Vegan Confectionery Market Size, Share, Industry, Forecast and outlook (2024-2031)

Vegan Confectionery Market Overview

The Global Vegan Confectionery Market reached US$ 1.9 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 4.5 billion by 2030. The market is growing at a CAGR of 11.5% during the forecast period 2024-2031. The market for vegan confectionery is witnessing a significant growth in demand due to increasing consumer awareness about the health and environmental benefits of plant-based products.

The global vegan confectionery market is experiencing remarkable growth and is poised for further expansion in the forecasting period. This trend is expected to drive market growth as more consumers adopt vegan lifestyles and seek alternative options in the confectionery market. The market's growth potential is further amplified by the increasing availability of vegan confectionery products across various distribution channels. From supermarkets and specialty stores to online platforms, consumers have easy access to a diverse range of vegan treats. This enhanced accessibility is contributing to the market's expansion and is expected to continue driving its growth in the forecasting period. 

Vegan Confectionery Market Dynamics and Trends

Growing Awareness About the Health Benefits Of Vegan Diets Drives the Market Growth

The growing awareness about the health benefits of vegan diets is expected to drive the global vegan confectionery market. As consumers become more informed about the positive impact of plant-based diets on their health, they are actively seeking vegan alternatives in various food segments, including confectionery. This increased awareness creates a growing market for vegan confectionery products. 

According to the Good Food Institute in 2021, sales of plant-based foods through grocery channels experienced an impressive 29% growth between 2018 and 2021. In contrast, the overall retail food sales only saw a 4% growth during the same period. These figures indicate the rising popularity and demand for plant-based options among consumers.

The Increasing Number of Individuals Adopting Vegan Lifestyles Creates an Opportunity For The Market Growth

The increasing number of individuals adopting vegan lifestyles is expected to drive the global vegan confectionery market. As more people choose to follow a vegan lifestyle, they actively seek out products that align with their dietary choices, including confectionery. This growing market of vegan consumers presents a significant opportunity for the expansion and development of the vegan confectionery market.

According to the Good Food Institute in 2021, notable insights were shared regarding the growth of the vegan population. The report revealed an astonishing 600% increase in the number of individuals adopting vegan lifestyles between 2018 and 2021. This surge in veganism highlights the significant shift in consumer preferences and dietary choices, as more people embrace plant-based diets for various reasons including health, ethics, and sustainability.

Higher Production Costs of Vegan Confectionery Hamper the Market Growth

The higher production costs often result in higher prices for vegan confectionery products. This can make them less affordable for price-sensitive consumers, potentially limiting their market appeal. As a result, the demand for vegan confectionery may be constrained, particularly in regions or consumer segments where affordability is a significant factor in purchasing decisions. This pricing barrier can hinder the overall market growth potential.

The higher production costs can impact the competitiveness of vegan confectionery products in comparison to their non-vegan counterparts. Traditional confectionery products often benefit from established supply chains, economies of scale, and lower ingredient costs, making them more cost-effective to produce. This competitive disadvantage may restrict the market's growth and limit the market share of vegan confectionery products.

Segment Analysis

The global vegan confectionery market is segmented based on product type, distribution channel, and region.

Increasing Veganism Among Consumers and the Availability of Various Chocolates

The chocolate segment is dominating the global vegan confectionery market with the highest share. Chocolate is a universally popular confectionery product. It has a long-established presence in the market and a wide consumer base. The familiarity and appeal of chocolate make it a preferred choice for both vegans and non-vegans alike. As veganism gains traction, consumers are actively seeking plant-based alternatives to traditional chocolate, driving the demand for vegan chocolate products in the market.

Manufacturers are also responding to the growing demand for vegan options by introducing a wide variety of vegan chocolates. For instance, in April 2020, Freedom Confectionery made an exciting debut in the U.K. market by introducing its latest product, the "mallow out" bars. These delectable plant-based mallow bars were specially crafted to cater to consumers seeking vegan and allergen-friendly options. The bars feature a tantalizing coating of vegan chocolate and are free from gluten, soy, and GMO ingredients, appealing to a wide range of dietary preferences.

