About Vegan Chocolate Confectionery
In recent times, vegan chocolate confectionery will create many lucrative opportunities as with the change in consumer preferences. Consumers have become more aware about animal cruelty and demanding chocolate confectioneries with the high-quality plant based ingredients. However, in past decade the population of vegans have grown rapidly, which is expected to boost the market in nearer future.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Vegan Chocolate Confectionery 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.
Mondelez International (United States), Moo Free (United Kingdom), Marks & Spencer (United Kingdom), Mars (United Kingdom), Ritter Sport (Germany), Katjes (Germany), Alter Eco (United States), Endorfin Foods (United States), Goodio (Finland), Evolved Chocolate (United States) and Nestle (Switzerland) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Vegan Chocolate Confectionery market by Type (Milk Chocolate, Dark Chocolate and White Chocolate), Application (Bakery Products, Bars, Candy & Sweets and Others) and Region.
On the basis of geography, the market of Vegan Chocolate Confectionery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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 Distribution Channel, the sub-segment i.e. Online will boost the Vegan Chocolate Confectionery market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Use of Dark Chocolates Due to Its Benefits in Weight Loss & Management
Market Growth Drivers:
Increasing Demand for Chocolates and Chocolate Confectioneries as a Treat and Taste and Consumers’ Preference Towards Dairy-free and Lactose-free Products
Challenges:
Penetration of Big Brands in the Vegan Chocolates Can Increase Competitiveness and High Cost of Vegan Chocolates as It Contains High-quality Ingredients
Restraints:
Availability of High Sugar in Confectionary Items and Cavity Problems Due to Chocolate Will Create Hurdles for The Market
Opportunities:
Growing Need of Plant-based Chocolate Confectioneries with Different Taste Experience
Market Leaders and their expansionary development strategies
In August 2020, Barry Callebaut a leading manufacturer of chocolate and cocoa products acquired GKC Foods. GKC Foods Manufacturers a wide range of products, including organic and vegan chocolate. The acquisition will help Berry Callebaut to establish a direct presence and manufacturing capacity in the growing Australian market, as well as leverage its gourmet and specialties business in Australia and New Zealand.
In June 2021, Nestle launched a new vegan KitKat with the aim of helping people to embrace more plant-based food, with options across its wide range of food and beverages, including dairy-free coffee mixes and Carnation Vegan condensed milk. The new KitKat V features smooth chocolate blended with a rice-based alternative to milk that beautifully balances the crisp wafer.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Vegan Chocolate Confectionery Manufacturers, Suppliers and Distributors of Vegan Chocolate Confectionery, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users 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.