Vegan chocolate market forecast for major growth in next decade
The global vegan chocolate market generated $585.8 million in 2022, and is forecast to be worth a total of $2billion by 2032, according to lates sector studies, writes Neill Barston.
Analysis from Allied Market Research projected annual growth rates of over 13% for the next decade, with the US leading the way in the category, as consumers become ever more aware of health and ethical issues surrounding manufacturing and ingredients.
However, as the company’s report noted, the limited production capacity for vegan chocolate may hamper the vegan chocolate market growth in the coming period. On the contrary, rising adoption of veganism and plant-based diets is expected to offer growth opportunities for expansion of the vegan chocolate market in the 2023-2032 forecast period.
Significantly, the company study asserted that the Covid-19 pandemic, had a positive impact on the growth of the global vegan chocolate market. There was a general increase in awareness regarding the importance of health and well-being during the pandemic period which led to a rise in demand for vegan products. This helped the market grow handsomely during the pandemic.
However, the disruptions in global supply chains led to hampering the production of vegan chocolates. Hence, the market couldn’t achieve its fullest growth potential.
According to the study, vegan chocolate market is projected to show steady growth in the future due to the introduction of new products and alternative distribution methods such as e-commerce platforms.
As Confectionery Production has reported over the past five years, there has been a sustained rise in the vegan category, with a number of new brands, as well as major confectionery companies launching products within the category, such as KitKat releasing its V bars (main image).
Indeed, this has been reflected in the popularity of the ‘Veganuary’ challenge each January, requiring participants to try an entirely vegan diet for a month.
Furthermore, as we recently featured, UK confectionery firm Plamil Foods (whose MD Adrian Ling will be featuring at our World Confectionery Conference Q&A panel on 5 October (www.confectioneryconference.com), also introduced World Vegan Chocolate Day, prompting consumers to engage in the movement, and has reportedly enjoyed strong interest from consumers.
pic: Adrian Ling, the ‘vegan Willy Wonka’ has established the World Vegan Chocolate Day. Pic: Adrian Ling
As the Allied Research study found, in last few years, there has been a steady increase in global awareness about the environmental impact of animal agriculture.
This has led to a growth in demand for vegan chocolate which is predicted to be one of the important factors driving the growth of the global vegan chocolate market in the forecast timeframe. However, the limited production capacity for vegan chocolate may hamper the vegan chocolate market growth in the coming period. On the contrary, rising adoption of veganism and plant-based diets is expected to offer growth opportunities for expansion of the vegan chocolate market in the 2023-2032 forecast period.