Vegan Confectionery Market Size, Share & Trends Report

Vegan Confectionery Market Size, Share & Trends Analysis Report By Product (Chocolate, Sugar, Flour), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Jun, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-854-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global vegan confectionery market size was valued at USD 816.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.8% from 2020 to 2027. Exponentially growing acceptance of veganism over the world has been fueling the growth of the market. Furthermore, increasing influence of social media sites, such as Facebook and Instagram, dedicated to vegan lifestyles and encouraging people to opt for a plant-based diet has contributed to market growth.

U.S. vegan confectionery market size

Increasing concerns about animals, personal health, and the planet have been popularizing the plant-based lifestyle. As a result, the plant-based food industry has been expanding over the years and offering a wide range of products. Both small and large food firms are entering the industry to capture the rising demand. In June 2018, Sodexo, a large catering company, partnered with the Humane Society of the United States to create more than 200 plant-based food items for campus dining halls and corporate foodservice facilities. Such initiatives are likely to widen the scope of the market in the near future.

Furthermore, increased number of new product launches in the vegan confectionery industry has accelerated market growth. As per The Vegan Society, the product lunch has grown by 185% between 2012 and 2016 in the U.K. The large retail chains including Walmart are interested in offering more plant-based food items. In addition, an increased number of lactose-intolerant people has raised the demand for dairy-free confections across the globe. These factors are expected to accelerate the growth of the market in the upcoming years.

Due to the coronavirus outbreak, consumers have been stockpiling snacks to get a convenient source of energy and nutrition. The consumption pattern has been changing during the pandemic as consumers have been hoarding lower-priced and private-label items. In several countries, including France and Belgium, the sales of Easter chocolate have reduced in 2020 due to the pandemic.

The disrupted supply chain has been impacting the entire food industry over the world. The small and craft chocolate businesses have been suffering the most due to shortages in supplies. Though a survey conducted by the Fine Cacao and Chocolate Institute (FCCI) has found that the supply chain of cacao has not disrupted severely. 

Product Insights 

The chocolate product segment dominated the market with more than 40.0% share of the total revenue in 2019. Demand for plant-based chocolate confectionery has grown significantly due to its low-fat and low cholesterol properties. The adoption of the product is increasing remarkably among the millennials and centennials. Therefore, manufacturers in the industry have been introducing new products targeting these population groups. For instance, in February 2020, Barry Callebaut, a Switzerland-based chocolate manufacturer, launched its ‘Plant Craft’ product line. The new product line of the company targets the millennials and centennials with a wide range of chocolate, nuts, cocoa, and fillings.

Global vegan confectionery market share

Similarly, in January 2020, Cadbury, Mondelēz owned brand, launched its plant-based milk chocolate with its Veganuary Campaign. However, the company found it hard to substitute dairy with plants that offer the chocolate a similar texture and taste as the original one and is also nut-free. In addition, growing popularity of ruby chocolates is expected to widen the growth opportunities.

The sugar vegan confectionery is anticipated to witness the fastest growth over the forecast period due to rising adoption of plant-based candies. Over the past few years, the launch of candy has grown significantly. For instance, in February 2018, Dylan's Candy Bar launched a new candy line “Treat Yourself”. This new product line is gluten-free and packaging is also different from the conventional bright colors.

Distribution Channel Insights

The offline distribution channel held the largest revenue share of over 80.0% in 2019. The plant-based food industry has been promoting its products by entering into partnerships with grocers and retail chains. For instance, PLANT-BASED FOODS ASSOCIATION partnered with Lucky Stores and started a campaign called “Fall in Love with Plant-Based”. The association has been distributing educational booklets, discounts, and tasting demonstrations for the consumers at selected stores. Moreover, as of 2019, around 95% of grocery stores of U.S. sell plant-based products, including vegan confectionery. Market participants are also expanding their offline distribution channel to enhance the consumer reach. For instance, in February 2018, Dylan's Candy Bar planned to open new stores in Japan and Dubai to its current 16 outlets.

The online distribution channel is projected to witness the fastest growth over the forecast period. Increasing number of online retailers with competitive pricing is boosting the growth of this segment. In addition, the growth can be attributed to the increasing dependency of generation X, millennials, and generation Z on the internet and e-commerce.

Regional Insights

North America dominated the market for vegan confectionery in 2019 with more than 35.0% share of global revenue. According to a report published by Good Food Institute in 2020, sales of plant-based foods through groceries have grown by 29% from 2017 to 2019 in the U.S., as compared to a 4% growth of the total retail food sales. Furthermore, the vegan population has increased by 600% in the U.S from 2014 to 2017. As of 2019, veganism is one of the leading search trends in Canada.

Asia Pacific poses a wide scope for the growth of the vegan confectionery market in the upcoming years. Growing demand for dairy-free, gluten-free, and plant-based products will drive the market in the region. Increasing health consciousness in the countries of the region, including China, Japan, India, and Indonesia, is expected to fuel the demand for vegan confectionery in the upcoming years.

Key Companies & Market Share Insights

The market can be characterized as a niche market with the presence of both small and large players. Companies have been expanding their product portfolio with innovative products. For instance, in April 2020, Freedom Confectionery launched its new “mallow out” bars in U.K. These plant-based mallow bars are coated with vegan chocolate and are also free from gluten, soy, and GMO. The “mallow out” bars are available in all key health food retailers in the U.K., including Tree of Life, Suma, and The Health Store. Some of the prominent players in the vegan confectionery market include:

  • Taza Chocolate

  • Alter Eco

  • Endangered Species Chocolate, LLC,

  • EQUAL EXCHANGE COOP

  • Chocoladefabriken Lindt & Sprüngli AG

  • Mondelēz International

  • Dylan's Candy Bar

  • Endorfin

  • Goodio

  • Freedom Confectionery

  • Creative Natural Products, Inc.

Vegan Confectionery Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 995.5 million

Revenue forecast in 2027

USD 1,987.9 million

Growth Rate

CAGR of 11.8% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Germany; U.K.; France; China; Japan; Brazil

Key companies profiled

Taza Chocolate; Alter Eco; Endangered Species Chocolate, LLC; EQUAL EXCHANGE COOP; Chocoladefabriken Lindt & Sprüngli AG; Mondelēz International; Dylan's Candy Bar; Endorfin; Goodio; Freedom Confectionery; Creative Natural Products, Inc.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels, and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global vegan confectionery market report based on the product, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Chocolate

    • Sugar

    • Flour

  • Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

    • Offline

    • Online

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

    • Europe

      • Germany

      • The U.K.

      • France

    • Asia Pacific

      • China

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

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