Vegan Chocolate Confectionery Market: Offline Distribution Channel Accounted For The Largest Share
Vegan Chocolate Confectionery Industry Overview
The global vegan chocolate confectionery market size is expected to reach USD 1.41 billion by 2028, registering a CAGR of 14.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing awareness about animal cruelty and the rise in environmental protection campaigns are expected to be the major factors contributing to the growth of the market. Vegan chocolate confectionery is popular among consumers following a flexitarian or vegan diet or consumers having lactose intolerance and other food allergies.
The molded bars product segment led the market and accounted for the highest revenue share in 2020. Bar chocolates are the most consumed chocolate form in the world. According to a study conducted by Google, the top five chocolates titled as favorite chocolates in the world, based on their annual searches, are sold in the form of bars.
The milk chocolate segment accounted for the largest share in the market in 2020 on account of the high demand for these products due to their sweet and creamy taste. According to a study conducted by Google, in October 2019, Cadbury Dairy Milk chocolate was considered to be the most popular chocolate bar in the world. According to the same study, the classic milk chocolate bar received, on average, a total of 466,680 searches annually. These market trends are anticipated to increase the product demand.
Offline distribution channel accounted for the largest share of the global market in 2020. This segment is projected to retain its dominance throughout the forecast period owing to the consumer inclination toward shopping grocery products from supermarkets and convenience stores, where they can physically examine the product quality. The global market is fragmented with the presence of a large number of global and regional players.
Vegan Chocolate Confectionery Market Segmentation
Grand View Research has segmented the global vegan chocolate confectionery market on the basis of product, type, distribution channel, and region:
Based on the Product Insights, the market is segmented into Boxed, Molded Bars, Chips & Bites, and Truffles & Cups.
- Molded bars held the largest revenue share of more than 42% in 2020 and is expected to maintain the leading position over the forecast period. Bar chocolates are the most consumed chocolate form in the world. They are popular among consumers owing to their convenient size.
- The chips & bites segment is anticipated to register the fastest CAGR from 2021 to 2028. Chips & bites are primarily used for cooking purposes. With the rising demand for premium bakery productsfor various festivals as well as for small occasions, the demand for chips & bites is also rising.
Based on the Type Insights, the market is segmented into Milk, Dark, and White.
- Milk was the largest product segment with a share of more than 39% in 2020. Major players in the market are launching their renowned chocolate confectioneryin a vegan version too. With this strategy, the company can enjoy the brand loyalty of customers across the globe and result in higher sales of such products.
- Cadbury Dairy Milk chocolate was considered to be the most popular chocolate confectionery bar in the world. Vegan dark chocolate confectionery is anticipated to be the fastest-growing product segment from 2021 to 2028.
Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.
- The offline distribution channel segment accounted for the largest share of more than 75% in 2020. The segment is projected to retain its dominance throughout the forecast period owing to the high consumer inclination toward shopping grocery products from supermarkets and convenience, specialty, & grocery stores.
- Wicked Kitchen, a vegan brand in the U.K., launched its first-ever vegan cupcakes through Tesco supermarkets in the U.K. The online distribution channel segment is expected to register the fastest CAGR from 2021 to 2028.
Vegan Chocolate Confectionery Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
The market is characterized by the presence of a few well-established and several small- and medium-scale players. The manufacturing companies have been launching new products to attract more customers. For instance, 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. Some of the key players operating in the global vegan chocolate confectionery market include:
- Alter Eco
- Equal Exchange Coop.
- Endorfin
- Chocoladefabriken Lindt & Sprüngli AG
- Mondelēz International
- Goodio
- Montezuma’s Direct Ltd.
- Evolved
Order a free sample PDF of the Vegan Chocolate Confectionery Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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