13th August 2020, Leading Swiss chocolatier Lindt & Sprüngli, commonly referred to as just Lindt, is launching its first-ever range of vegan chocolate bars. The plant milk-based chocolates will debut in Germany in November this year and the range will be available in a cookie, hazelnut, and salted caramel flavors respectively. and On 27th May 2020, The Barry Callebaut Group, a manufacturer of chocolate and cocoa products, has signed an agreement to acquire GKC Foods (Australia), a producer of chocolate, coatings, and fillings, serving many consumer chocolate brands in Australia and New Zealand. This strategic acquisition establishes Barry Callebaut’s direct presence and manufacturing capacity in the growing Australian market.
Key Target Audience
Vegan Chocolate Manufacturers, Vegan Chocolate International Traders, Vegan Chocolate Distributors and Suppliers, Research and Development Institutes, Potential Investors, Regulatory Bodies, Upstream and Downstream Buyers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.