Industry studies indicate 10.5% CAGR vegan chocolate market growth within the next decade
Latest sector studies have revealed that the fast-rising vegan and plant-based market for confectionery is forecast to see it rise by a CAGR value of 10.5% during the next decade, to a total of 1.44 billion by 2032, writes Neill Barston.
The analysis, from TMR found a consistent growth trend in the segment, noting that manufacturers had seized the potential within the market as consumers seek an ever-greater array of better-for-you and environmentally conscious product ranges, which has been accompanied by a major movement from animal rights campaigners to promote such ranges.
As Confectionery Production reported recently from Sweets & Snacks Expo the event saw some prominent vegan and dairy-based launches including the Plant Craft series from Barry Callebaut, as well as exhibitors such as the UK’s Freedom Mallows, which noted that the region was becoming increasingly engaged with products within the segment.
While its sales presently remain some way below the global chocolate market overall – which has a category value of around $170 billion according to recent studies, the growth trajectory for such planet-friendly sub-categories is witnessing sustained improvement despite challenging wider production factors within global supply chains.
According to TMR’s study, dark chocolates account for the largest revenue share in vegan chocolate market in 2022, where the prominence of the segment can be attributed to the awareness of the multiple health benefits. Spate of studies underscores the fact that they are rich in antioxidants and flavonoids, attracting consumers. Brands are harping on the proposition that they don’t contain animal-derived ingredients as well as any artificial ingredients.
Its latest report noted that preference toward online retailing among consumers will be pivotal in boosting the market share for vegan chocolate during the forecast period (2022–2032). The segment is projected to advance at CAGR of 11.7% during the period, estimated the authors of the TMR study on the vegan chocolate market. With veganism attracting increased attention as a healthy diet globally in recent decades, the future market outlook for vegan chocolate is likely to witness new streams of revenues.
The report offered several key focus areas including highlighting the rising demand in the segment, which has been underpinned by a growing vegan population that has driven growth within the segment.
Furthermore, among other notable trends, the studies found that there are an increasing number of chocolate manufacturing companies are growing their R&D on developing products that satisfy the taste buds of the consumers, boosting prospects in the vegan chocolate market. Brands have promoted the nutritional benefits such as the role of chocolate in diets to uplift mood and boost blood circulation and heart health.
The studies also noted that dark vegan chocolate presents a tremendous profitable avenue which players in the market are keen to capitalise on, given the distinct taste and sensory profiles of the cocoa butter present in these ranges.