Global vegan chocolate market expected to be worth $2bn by 2032
According to Transparency Market Research, the global vegan chocolate market was valued at $532.7 million in 2022 and is estimated to grow at a CAGR of 10.5% from 2022 to 2032.
Further analysis from Allied Market Research claims the United States is now leading the way in the category as consumers become ever more aware of health and ethical issues surrounding manufacturing and ingredients.
Manufactures are increasing their production capacity for vegan chocolate, and the rising adoption of veganism and plant-based diets after several studies indicate the association of vegan chocolates with lower blood pressure and cholesterol, as well as lower incidences of heart disease, type 2 diabetes, and various types of cancers, means we can expect to see new free-from products on show at this year’s trade fairs including ISM in Germany (February) and Sweets & Snacks (May) in the US.
Data from Transparency Market Research notes recent key market developments including:
- Chocoladefacriken Lindt & Sprungli’s vegan chocolate bars are made from oat milk. This Lindt Classic Recipe OatMilk range of bars hit supermarket shelves throughout the United States in 2022 in original and salted caramel flavours with the company replacing traditional dairy milk with gluten-free oat milk powder and almond paste
- Also in 2022, Nestle announced that its KitKat V, the vegan version of its famous KitKat brand, was made available across 15 European countries, following a test launch in the United Kingdom and some other countries in 2021. The milk in the original KitKat is replaced with a rice-based alternative, and it still offers the crispy wafer and smooth chocolate textures
- While Theo Chocolate announced in June 2023 its intent to merge with the American Licorice Company (ALC). As part of ALC, Theo would join its portfolio of organic and better-for-you brands, including TORIE & HOWARD and ZING BAR. “Theo’s commitment to delivering delicious, organic, ethically sourced (Fairtrade) chocolate will remain unchanged, with continued availability to consumers online and at retailers across the United States,” the company said.
Plant-based chocolates are rich in vitamins, essential fibres, and minerals and veganism helps promote healthy eating habits and reduces the possible risks associated with harmful animal fats. Another factor of the growing trend is rising concerns about animal welfare and the planet.
Veganuary
Veganuary’s Head of Communications, Dr Toni Vernelli, said: “It’s amazing how the presence and acceptance of veganism has grown around the world in the past 10 years and I know Veganuary’s friendly, non-judgemental, just-give-it-a-go-for-a-month-and-see-what-you-think approach has played an instrumental role in this shift.”
She added: “To everyone who took their first step towards a vegan diet with us in January 2014 – Happy 10th Veganniversary! To everyone taking their first step with us today – welcome to a growing movement taking positive action for a better world – and future worlds!”
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