Vegan Confectionery Market Forecast Analysis by Manufacturer, Types, Applications and Regions 2023 – 2030

 Vegan Confectionery Industry Overview

The global Vegan Confectionery Market size is anticipated to reach USD 2.62 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 11.8% from 2022 to 2030. Increasing adoption of veganism among millennials and the working population is one of the key factors driving demand worldwide. Growing awareness regarding animal cruelty and the rise in campaigns targeted at environmental protection and sustainability are also expected to contribute 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. Health benefits such as low-fat and low cholesterol offered by plant-based chocolates have been contributing to the market growth in recent years. Increasing consumer acceptance of plant-based products has led key market players to invest in R&D and new product developments. For instance, in February 2021, Nestlé launched the vegan version of KitKat for its global customer base.

Furthermore, KitKat V was developed by chocolate experts in Nestlé’s confectionery research and development center in the U.K. The company has already launched plant-based alternatives to dairy products, made from rice, oat, soy, coconut, pea, and almonds, across categories. Examples include non-dairy ice cream, coffee creamers, rice- and oat-based drinks, pea-based beverages, plant-based cappuccinos and lattes, a vegan condensed milk alternative, as well as a range of non-dairy cheese to complement existing plant-based burgers.

The online distribution channel, however, is expected to be the faster-growing segment, at a CAGR of 11.8% during the forecast period. Online purchasing of vegan confectionery has been gaining traction among consumers owing to various factors, such as free product delivery, easy payment method, after-sale customer service, and hassle-free return policies offered by e-retailers. Offline distribution channel accounted for the larger share of the global market in 2021. This segment is driven by the growing consumer inclination towards procuring grocery products from supermarkets and convenience stores, after a thorough examination of the product labels and quality.

The vegan confectionery market is far from consolidation, having witnessed the regular entry of small and localized players across different countries, offering highly innovative product offerings, to cater to the rising consumer demand and preferences. The niche nature and the untapped potential offered by this industry provide opportunities to the large, established players as well as SMEs to focus on customer acquisition and expansion of their operations within their respective countries as well as regionally or globally.

Vegan Confectionery Market Segmentation

Grand View Research has segmented the global vegan confectionery market on the basis of product, distribution channel, and region:

Based on the Product Insights, the market is segmented into Chocolate, Sugar and Flour.

  • In terms of revenue, the home accommodation type segment dominated the market with a share of over 45.0% in 2021. This is attributed to the high popularity of homes among travelers owing to its space availability, safety, and access to amenities.
  • The resort/condominium segment is projected to register the highest CAGR of 6.1% from 2022 to 2030. The segment is majorly driven by the millennials as they are more inclined towards spending on experiencing various amenities including barbeque pits, games, swimming pools, clubhouses, and tennis.

Based on the Distribution Channel Insights, the market is segmented into Online and Offline.

  • In terms of revenue, offline booking mode dominated the market with a share of over 70.0% in 2021. This is attributed to the Baby boomers and Gen X being the major consumer base preferring offline mode of booking.
  • Online booking mode is estimated to expand at the fastest CAGR of 6.0% over the forecast period. The growth is credited to consumers’ preference to have detailed access to the offerings of accommodation, amenities, and other benefits.

Vegan Confectionery Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa (MEA)

Market Share Insights:

  • January 2022: Global Cargill Group confirmed that it has developed a new vegan chocolate, ExtraVeganZa. According to the company, its chocolate engineers identified key plant-based “power” ingredients - sunflower kernel powder, rice syrup, and organic rice syrup.

Key Companies Profile

The market can be characterized as a niche market with the presence of both small and large players. Companies have been expanding their product portfolio with innovative products

Some prominent players in the global Vegan Confectionery market include

  • Taza Chocolate
  • Alter Eco
  • Endangered Species Chocolate, LLC,
  • EQUAL EXCHANGE COOP
  • Chocoladefabriken Lindt & Sprüngli AG
  • MondelÄ“z International
  • Dylan's Candy Bar
  • Endorfin
  • Goodio
  • Freedom Confectionery
  • Creative Natural Products, Inc.

Order a free sample PDF of the Vegan Confectionery Market Intelligence Study, published by Grand View Research.

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