Vegan Chocolate Market Size, Share, Opportunities, And Trends By Type (Dark Chocolate, White Chocolate, Others), By Distribution Channel (Online, Offline), By Packaging Sizes (Single, Multiple, Large), And By Geography - Forecasts From 2024 To 2029

The vegan chocolate market is projected to grow considerably during the forecast period

Vegan chocolates fall under the category of true chocolates as they are derived from the same cacao beans. Their classification as "non-vegan" arises only when animal-derived ingredients like dairy, butter, or honey are incorporated. Made with plant-based alternatives such as soy milk or maple syrup, vegan chocolates cater to the increasing number of individuals embracing a vegan lifestyle globally.

The rising prevalence of veganism is evident in the significant surge in people actively seeking plant-based alternatives. In 2021, Google reported a remarkable spike in searches for "vegan food near me," indicating a staggering over 5,000-percent increase in interest. This heightened awareness has led to the development of plant-based chocolate products to meet the growing demand.

The vegan chocolate market is categorized by type into Dark Chocolate, White Chocolate, and others. Additionally, distribution channels with products available both online and offline. This comprehensive landscape reflects the evolving preferences of consumers, fostering the continued expansion of the vegan chocolate market in response to the increasing popularity of plant-based options.

Market Driver

• Due to veganism

Globally, the surge in Veganism is propelled by heightened awareness regarding animal welfare issues and the environmental repercussions of animal agriculture. A study conducted by the Smart Protein Project reveals that 37% of Europeans in their sample exhibit flexitarian, vegetarian, or vegan dietary preferences. This trend signifies a shift towards reduced consumption of animal-based foods, indicating that adopting such dietary practices is becoming the norm in Europe.

Recent studies suggest a notable increase in the vegan population in the US, with a reported 6% rise. This global upswing in veganism is a driving force behind the escalating demand for vegan products, particularly in collaboration with the flourishing market for vegan chocolates. As more individuals embrace plant-based lifestyles, the demand for vegan-friendly options will increase.

• Easy accessibility and availability

 With enhanced accessibility and availability, Vegan chocolate varieties are experiencing a surge in accessibility, making them readily available in supermarkets, specialty stores, and online platforms. For instance, All Things Barcelona offers different packs of vegan chocolate with a net weight of 45-50g and 60g, providing online delivery options for added convenience. Additionally, Crosstown's recent launch in January 2024 introduces three limited edition doughnuts and a dough bite flavor, complementing their existing range of vegan doughnuts.

Major players in the chocolate industry are also embracing vegan trends, with KitKat launching KitKat V on August 2022, the vegan version, in 15 European countries, contributing to the mainstream availability of vegan chocolate alternatives. This collective shift towards introducing and expanding vegan product lines signifies a growing and easily accessible market for vegan chocolate, catering to diverse consumer preferences.

Market Restraints

• High Cost

Vegan chocolate become a choice for individuals seeking a delectable and health-conscious treat. However, the production of vegan chocolate can incur higher costs due to the premium nature of certain plant-based milk alternatives, like oat milk, and the use of vegan fats, which may surpass the cost of their dairy counterparts. The elevated cost of vegan chocolate is often attributed to the inclusion of high-quality ingredients such as organic cocoa beans and natural sweeteners. However, the sought-after demand for plant-based alternatives will grow owing to the ethical and environmental concerns hence, demand for vegan chocolate will also rise.

The vegan chocolate market is segmented by distribution channels as online and offline. 

The vegan chocolate market is segmented based on its distribution channels, both online and offline avenues. Consumers can conveniently access a diverse range of vegan chocolate options through online platforms. Simultaneously, traditional offline channels, such as brick-and-mortar stores, offer a tangible and in-person shopping experience for those who prefer to explore and purchase vegan chocolates directly from physical retail locations.

North America is anticipated to hold a significant share of the vegan chocolate market.

North America will hold a notable position in the vegan chocolate market, driven by multiple factors. The region's existing and growing vegan population contributes significantly to the market's prominence, reflecting a shift in consumer preferences toward plant-based alternatives.

Additionally, the presence of major players such as Cadbury, and Mars Wrigley, in the chocolate industry actively engaging with vegan offerings to the market. As consumer preferences evolve towards healthier and sustainable choices, the demand for vegan chocolate in North America is anticipated to witness sustained growth.

Market Developments

•  March 2023-  The Hershey Company introduced two options designed to satisfy those seeking a milk chocolate alternative. Unveiled the nationwide release of Hershey's plant-based and the newest inclusion, Reese's plant-based. This is in addition to offerings like Hershey's plant-based extra creamy with almonds and sea salt, as well as Reese's plant-based peanut butter cups.
• January 2021- Mondel?z International announced the acquisition of Hu Master Holdings, the parent company of Hu Products, Hu expanded its portfolio with award-winning vegan and paleo-friendly chocolate bars, adhering to a stringent set of Ultrasimple™ ingredient guardrails and sourcing practices. This strategic move helps to incorporate a successful and health-conscious snacking brand into its portfolio.

Company Products

• Alternative Company's Combo Pack-  The Alternative Company's Combo Pack features vegan dark chocolate and vegan almond and cranberry chocolate. This package includes 50 grams of both exquisite varieties, priced at ?560. The carefully crafted ingredients include cocoa solids, sugar, emulsifiers, and vanillin. A vegan treat with the perfect combination of rich dark chocolate almonds and cranberries.
• ZOROY luxury chocolate-  ZOROY luxury chocolate with their pure couverture 54% Dark Chocolate hazelnut bar, a signature Belgian-style chocolate delight. Priced at Rs 350, this vegan offering weighs 100 grams. Each bar contains ZOROY luxury chocolate dark blended with roasted Hazelnuts.  
• M:LK® CHOC NUTTY CHOC BALLS-  M:LK® CHOC NUTTY CHOC BALLS, priced at £17.49. Available in two sizes: 9 and 18. A plant-based product with ingredients including hazelnuts, wheat flour, cocoa butter, dried glucose syrup, almonds, etc.

Market Segmentation

•  By Type
  • Dark Chocolate   
  • White Chocolate   
  • Others
• By Distribution Channel
  • Online
  • Offline
• By Packaging Sizes
  • Single
  • Multiple
  • Large
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. VEGAN CHOCOLATE MARKET BY TYPE

5.1. Introduction

5.2. Dark Chocolate    

5.3. White Chocolate    

5.4. Others

6. VEGAN CHOCOLATE MARKET BY DISTRIBUTION CHANNEL

6.1. Introduction

6.2. Online

6.3. Offline

7. VEGAN CHOCOLATE MARKET BY PACKAGING SIZES

7.1. Introduction

7.2. Single

7.3. Multiple

7.4. Large

8. VEGAN CHOCOLATE MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. The Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Israel

8.5.4. Others

8.6. Asia Pacific

8.6.1. Japan

8.6.2. China

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Thailand

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

10. COMPANY PROFILES

10.1. The Alternative Company

10.2. Paul And Mike

10.3. Artisanté.in

10.4. Hershey’s

10.5. Mondelez United Kingdom

10.6. ZOROY

10.7. Nutrivative Foods Pvt. Ltd

10.8. All Things Chocolates

10.9. Auroville

10.10. LoveRaw

The Alternative Company

Paul And Mike

Artisanté.in

Hershey’s

Mondelez United Kingdom

ZOROY

Nutrivative Foods Pvt. Ltd

All Things Chocolates

Auroville

LoveRaw