#VeganConfectionery

[market-insider]

Vegan Chocolate Confectionery Market Opportunities: Tapping into Emerging Markets and Consumer Segments

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.

Vegan Chocolate Confectionery Market Report Highlights

Asia Pacific is expected to be the fastest-growing regional market during the forecast years due to the rising cases of lactose intolerance and an increasing number of vegans in the region

The chips & bites segment is expected to register the fastest CAGR from 2021 to 2028 owing to the wide application scope of chips and bites in premium bakery products

North America dominated the global market accounting for a revenue share of over 37% in 2020

This growth was credited to the rising demand for vegan and dairy-free products in North America

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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.