The increased health awareness of consumers worldwide is driving the growth of the vegan chocolate market
That Vegan chocolate market It is projected to reach a valuation of $1444.7 million and a CAGR of 10.5% in the foreseeable years from 2020 to 2030.
A well-planned vegan diet that follows healthy eating guidelines provides additional nutrients to the human body. The diet is suitable for people of different ages and stages of life. Various studies have been conducted showing the link between vegan chocolate and cholesterol and lower blood pressure. These chocolates are also helpful in reducing the incidence of type 2 diabetes, heart disease, and numerous types of cancer. In recent years, veganism has provided support to promote healthy eating habits. It also reduces the immediate risks associated with harmful animal fats. The plant-based chocolates are rich in minerals, fiber and vitamins. Many consumers with lactose intolerance can opt for plant-based alternatives. Hence, increasing demand for these chocolates is predicted to also contribute to revenue opportunities in the vegan chocolate market in the coming years.
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Growing number of animal rights organizations fuel opportunities for expansion in vegan chocolate market
Nowadays people are becoming more sympathetic and sensitive to animals regarding the environment and the conditions in which they are raised. They are choosing plant-based products due to increasing animal welfare concerns. According to PETA (People for the Ethical Treatment of Animals), cows have been given BGH (Bovine Growth Hormone) and antibiotics to produce more milk annually. Numerous hormones have been used to increase cow performance and productivity. These factors are likely to negatively impact the health of their offspring. Certain congenital defects have also been identified in animals. In addition, vegan chocolate was made without the use of milk as an ingredient. Many people consider this issue as an important source of various environmental problems. In recent years, plants have increasingly been used to make milk-based chocolate. It is further estimated that these factors help the population address concerns related to the environment.
Increasing preference for organic, vegan and chemical-free chocolate is strengthening sales channels in the vegan chocolate market
The vegan chocolate market has been divided into conventional and organic based on nature. Of these two, the conventional vertical is projected to hold a notable share of the world market for years to come. Even today, there is a rapid increase in demand for vegan organic chocolate. In addition, vegan chocolate has also been made without the use of harmful chemicals or pesticides. Consumers around the world generally perceive this organic chocolate as a healthier and safer alternative to traditional chocolate. These factors are likely to contribute as revenue drivers in the vegan chocolate market for years to come.
Regional analysis of the vegan chocolate market
Among numerous regional areas, Europe is expected to hold a significant share of the world market in the near future. Rapid growth in the region is attributed to increasing consumer awareness of sustainability, animal health and welfare. Additionally, the presence of numerous manufacturing facilities across the region was expected to increase growth opportunities in the vegan chocolate market. Established R&D centres, innovative technologies and a high disposable income are likely to continue to contribute to growth impulses in the vegan chocolate market in the coming years.
North America and South Asia regions are also anticipated to grow at a considerable rate in the vegan chocolate market in the coming years.
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Global Vegan Chocolate Market: Segmentation
Vegan chocolate market by nature
Vegan Chocolate Market, by Type
- milk chocolate
- Dark chocolate
- White chocolate
Vegan Chocolate Market, by distribution channel
- convenience stores
- specialty shops
- Online retail
Vegan Chocolate Market, by region
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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