The Global Vegan Chocolate Confectionery Market size is expected to reach $1 billion by 2027, rising at a market growth of 12.3% CAGR during the forecast period.
Dairy products like milk fat, whey, casein, and milk solids are not used in vegan chocolate, as this product does not include any ingredient obtained from animals. Vegan chocolate is made from the components that are derived from plants. They contain less amount of fat and cholesterol compared to normal chocolates. Vegan food culture is rising in the established countries, which is also helping in the growth of the vegan chocolate market.
Millennials and the working population are highly adopting the vegan culture, which is estimated to surge the demand for the product. There are number of countries which were badly influenced by the COVID-19 pandemic, due to which the supply of cocoa was hampered around the world. This has declined the production of cocoa along with the decrease in its sales. Also, there was a decline in the demand for high-end & artisanal chocolates. In contrast, the market growth of chocolates is seemed to witness a rise as there is a growth in the demand by consumers.
COVID-19 impact analysis
The COVID-19 pandemic had a severe impact on the customers’ pattern of shopping. They are preferring to store up products that give nutrition & energy, having private-label, and are inexpensive. The coronavirus outbreak has hampered the supply chain that has been affecting the manufacturing of vegan chocolate products, mostly in the craft and small chocolate companies.
During the pandemic, most people preferred to store up the essential products to survive. Chocolate may do not come under the list of essential products; however, it is a gratifying and pleasure-seeking item for consumers. In Europe, the supermarkets and other grocery shops were out of stock as most of the chocolates were sold. Through e-commerce facilities, these markets remain open helping in quick recovery of the market.
