Growing Environmental Protection Initiatives and Increased Public Awareness Regarding Animal Cruelty Are Driving Market Expansion for The Global Vegan Chocolate Confectionery Market which is forecasted to Cross ~US$ 1,200 Mn by 2028 says Ken Research Study.
Chocolate that has not been manufactured using dairy products or that has not come into contact with any animal products, such as dairy, eggs, or honey, is referred to as vegan chocolate. Vegan milk chocolates may not actually taste like dairy-based milk chocolates since the creaminess originates from plant-based ingredients like rice, oats, or coconut.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
- Dairy-free and lactose-free products are becoming more favored by consumers, assisting the market to expand.
Diverse food allergies and instances of lactose intolerance have been reported in recent years related to dairy products such as milk, cream, cheese, and yogurt. Anaphylaxis, milk protein-induced entropy and gastroenteritis are just a few of the allergens that can occur from dairy intolerance. The demand for vegan products is expanding as a result of these adverse health effects. Thus, it is predicted that during the forecast period, the rising vegan population will drive market expansion.
According to Food Tolerance Network data, as of 2019, approximately 70% of the world’s population was lactose intolerant to some extent.
According to Ken Research estimates, the Global Vegan Chocolate Confectionery Industry – valued at around ~US$ 335 million in 2017 and estimated to reach nearly ~US$ 575 million by 2022 – is further expected to grow to around ~US$ 1,200 million opportunity by 2028.
- Consumers’ Increasing Healthcare Awareness Is Driving More Demand For Vegan Chocolates.
According to the American Academy of Nutrition and Dietetics and the British Dietetic Association, diet is appropriate for persons of all ages and stages of life. A well-planned vegan diet that meets healthy eating standards gives all of the nutrients that the body needs. Veganism promotes healthy eating habits while lowering the hazards linked with toxic animal fats. Plant-based chocolate is high in vitamins, fiber, and minerals. Many lactose-intolerant people prefer plant-based alternatives. As a result, the global demand for vegan chocolates is expanding.
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The National Library of Medicine in 2022 reported that approximately 65% of individuals worldwide suffer from lactose intolerance to some extent.
- Vegan Chocolate Is Expensive Since It Contains High-Quality Ingredients, Restricting The Market Growth.
Vegan chocolate is extremely nutritious for consumers, but its overall cost is substantially greater than that of regular chocolate, making it difficult for vegan chocolate manufacturers to compete in the worldwide market.
Vegan chocolate typically costs ~35 US$/Kg whereas regular chocolate costs roughly ~13/Kg.
Key Topics Covered in the Report: –
Snapshot of Vegan Chocolate Confectionery Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Vegan Chocolate Confectionery Market
Historic Growth of the Overall Vegan Chocolate Confectionery Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter’s 5 Forces Analysis of the Vegan Chocolate Confectionery Market Industry
Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Vegan Chocolate Confectionery Market
Future Market Forecast and Growth Rates of the Total Vegan Chocolate Confectionery Market and by Segments
Market Size of Application / End User Segments with Historical CAGR and Future Forecasts
Analysis of the Vegan Chocolate Confectionery Market in Global Regions
Major Production/Supply and Consumption/Demand Hubs in the Region
Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within the Region
Notable Emerging Companies Mentioned in the Report
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
Vegan Chocolate Confectionery Manufacturers and Providers
Vegan Chocolate Confectionery Distributors and Developers
Vegan Chocolate Organizations, Forums, Alliances, and Associations
Analysts and Strategic Business Planners
Vegan Chocolate Manufacturers
Suppliers and Distributors of Vegan Chocolate Confectionery,
Venture Capitalists and Private Equity Firms,
Government Regulatory and Research Organizations
Market research and consultancy firms
Time Period Captured in the Report:
Historical Period: 2017-2021
Forecast Period: 2022E-2028F
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