The global Vegan Chocolate Confectionery market size is expected to be worth around US$ 6.42 billion by 2030, according to a new report by Vision Research Reports.
The global Vegan Chocolate Confectionery market size was valued at US$ 480.2 Mn in 2020 and is anticipated to grow at a CAGR of 20.8% during forecast period 2021 to 2030.
Growing awareness about animal cruelty and the rise in environmental protection campaigns are expected to be the major factors contributing to the growth of the market. Vegan chocolate confectionery is popular among consumers following a flexitarian or vegan diet or consumers having lactose intolerance and other food allergies.
The molded bars product segment led the market and accounted for the highest revenue share in 2020. Bar chocolates are the most consumed chocolate form in the world. According to a study conducted by Google, the top five chocolates titled as favorite in the world, based on their annual searches, are sold in the form of bars.
The milk chocolate segment accounted for the largest share in the market in 2020 on account of the high demand for these products due to their sweet and creamy taste. According to a study conducted by Google, in October 2019, Cadbury Dairy Milk chocolate was considered to be the most popular chocolate bar in the world. According to the same study, the classic milk chocolate bar received, on average, a total of 470,680 searches annually. These market trends are anticipated to increase the product demand.
Milk was the largest product segment with a share of more than 39% in 2020. Major players in the market are launching their renowned in a vegan version too. With this strategy, the company can enjoy the brand loyalty of customers across the globe and result in higher sales of such products. For instance, in February 2020, Mondelēz International announced the launch of a vegan version of its most popular brand Dairy Milk.
The offline distribution channel segment accounted for the largest share of more than 85% in 2020. The segment is projected to retain its dominance throughout the forecast period owing to the high consumer inclination toward shopping grocery products from supermarkets and convenience, specialty, & grocery stores. Most of the products launched by companies are debuted at big supermarkets, such as Walmart, Tesco, and Kroger, due to their larger customer base. The wide availability of both premium and private label brands at these stores boost product sales through offline distribution channels.
Molded bars held the largest revenue share of more than 52% in 2020 and is expected to maintain the leading position over the forecast period. Bar chocolates are the most consumed chocolate form in the world. They are popular among consumers owing to their convenient size. The product demand in the retail market of the Middle East and Africa has witnessed a huge surge in the last two decades. The market has seen a growth of more than 100% since 2000 due to the strong economic growth, shifting lifestyles with rising incomes, increasing young population, and high incoming tourists in the region.
The chips & bites segment is anticipated to register the fastest CAGR from 2021 to 2030. Chips & bites are primarily used for cooking purposes. The trend of home cooking and preparing uncommon dishes, especially bakery items, while all the bakeries and restaurants were shut, was observed across the globe. The adoption of the product is increasing remarkably among millennials and centennials. Therefore, manufacturers in the industry have been introducing new products targeting these age groups.
North America accounted for the largest revenue share of over 47% in 2020 and will expand further at a steady CAGR from 2021 to 2030. The rising vegan population across the region is estimated to drive market growth. Asia Pacific is expected to be the fastest-growing regional market during the forecast period. Asia is the most populous continent in the world with more than half of the world’s population and sets up a positive note when it comes to influencing food trends around the world.
|Market Size||US$ 6.42 billion by 2030|
CAGR of 20.8% From 2021 to 2030
|Forecast Year||2021 to 2030|
|Segments Covered||Product, Type, Distribution Channel, Region|
|Companies Mentioned||Alter Eco, Equal Exchange Coop., Endorfin, Chocoladefabriken Lindt & Sprüngli AG, Mondelēz International, Goodio, Montezuma’s Direct Ltd., Evolved|
Equal Exchange Coop.
Chocoladefabriken Lindt & Sprüngli AG
Montezuma’s Direct Ltd.
Chips & Bites
Truffles & Cups
Distribution Channel Outlook
Central & South America
Middle East & Africa
The Vegan Chocolate Confectionery market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Vegan Chocolate Confectionery market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Vegan Chocolate Confectionery market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Vegan Chocolate Confectionery market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Vegan Chocolate Confectionery market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Vegan Chocolate Confectionery capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Vegan Chocolate Confectionery by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Vegan Chocolate Confectionery market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Vegan Chocolate Confectionery market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Vegan Chocolate Confectionery market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Vegan Chocolate Confectionery industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Vegan Chocolate Confectionery market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Vegan Chocolate Confectionery market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Vegan Chocolate Confectionery market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Vegan Chocolate Confectionery market. These factors have benefited the growth of the global market for Vegan Chocolate Confectionery. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Vegan Chocolate Confectionery. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Vegan Chocolate Confectionery are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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