Vegan Confectionery Market Growth & Trends
The global vegan confectionery market size is expected to reach USD 1.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.8% from 2020 to 2027. Growing trend of plant-based diet among the consumers has been widening the scope of the product over the world. In addition, rising number of lactose intolerant people and growing consumer preference for a vegan diet have been fueling the growth of the market across the globe. The foodservice sector is also adopting this trend by incorporating plant-based products in their menus.
The coronavirus outbreak has been changing the shopping pattern of consumers. Consumers have been stockpiling lower-priced and private-label snacks that offer energy and nutrition. However, the disrupted supply chain has been negatively impacting the manufacturing of the products, especially in the small and craft chocolate firms.
In terms of product, the chocolate segment led the market with over 40.0% share of the total revenue in 2019. Increasing acceptance of the product among the centennials and millennials has boosted the growth of the market over the world. Furthermore, health benefits such as low-fat and low cholesterol of the plant-based chocolates have been contributing to the market growth. As a result, companies in the industry have been widening their chocolate line by introducing new products.
Asia Pacific is expected to expand at the fastest CAGR of 12.6% from 2020 to 2027 owing to growing vegan population in the key countries, including China and Japan. Furthermore, access of raw materials including plant-based milk ingredients, such as coconut and spirulina, is expected to compel the vegan confectionery manufacturers to keep their production units in vicinity.
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Vegan confectionery Market Report Highlights
In terms of product, the chocolate segment dominated the market in 2019 with over 40.0% share of the global revenue owing to increased demand for the products among the centennials and millennials
Asia Pacific is expected register the fastest CAGR of 12.6% from 2020 to 2027. Rising importance of healthy diet among the millennials in the key economies, including China and Japan, is expected to remain a favorable factor for the industry growth
Online distribution channel is expected to expand at the fastest CAGR of 12.3% from 2020 to 2027 due to increasing penetration of online retailers and smartphones users
Product innovation is expected to remain a key strategy among the industry participants.
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List of Key Players of Vegan Confectionery Market
Endangered Species Chocolate, LLC
EQUAL EXCHANGE COOP
Chocoladefabriken Lindt & Sprüngli AG
Dylan’s Candy Bar
Creative Natural Products, Inc.
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