Vegan Chocolate Market Report 2024 (Global Edition)

Global Vegan Chocolate Market Report 2024 Market Size Split by Product (Chips and Bites, Boxed, Molded Bars), by Type (Dark, Milk, White), by Distribution Channel (Hypermarkets/Supermarkets, Convenien...

Vegan Chocolate Market Report Description

We have various report editions of Vegan Chocolate Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.

Vegan Chocolate Market Insights Video

Competitive Landscape of the Vegan Chocolate Market

The Vegan Chocolate Market is a dynamic environment with a variety of competitors striving for market dominance. Companies are constantly looking for ways to expand their reach with strategies such as business acquisitions, strategic partnerships, and the development of innovative plant-based formulations. Key players include established chocolate manufacturers, specialized vegan chocolate producers, and rising startups that are bringing new and improved vegan chocolate solutions to the market.

May 2024: Lindt & Sprüngli announced an extension to its production facility in Olten, Switzerland. This expansion, which represents an investment of approximately USD 44.4 million, aims to enhance the company's production capacity and efficiency to meet increasing global demand for its premium chocolate products, including vegan chocolates. (Source: https://www.lindt-spruengli.com/press-releases-and-news/english/lindt-spruengli-opens-plant-extension-in-olten-switzerland/) October 2023: Smoothie King has launched two new indulgent Smoothie Bowls: Acai Cocoa Haze and Coco Pitaya-Yah. Both bowls are dairy-free and vegan, featuring toppings such as chocolate hazelnut drizzle and cocoa nibs, creating a sweet and salty flavor profile. (Source: https://www.smoothieking.com/news/get-choco-lit-this-fall-with-smoothie-kings-new-chocolate-hazelnut-drizzled-smoothie-bowls) March 2023: The Hershey Company announced the launch of its new Plant-based product line, which includes Hershey's Plant-Based Extra Creamy with Almonds and Sea Salt and Reese's Plant-Based Peanut Butter Cups. These offerings cater to the growing demand for vegan chocolates as a milk chocolate alternative. (Source: https://www.thehersheycompany.com/content/hershey-corporate/en-us/home/newsroom/press-release/press-release-detail.html?122724) November 2022: Mondelez International has introduced its Plant Bar to Canada, marking a significant expansion of its vegan snack offerings. This new product is made with plant-based ingredients and aims to cater to the growing consumer demand for healthier, plant-forward snacks. (Source: https://www.mondelezinternational.com/assets/Country/Canada/Press-Releases/2022/Mondelez-International-introduces-Plant-Bar-to-Canada-EN.pdf)

Top Companies Market Share in Vegan Chocolate Industry: (In no particular order of Rank)

• Mondelez International
• Inc.
• The Hershey Company
• Chocolate Hollow
• LLC (Schmilk Chocolate)
• Lindt & Sprüngli AG
• Albrecht Ritter GmbH & Co. KG (Ritter Sport)
• Hu Products
• LLC (Hu Chocolate)
• Alter Eco
• TCHO Ventures
• Inc. (TCHO)
• Endorfin Foods
• Sjaak’s Organic Chocolates (Sjaak’s VGAN Chocolates)
• Divine Treasures LLC
• Equal Exchange
• Inc. (Equal Exchange COOP)
• No Whey Foods
• Inc. (No Whey Chocolate)
• Smoothie King Franchises Inc.
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Vegan Chocolate Market

Which Region Dominates the Vegan Chocolate Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue due to the strong consumer demand for plant-based products, a well-established vegan food industry, and the presence of leading vegan chocolate brands. Additionally, rising awareness of the health benefits and environmental impact of vegan diets has further propelled the market in the region.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the Vegan Chocolate Market due to increasing consumer awareness of plant-based diets, rising disposable incomes, and a growing interest in sustainable and ethical food choices. The region's expanding middle class, coupled with the proliferation of vegan food products in urban areas, drives the demand for vegan chocolate. Additionally, the rapid growth of the e-commerce sector in Asia Pacific enhances product accessibility, contributing to the region's high growth rates.

The current report Scope analyzes Vegan Chocolate Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Vegan Chocolate Market

According to Cognitive Market Research, the global Vegan Chocolate Market size was estimated at USD 1351.6 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 540.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Vegan Chocolate Market with a market size of USD 426.56 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period. This dominance is due to the increasing consumer shift towards plant-based diets, driven by rising health consciousness, ethical concerns regarding animal welfare, and a growing awareness of the environmental impact of animal agriculture. Additionally, the innovation and variety in vegan chocolate offerings by major brands are contributing to market growth.
• The Canada Vegan Chocolate Market had a market share of USD 64.88 million in 2024 and is projected to grow at a CAGR of 13.0% during the forecast period. This high growth is attributed to the rising popularity of plant-based products, spurred by increasing awareness of the health benefits of vegan diets and growing concerns about sustainability. The expanding availability of vegan chocolate in mainstream retail channels is also driving demand.
• The Mexico Vegan Chocolate Market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 49.20 million in 2024.

