- Boxed
- Molded Bars
- Chips & Bites
- Truffles & Cups
- Others
Plant Based Chocolate Market is estimated to grow at a significant CAGR over 2023-2029. Vegan chocolate is any chocolate that is made without ingredients that come from animals. Vegan chocolates are a healthier alternative to chocolate, resulting in its significant adoption globally. The Molded bars chocolate segment is anticipated to grow at a significant CAGR over the forecast years owing to increased acceptance of veganism among consumers, especially among millennials and the working population, which has been fueling the product segment. molded bars of chocolate have various types of benefits such as high nutrition value with low added sugar the molded bar vegan chocolate is gaining much more popularity in the population. Moreover, competitors are also focusing on launching new products and acquisitions to maintain growth in the market. For instance, in June 2020, Wicked Kitchen, a vegan brand in the U.K., launched its first-ever vegan cupcakes through Tesco supermarkets in the U.K. Increase in awareness among consumer is increasing regarding the harmful effects of animal cruelty and increasing greenhouse emissions caused by animals the demand for a vegan diet is also increasing.
Plant-Based Chocolate Market Key Developments:
In March 2021, MilkinOats, an India-based oat milk startup, launched its first homegrown oat milk-based vegan milk chocolate confectionery bars.
In September 2020, Lindt & Sprungli inaugurated the Lindt Home of Chocolate in Switzerland. The facility showcases a unique chocolate competence center, attractive museum, and open-view production plant.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Growing public awareness of animal cruelty and an increase in environmental preservation efforts are driving market expansion. Consumer food tastes have shifted in recent years as the prevalence of lactose intolerance and other food allergies among children and adults has increased. According to Food Tolerance Network statistics, around 70% of the world's population has lactose intolerance in 2019. The current situation has increased global demand for vegan products. People all over the world have developed food allergies and lactose intolerance as a result of dairy-based foods such as milk, cream, cheese, and yoghurt in recent years. Dairy intolerance can cause a variety of allergies, including anaphylaxis, milk protein-induced encephalopathy, and protein-induced gastroenteritis. Due to such health effects, the demand for vegan products is on the rise.
The Plant Based Chocolate market in North America is likely to hold the highest revenue share of in 2023 and same trend is expected over the forecast period. During the projection period, Asia Pacific is also predicted to be the fastest-growing regional market. Asia is the most populated region in the world, accounting for more than half of the global population, comes to influencing food trends around the world. The region's primary markets include China, Japan, Taipei, India, Singapore, Sri Lanka, and South Korea. With the growing trend of veganism in the region's economies, important firms and new entrants in the market are developing vegan products.
Latin America
Europe
Asia Pacific
Middle East
North America
By Geography
2022 is the base year and 2029 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.