Product ID: SQMIG30I2319
Global Vegan Confectionery Market Size, Share, Growth Analysis, By Product(Chocolate, Sugar), By Distribution Channel(Online, and Offline) - Industry Forecast 2024-2031
Report ID:
SQMIG30I2319 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
80
Global Vegan Confectionery Market Dynamics
Drivers
Innovation in Ingredients and Flavors:
- The flavors and ingredients that have prevailed in the confectionery market up till now have changed drastically thanks to developments in food science. Confectioners are making huge R&D investments to add new flavors to their vegan treats while maintaining the same textural integrity of conventional sweets. Manufacturers are using inventive organic products like seeds, nuts, fruits, and more to develop a more expansive product range. These innovations and diverse methods are targeted to cater vegan and non-vegan consumers with new flavors and experiences, to broaden their consumer base.
Increasing Demand for Plant-Based and Vegan Products:
- The need for sustainability has driven many markets – why should the vegan confectionery market be any different? The shift towards ethical consumption and consumers adopting plant-based diets is a direct result of this trend. These changes have driven the demand of this market. As more of the global population accepts the impact of their food choices and evolves in the face of it, vegan options, including in confectionery, will continue to climb in the market. In response to this, confectioners are focusing on producing vegan alternatives of their popular products and introducing plant-based milk alternatives, chocolates that don’t use dairy, and natural sweeteners into the market.
Restraints
Higher Production Costs:
- The cost of mimicking the taste and feel of traditional sweets can be quite expensive. Ingredients that are obtained from plants and other organic sources are more costly, driving the manufacturing cost up. The high expenses incurred in the procurement of plant-based milk substitutes of superior quality, premium nuts, and specialized natural sweeteners can drive the cost of production up. Confectioners with limited resources or tight budgets may be prohibited from entering the market due to these financial challenges. Competitive areas may see lower adoption rates due to higher prices. Though this can pose a serious problem, some consumers might find paying extra for ethical and sustainable products to be worth it.
Challenges in Replicating Texture and Taste:
- Trying to replicate the texture and flavor of traditional sweets without the use of dairy and gelatin can be problematic for vegan confectioners. Consumers can be quite picky, and any fall in the standards of flavor, chewiness, or creaminess can inhibit them from buying these vegan options. Large investments must be made by producers in research and development to ensure their vegan alternatives can match, or outdo, conventional sweets.
Global Vegan Confectionery Market Report Snapshots
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