The global vegan chocolate market is expected to register steady growth over the next five years. Vegan food is becoming increasingly popular worldwide, and people perceive vegan food items as healthier than their counterparts which are manufactured using animal-based ingredients. This is one of the major factors projected to drive the growth of this market in the future.
Traditionally, the vegan food market has been considered to be restricted only to a small percentage of the global population, but the trend is changing gradually. Nowadays there are various animal right groups working hard to make people aware of animal cruelty, resulting in a drastic increase in the number of people switching to a vegan diet. As a consequence, the vegan food market and by extension the vegan chocolate market now has a rapidly expanding customer base all over the world. Another crucial factor driving the growth of the vegan chocolate market is a medical condition known as lactose intolerance, which affects a large number of people across the globe. People suffering from this condition are unable to consume any dairy products at all, which makes vegan alternatives work for this section since these food products are devoid of dairy products.
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Manufacturers of vegan chocolate are also contributing towards the growth of the market by launching innovative flavours and varying strengths of chocolate frequently, as a result of which vegan chocolate is growing in popularity among consumers around the world, irrespective of dietary preferences or restrictions.
The key manufacturers covered in this report:
The global vegan chocolate market is segmented by Type and Application
On the basis of product type, the global vegan chocolate market is segmented into plates, bars and other product types.
Viewed from the perspective of applications, the market is categorized into supermarkets, convenience stores, online sales, and other applications.
From a geographical standpoint, the global vegan chocolate market is comprised of the Americas, Asia-Pacific, Europe, and MEA (the Middle East and Africa). In the Americas, the market is driven by the United States of America, Canada, Mexico, and Brazil. In Asia-Pacific, China, Japan, Korea, Southeast Asia, India, and Australia dominate the market, while in Europe it is fuelled by Germany, France, the United Kingdoms, Italy, Russia, and Spain. In the MEA (the Middle East and Africa) region, the vegan chocolate market is primarily driven by Egypt, South Africa, Israel, Turkey, and the GCC (Gulf Cooperation Council) countries.
Buoyed by factors like the increasing concern for the ethical treatment of animals, awareness of various health issues, high disposable income and superior technology coupled with ample opportunity for research and development, the vegan chocolate market in the European and the North American countries is likely to witness the most rapid growth in the next few years.
The data that is used to compile a report on the vegan chocolate market is subjected to different analyses to accurately predict the market. The data has been subjected to a SWOT analysis that can be used to accurately predict the various parameters that are used to measure a company’s growth. The data is analyzed and is used to identify the strengths of a company, the weaknesses that it faces. The data is also used to analyze the threats faced by the company either from other competitors or due to a dwindling market share. The opportunities that a company can use to increase their profit margins are also mentioned in detail in the report
Having taken other food and beverage markets by storm, the vegan trend is currently making its presence felt in the chocolate and sugar confectionery industries, resulting in a marked increase in the sales of vegan chocolate. Although the relatively higher prices of vegan chocolate products can be a limiting factor for the vegan chocolate market, manufacturers are keenly perceptive of this trend, and are working to use it to their advantage.
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