Europe Vegan Chocolate Market

According to Cognitive Market Research, the global Vegan Chocolate Market size was estimated at USD 1351.6 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 405.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.

• The United Kingdom Vegan Chocolate Market had a market share of USD 68.12 million in 2024 and is projected to grow at a CAGR of 13.3% during the forecast period. This high growth is due to the UK's strong market for vegan and plant-based products, supported by a well-established vegan culture and a significant number of consumers adopting flexitarian and vegan diets. The availability of premium vegan chocolate products and strong marketing campaigns are further propelling market growth.
• The France Vegan Chocolate Market is projected to witness growth at a CAGR of 11.7% during the forecast period, with a market size of USD 37.30 million in 2024.
• According to Cognitive Market Research, the German Vegan Chocolate Market size was valued at USD 80.29 million in 2024 and is projected to grow at a CAGR of 12.7% during the forecast period. This dominance is due to the growing demand for organic and sustainable food products, including vegan chocolate, driven by high consumer awareness of ethical and environmental issues. Germany's robust retail network and consumer preference for quality and innovation in chocolate products also support market expansion.
• The Italy Vegan Chocolate Market is projected to witness growth at a CAGR of 11.9% during the forecast period, with a market size of USD 34.87 million in 2024.
• The Russia Vegan Chocolate Market is projected to witness growth at a CAGR of 11.5% during the forecast period, with a market size of USD 62.85 million in 2024.
• The Spain Vegan Chocolate Market is projected to witness growth at a CAGR of 11.6% during the forecast period with a market size of USD 33.25 million in 2024
• The Luxembourg Vegan Chocolate Market is projected to witness growth at a CAGR of 12.6% during the forecast period, with a market size of USD 12.57 million in 2024.
• The Portugal Vegan Chocolate Market is projected to witness growth at a CAGR of 12.3% during the forecast period, with a market size of USD 8.52 million in 2024.
• The Greece Vegan Chocolate Market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 4.87 million in 2024.
• Rest of Europe's Vegan Chocolate Market is projected to witness growth at a CAGR of 11.2% during the forecast period, with a market size of USD 62.85 million in 2024.

Asia Pacific Vegan Chocolate Market

According to Cognitive Market Research, the global Vegan Chocolate Market size was estimated at USD 1351.6 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 310.87 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Vegan Chocolate Market size was valued at USD 139.89 million in 2024 and is projected to grow at a CAGR of 15.5% during the forecast period. This dominance is attributed to the increasing awareness of health and wellness among urban consumers, along with a growing interest in Western dietary trends, including plant-based and vegan diets. The rapid expansion of e-commerce platforms is also making vegan chocolate more accessible to a wider audience.
• The Japan Vegan Chocolate Market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 42.90 million in 2024.
• The India Vegan Chocolate Market had a market share of USD 37.30 million in 2024 and is projected to grow at a CAGR of 17.8% during the forecast period. This high growth is due to the rising adoption of veganism and plant-based diets, particularly among the younger population, driven by concerns over health, animal welfare, and environmental sustainability. The growth of online retail and the increasing availability of premium vegan chocolate brands are also contributing to market growth.
• The South Korean Vegan Chocolate Market is projected to witness growth at a CAGR of 15.1% during the forecast period, with a market size of USD 31.09 million in 2024.
• The Australian Vegan Chocolate Market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 16.17 million in 2024.
• The South East Asia Vegan Chocolate Market is projected to witness growth at a CAGR of 17.0% during the forecast period, with a market size of USD 21.45 million in 2024.
• The Rest of Asia Pacific Vegan Chocolate Market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 22.07 million in 2024.

South America Vegan Chocolate Market

According to Cognitive Market Research, the global Vegan Chocolate Market size was estimated at USD 1351.6 Million, out of which the Latin America market has more than 5% share of the global revenue with a market size of USD 67.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Vegan Chocolate Market size was valued at USD 28.92 million in 2024 and is projected to grow at a CAGR of 14.0% during the forecast period. This is due to the increasing consumer interest in healthier and ethical food choices, with a growing number of Brazilians opting for plant-based diets. The availability of vegan chocolate in major retail chains and the expansion of specialty vegan food stores are supporting market growth.
• Argentina's Vegan Chocolate Market had a market share of USD 11.35 million in 2024 and is projected to grow at a CAGR of 14.3% during the forecast period. This growth is due to the rising awareness of the health benefits of plant-based diets and growing concerns over animal welfare. The increasing presence of vegan products in supermarkets and the emergence of local vegan chocolate brands are also driving market expansion.
• Colombia Vegan Chocolate Market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 6.01 million in 2024.
• Peru Vegan Chocolate Market is projected to witness growth at a CAGR of 13.6% during the forecast period, with a market size of USD 5.54 million in 2024.
• Chile Vegan Chocolate Market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 4.87 million in 2024.
• The Rest of Latin America's Vegan Chocolate Market is projected to witness growth at a CAGR of 12.5% during the forecast period, with a market size of USD 10.88 million in 2024.

