Vegan Confectionary Market
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Vegan Confectionary Market size was valued at around USD 1.34 billion in 2023 and is estimated to reach USD 3.1 billion by 2032 owing to growing awareness on health benefits.
The rise in the number of vegans and vegetarians has created a substantial consumer base seeking vegan-friendly food products, including confectionery. Many individuals are adopting plant-based diets for ethical, health, or environmental reasons. Health-conscious consumers are looking for healthier alternatives to traditional confectionery. The aforementioned factors are therefore expected to accelerate market expansion in the upcoming years.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Vegan Confectionary Market size in 2023: | USD 1.34 billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 9.8 |
| 2023 Value Projection: | USD 3.11 billion |
| Historical Data for: | 2018 to 2023 |
| No of Pages: | 150 |
| Tables, Charts & Figures: | 191 |
| Segments Covered: | Product Type, Occasion & Usage, Distribution Channel, Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Vegan confectionery products are often free from common allergens such as dairy, eggs, and nuts. This makes them suitable for individuals with allergies or dietary restrictions, broadening the market.
Sourcing high-quality vegan ingredients, such as plant-based colorings, flavorings, and stabilizers, can be challenging. Vegan confectionery products must replicate the taste and texture of traditional non-vegan counterparts to satisfy consumer expectations. Some vegan ingredients, such as plant-based milk alternatives and specialty flours, can be more expensive than their non-vegan counterparts. Thus, the risks associated with Vegan confectionary may drive down the acceptance rate, further hampering the vegan confectionary market growth.
Many manufacturing facilities faced operational challenges due to lockdowns, social distancing measures, and workforce shortages. This could impact production capacity and the timely delivery of products. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the market trends in the upcoming years.
The vegan confectionery market has seen a proliferation of product varieties, including vegan chocolates, gummies, caramels, marshmallows, truffles, and more. This diversification caters to different taste preferences and dietary needs. Some vegan confectionery products incorporate functional ingredients like adaptogens, vitamins, and superfoods to align with health and wellness trends. Examples include vegan chocolates infused with herbs or antioxidants. Thus, the growing prevalence is expected to expedite the market progress.
Based on product type, the vegan confectionary market is segmented as Vegan Chocolate, Vegan Gummies and Candies, Vegan Marshmallows, Vegan Caramels, Vegan Licorice, Other Vegan Confectionery. Vegan Chocolate held a majority market value of USD 0.5 billion in 2022. Consumers seeking healthier chocolate options opt for vegan chocolate with lower saturated fat and dairy-free ingredients. Demand for vegan chocolate is driven by consumers who want to support ethical and sustainable cocoa sourcing practices. Moreover, an increasing usage will further accelerate the segment expansion.
Based on occasion & usage, the vegan confectionary market is segmented as Everyday Snacking, Gifts and Special Occasions, Holiday and Seasonal Sales. Everyday Snacking held a dominant market share of around 60% in 2022 and is expected to grow at a lucrative pace by 2032. Vegan confectionery products that are convenient and portable appeal to those snacking at work or while traveling. Thus, the aforementioned factors are projected to expedite the market demand.
Based on distribution channel the vegan confectionary market is segmented as Online Retailers, Supermarkets and Hypermarkets, Health Food Stores, Convenience Stores, Vegan Specialty Shops. Supermarkets and Hypermarkets held a dominant market share in 2022 and is anticipated to grow at 9.8% CAGR up to 2032. Consumers often purchase vegan confectionery products during routine grocery shopping trips, making these outlets convenient and accessible. Thus, the high-quality services and growing usage of Vegan confectionary at food centres are anticipated to expedite the business landscape.
U.S. vegan confectionary market exceeded USD 0.4 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032. The number of vegans and vegetarians in North America is on the rise. These dietary choices drive demand for vegan confectionery options that align with their values and preferences. Thus, the above-mentioned variables would augment the business growth in the North America positively.
Some of the major market players operating in the vegan confectionary market are:
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
vegan confectionary market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:
Market, By Product Type
Market, By Occasion & Usage
Market, By Distribution Channel
The above information is provided for the following regions and countries:
U.S. vegan confectionary industry size was USD 0.4 billion in 2022 and may expand at significant pace from 2023-2032 driven by the surging number of vegans and vegetarians in the region
Vegan confectionary industry from the supermarkets and hypermarkets distribution channel segment is anticipated to observe 9.8% CAGR by 2032 owing to the high-quality services offered by these settings
Vegan confectionary industry size from the vegan chocolate segment recorded USD 0.5 billion in 2022 driven by rising consumer support for ethical and sustainable cocoa sourcing practices.
Vegan confectionary industry size was USD 1.34 billion in 2023 and may reach USD 3.1 billion by the end of 2032 due to the jump in the number of vegans and vegetarians along with the substantial consumer demand for vegan-friendly food products.