Vegan Belgian Chocolate Market Scope
Vegan chocolate is made up of cacao beans and hence its raw form is known for its vegan friendly nature. Belgium chocolate is known as one of the popular variety among others. Increasing vegan culture and rising popularity of chocolates among youth population driving the demand for vegan Belgium chocolate. Consumers have become more aware about animal cruelty and demanding chocolate confectioneries with the high-quality plant based ingredients. Growing demand for organic and rising retail outlets for Vegan Belgian Chocolate are well known driving factors of the market. Geographically, Europe is expected to grow with higher growth rate followed by North America and Asia Pacific region.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Lindt & Sprüngli AG (Switzerland), Nestle SA (Switzerland), Bruyerre Chocolates SA (Belgium), Galler (Belgian), Belvas (Canada), Ferrero SpA (Italy), The Hershey Company (United States), Mondelez International (United States), Meiji Co Ltd (Japan), Pladis (United Kingdom), Barry Callebaut (Switzerland) and Glico Group (Japan) |
CAGR | 12.8% |
The market of vegan Belgian chocolate is expected to grow with rising food industrial expenditure and the popularity of chocolate. Several companies are operating in the market to provide excellent flavours. The market is highly fragmented with the presence of several market players. They are gaining attention owing to their innovative and novel portfolio. Thus, the market witnessing higher competitive rivalry. Research Analyst at AMA estimates that Global Vendors will contribute to the maximum growth of Global Vegan Belgian Chocolate market throughout the predicted period.
Lindt & Sprüngli AG (Switzerland), Nestle SA (Switzerland), Bruyerre Chocolates SA (Belgium), Galler (Belgian), Belvas (Canada), Ferrero SpA (Italy), The Hershey Company (United States), Mondelez International (United States), Meiji Co Ltd (Japan), Pladis (United Kingdom), Barry Callebaut (Switzerland) and Glico Group (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Ezaki Glico Co. Ltd. (Japan), Blommer Chocolate Company (United States), Puratos Group (Belgium), Mars, Incorporated and its Affiliates (United States) and Alpezzi Chocolate (Mexico).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Vegan Belgian Chocolate market by Type , by Application (Bakery Products, Bars, Candy & Sweets and Others) and Region with country level break-up.
On the basis of geography, the market of Vegan Belgian 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, Turkey, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In December 2023, Chocolate giant Lindt has partnered with German cocoa-free brand ChoViva to launch a limited-edition vegan chocolate bar for Veganuary. There are only 1,000 of the Soft & Creamy Hazelnut bars, which feature Lindt’s Hello Vegan chocolate with a hazelnut and oat crème filling from ChoViva.
In February 2023, Keventers, an iconic Indian Dairy brand with a legacy of 97 years best known for its Milkshakes and Ice-creams, is all set to expand its product portfolio pan India with the launch of its first line of vegan delicacies
Influencing Trend:
Agumenting Convenience of E-Commerce Platforms for Chocolates
Market Growth Drivers:
Growing Popularity of Chocolates among Youth, Increasing Vegan Culture and Rising Food & Beverages Industrial Expenditure
Challenges:
Presence of Major Substitutes
Restraints:
Fluctuation of Raw Material Availability
Opportunities:
Surge in Demand for Vegan Belgian Chocolate among Others
Key Target Audience
Vegan Belgian Chocolate Manufacturers, Vegan Belgian Chocolate Suppliers/Distributors, Raw Material Suppliers, New Entrants/Investors, Strategic Business Planners, Governments and End Use Industry