Middle East and Africa Vegan Chocolate Market

According to Cognitive Market Research, the global Vegan Chocolate Market size was estimated at USD 1351.6 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 27.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

• The GCC Countries Vegan Chocolate Market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 11.57 million in 2024. This is due to the growing expatriate population, which brings diverse dietary preferences, including a rising demand for vegan and plant-based products. Additionally, the increasing focus on health and wellness in the region is leading to greater interest in vegan chocolate.
• The Egypt Vegan Chocolate Market is projected to witness growth at a CAGR of 14.0% during the forecast period, with a market size of USD 2.84 million in 2024.
• The South Africa Vegan Chocolate Market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 4.27 million in 2024. This growth is driven by the expanding middle class and a growing awareness of veganism and plant-based diets, supported by the rising availability of vegan products in urban areas. The increasing influence of Western dietary trends and a focus on healthy living are also contributing to market growth.
• The Turkey Vegan Chocolate Market is projected to witness growth at a CAGR of 13.2% during the forecast period, with a market size of USD 2.32 million in 2024.
• The Nigeria Vegan Chocolate Market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 2.84 million in 2024.
• The Rest of MEA Vegan Chocolate Market is projected to witness growth at a CAGR of 12.7% during the forecast period, with a market size of USD 3.19 million in 2024.

Vegan Chocolate Market Analysis

Vegan Chocolate Market Product Segment Analysis

According to Cognitive Market Research, By Product, Molded Bars are the dominant category in the global Vegan Chocolate market. Molded bars are popular due to their convenience, variety of flavors, and visually appealing presentation. They offer a satisfying chocolate experience in a traditional bar format, which appeals to both vegan and non-vegan consumers looking for a dairy-free alternative. The wide acceptance and demand for molded bars support their leading position in the market.

The Chips and Bites segment is the fastest-growing category in the Vegan Chocolate market. This growth is driven by the increasing popularity of vegan-friendly ingredients and the versatility of chocolate chips and bites in baking and snacking. As consumers seek more diverse and convenient options for incorporating vegan chocolate into their diets, the demand for chips and bites is rising rapidly. This trend highlights the expanding appeal of these products in various culinary applications and snacks.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Vegan Chocolate Industry. Request a Free Sample PDF!

Vegan Chocolate Market Type Segment Analysis

According to Cognitive Market Research, By Type, Dark vegan chocolate is the dominant category in the global Vegan Chocolate market. Dark chocolate's rich flavor and higher cocoa content, coupled with its health benefits, such as lower sugar levels and antioxidants, make it a popular choice among vegan consumers. Its versatility in both cooking and snacking, along with increasing consumer awareness of its health benefits, supports the strong position of dark vegan chocolate in the market.

The White vegan chocolate segment is the fastest-growing category in the Vegan Chocolate market. The rise in popularity of white chocolate is attributed to its unique creamy taste and its appeal as a dairy-free alternative to traditional white chocolate. The growing demand for innovative and diverse vegan chocolate products, including those with unique flavors and textures, is driving rapid growth in the white vegan chocolate segment. This trend reflects broader consumer interest in expanding their vegan chocolate options beyond traditional dark and milk varieties.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Vegan Chocolate Distribution Channel Segment Analysis

Vegan Chocolate Market Distribution Channel Segment Analysis

According to Cognitive Market Research, By Distribution Channel, the Hypermarkets/Supermarkets segment is the dominant category in the global Vegan Chocolate market. These large retail outlets offer a wide range of vegan chocolate products, making them a convenient and accessible shopping destination for consumers. The extensive reach and high foot traffic of hypermarkets and supermarkets contribute to their leading position in the market, providing a broad selection of vegan options to meet diverse consumer preferences.

The Online Stores segment is the fastest-growing category in the Vegan Chocolate market. The growth in online shopping is driven by the convenience of purchasing products from home, along with the ability to access a wide variety of vegan chocolate brands and products that may not be available in local stores. The increasing adoption of e-commerce platforms and the rise in direct-to-consumer sales are accelerating the expansion of the online stores segment, reflecting a shift towards digital shopping for vegan chocolate products.

• Hypermarkets/Supermarkets
• Convenience Stores
• Specialty Stores
• Online Stores

Author's Detail

Nisha Deore

Research Analyst at Cognitive Market Research

LinkedIn

Profile

I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.

Author's Conclusion