Vegan Confectionery Market Geographical Share

Increasing Adoption of Plant-Based Diets and Investment in Research and Development

The North America region is dominating the global vegan confectionery market with the highest share. North America has a large and growing population of consumers who are increasingly adopting plant-based diets and seeking vegan alternatives. The region has witnessed a significant rise in veganism and vegetarianism, driven by concerns for health, animal welfare, and environmental sustainability. This strong consumer base actively seeks out vegan confectionery options, driving the demand and market growth in North America.

The companies are also investing in research and development, product innovation, and marketing to meet the growing demand for vegan products. For instance, in July 2020, Aldi made a significant announcement to expand its footprint in the United States with the opening of 70 new stores by the end of that year. This decision came as Aldi already boasted a substantial presence with 2,000 existing stores across the country. The expansion efforts showcased Aldi's commitment to meeting consumer demands and expanding its reach in the market.

Vegan Confectionery Companies and Competitive Landscape

The major global Vegan Confectionery market players include Taza Chocolate, Alter Eco, Endorfin., Freedom Confectionery, Creative Natural Products, Inc., Goodio, Dylan”s Candy Bar, Mondelez International, Endangered Species Chocolate, LLC, and VeganFirst.

COVID-19 Impact on Vegan Confectionery Market

The COVID-19 pandemic had a significant impact on the global vegan confectionery market. The closure of food service outlets, cafes, and restaurants during lockdown periods has affected the out-of-home consumption of vegan confectionery. Many consumers typically discover and enjoy specialty products like vegan confectionery in these establishments. With the restrictions on dining out and reduced footfall, the market has experienced a decline in the consumption of vegan confectionery in these settings. 

However, the rise in online shopping and e-commerce platforms during the pandemic has provided an alternative avenue for consumers to purchase vegan confectionery products and has mitigated some of the negative effects.

Artificial Intelligence Impact Analysis

Artificial Intelligence (AI) can assist in the development of new vegan confectionery products by analyzing large datasets of ingredient properties, consumer preferences, and market trends. AI algorithms can identify patterns and relationships to generate insights that inform product formulation and optimization. This can help manufacturers create innovative and appealing vegan confectionery products.

AI-powered systems can be used to ensure consistent product quality and detect any deviations or defects in vegan confectionery production. Machine vision technology can be employed to visually inspect products for imperfections, ensuring that they meet the desired standards. AI algorithms can also analyze sensory data to assess product taste, texture, and other attributes, enabling manufacturers to maintain high-quality standards.

By Product Type 

• Chocolate
• Sugar
• Flour

By Distribution Channel 

• Online
• Offline

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In January 2022, the global Cargill Group made a significant announcement regarding their latest product innovation in the vegan confectionery market. The company unveiled its new vegan chocolate called ExtraVeganZa, showcasing its commitment to catering to the growing demand for plant-based alternatives.
• In October 2021, Cadbury introduced its first-ever vegan chocolate bar. Recognizing the increasing public appetite for such options, Cadbury aimed to cater to a wider range of consumers. The new dairy-free bar, aptly named Plant Bar, is a vegan rendition of Cadbury's highly popular Dairy Milk chocolate bar, which holds a significant market presence in the UK.
• In January 2021, Mars responded to the growing demand for vegan options by introducing plant-based versions of its popular brands, Bounty and Topic. Building on the success of its initial foray into the free-from market with Galaxy Vegan in 2019, Mars expanded its range of vegan offerings with additional product variations in 2020.

Why Purchase the Report?

• To visualize the global vegan confectionery market segmentation based on product type, distribution channel, and region, as well as understand key commercial assets and players.

• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of vegan confectionery market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global vegan confectionery market report would provide approximately 53 tables, 46 figures, and 99 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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