As
the name suggest vegan chocolate does not contain any ingredient
derived from animals such as dairy product and dairy related products
such as milk solids, milk fat, casein, and whey. Any chocolate whose
ingredient comes under these parameters is a vegan chocolate. Vegan
chocolate is entirely made from the plant-based ingredients, hence it
is low in cholesterol and fat making it healthier than conventional
chocolate. Vegan food is trending in the developed market which is
driving the vegan chocolate market. However, the vegan food market is
considered niche in the industry but the increase in the awareness of
animal cruelty by the various animal right group have made vegan food
popular which have resulted in an increase in a number of people who
are turning vegan thus consolidating the market size and projecting
it into the direction of the mainstream market.
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Among
all the segment household is expected to show higher value share in
the forecast period owing to increase in consumer demand because of
the trend of health and wellness in the food and beverage market.
Vegan
food is perceived to be healthier than conventional food by the
consumers, also the increase in the awareness towards animal cruelty
in the dairy and meat industry and a greener environment are acting
as a primary driver for the vegan chocolate market. Furthermore,
researches indicate that the animal agriculture is one of the major
cause of an increase in the emission of global greenhouse gases. The
animal excrements emit gases which include nitrous oxide, methane,
hydrogen sulfide, and ammonia. Hydrogen sulfide and ammonia poison
the air while methane and nitrous oxide are the main contributors to
global warming. Vegan chocolate is also used as an alternative to
conventional chocolate by the lactose intolerant consumers. Launches
of different vegan chocolate flavors is also driving the market. The
restraint for the vegan chocolate market is higher pricing than the
conventional chocolate.
Geographically
vegan chocolate market is segmented into North America, Latin
America, Europe, Asia-Pacific, Middle East and Africa.
Europe
is expected to dominate the vegan
chocolate market followed by North America in terms of value
share in the forecasted period owing to increase in concern on animal
ethics, health, and greener environment, also high disposable income,
advanced technology, the presence of R&D centers along with
manufacturing facilities. Asia-Pacific, Latin America, and Middle
East and Africa shows moderate potential for vegan chocolate market
and is estimated to show a moderate growth.
Some
of the regional players for the vegan chocolate market are Plamil
Foods Ltd, Tofutti Brands, Kraft Foods Group Inc, Lindt &
Sprüngli AG, Newmans Own Inc, Ludwig Weinrich GmbH & Co. KG.,
The WhiteWave Foods Company, The Hershey Company, Divine Chocolate
Limited and other regional players.
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