Vegan Confectionary Market Analysis

Vegan confectionary Market Analysis

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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.