(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Vegan Confectionery Market Size, Share & Trends Analysis Report By Product (Chocolate, Sugar, Flour), By Distribution Channel (Offline, and Online), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets's offering.
The global vegan confectionery market size is anticipated to reach USD 2.62 billion by 2030. The market is projected to expand at a CAGR of 9.9% from 2023 to 2030 The global vegan confectionery market is experiencing significant growth driven by several key factors. The increasing adoption of veganism, particularly among millennials and the working population, is a primary driver of demand. Consumers are becoming more conscious of animal cruelty and environmental sustainability, leading to a rise in campaigns and awareness efforts, further boosting the market.
Vegan chocolate confectionery is particularly popular among individuals following a flexitarian or vegan diet, as well as those with lactose intolerance and food allergies. The health benefits associated with plant-based chocolates, such as being low in fat and cholesterol, are contributing to market growth.
In response to increasing consumer acceptance of plant-based products, major players like Nestle are investing in research and development to introduce new vegan products. For example, Nestle launched KitKat V, a vegan version of its iconic chocolate bar, catering to a global customer base.
The online distribution channel is expected to experience faster growth, with a projected CAGR of 11.8% during the forecast period. Online purchasing of vegan confectionery is gaining popularity due to factors like free product delivery, convenient payment methods, after-sale customer service, and hassle-free return policies offered by e-retailers.
In contrast, the offline distribution channel, including supermarkets and convenience stores, accounted for a larger share of the market in 2022. Consumers prefer to buy grocery products in physical stores, where they can examine product labels and quality.
The vegan confectionery market remains dynamic, with the regular entry of small and localized players from various countries offering innovative products to meet growing consumer demand and preferences.
This industry's niche nature and untapped potential present opportunities for both established players and small to medium-sized enterprises to focus on customer acquisition and expand their operations locally, regionally, or globally.
Vegan Confectionery Market Report Highlights
The vegan confectionery market is expected to register a CAGR of 9.9% from 2023 to 2030. According to the Good Food Institute, grocery sales of plant-based foods in the U. S. reached USD 7 billion by April 2021, with a gain of almost 27% from the past year, thereby offering opportunities for vegan food manufacturers in the North American market The offline segment accounted for the largest share of 80.3% in 2022 and is expected to expand at a CAGR of 11.6% over the forecast period of 2023 to 2030. Online retailers offer a wide range of vegan confectionery with special pricing and great discounts seasonally offered, which is a key factor enhancing the segment growth North America region had the largest market share of 37.0% in 2022 for the vegan confectionery market
Company Profiles
Taza Chocolate Alter Eco Endangered Species Chocolate, LLC, EQUAL EXCHANGE COOP Chocoladefabriken Lindt & Sprungli AG MondelA"z International Dylan's Candy Bar Endorfin Goodio Freedom Confectionery Creative Natural Products, Inc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $1.23 Billion |
| Forecasted Market Value (USD) by 2030 | $2.62 Billion |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Regional Outlook
2.4. Competitive Outlook
Chapter 3. Vegan Confectionery Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Industry Value Chain Analysis
3.2.1. Sales/Retail Channel Analysis
3.2.2. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Industry Challenges
3.3.4. Industry Opportunities
3.4. Industry Analysis - Porter's Five Forces Analysis
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Chapter 5. Vegan Confectionery Market: Product Estimates & Trend Analysis
5.1. Product Movement Analysis & Market Share, 2022 & 2030
5.2. Chocolate
5.3. Sugar
5.4. Flour
Chapter 6. Vegan Confectionery Market: Distribution Channel Estimates & Trend Analysis
6.1. Distribution Channel Movement Analysis & Market Share, 2022 & 2030
6.2. Offline
6.3. Online
Chapter 7. Vegan Confectionery Market: Regional Estimates & Trend Analysis
7.1. Regional Movement Analysis & Market Share, 2022 & 2030
Chapter 8. Competitive Analysis
8.1. Recent Developments & Impact Analysis, by Key Market Participants
8.2. Company Categorization
8.3. Participant's Overview
8.4. Financial Performance
8.5. Product Benchmarking
8.6. Company Market Share Analysis, 2022 (%)
8.7. Company Heat Map Analysis
8.8. Strategy mapping
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Attachment
Global Vegan Confectionery Market
Global Vegan Confectionery Market Global Vegan Confectionery Market Tags Confectionery Plant Based Food Snacks and Confectionery Vegan Chocolate Vegan Chocolate Confectionery Vegan Confectionery
MENAFN11102023004107003653ID1107225609
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