Global Vegan Confectionery Market

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 News

  • Plant Craft, a new line of vegan chocolates, was released by Barry Callebaut in January 2023. Barry Callebaut is the world's leading manufacturer of high-quality chocolate and cocoa products, committed to creating 100% sustainable chocolate by 2025.
  • Mondelez International reported it is going to release a new vegan variant of one of its most famous products, the Oreo cookie, in February 2023. Mondelez International is one of the world's largest snacks companies, and it aims to gain a share in the vegan confectionery market with this new product.
  • Nestlé is the world’s largest food and beverage company which has made its name in the confectionery industry as well. The global company released a vegan variant of one of its most popular items, the KitKat bar, in March 2023, aiming to create a foothold in the vegan confectionery market.
  • The Good Food Institute released a report on the global confectionery market in April 2023. According to the report, as of 2022, the market was valued at $1.2 billion. For your reference, the Good Food Institute is an NPO that promotes cell and plant-based options to animal ingredients.
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Global Vegan Confectionery Market size was valued at USD 1.23 billion in 2022 and is poised to grow from USD 1.35 billion in 2023 to USD 2.88 billion by 2031, growing at a CAGR of 9.9% in the forecast period (2024-2031).

The world is moving towards the consumption of dairy and cruelty-free products The vegan confectionery market’s participants are engaged in constant competition to meet this demand and gain a market share in the process. The key players in the market are targeting product innovation to improve its quality and diversify its variety with the use of sustainable techniques to ensure market growth. 'Unreal Candy (USA)', 'Veganz (Germany)', 'Loving Earth (Australia)', 'Go Max Go Foods (USA)', 'Moo Free Chocolates (UK)', 'Vantastic Foods (Germany)', 'Confeitaria Darte (Brazil)', 'Free From Fellows (UK)', 'NuGo Nutrition (USA)', 'iChoc (Germany)', 'Tofurky (USA) - Offers vegan confectionery as well', 'Bonvita (Netherlands)', 'The Vego Chocolate Company (Germany)', 'Pana Chocolate (Australia)', 'Cocomelody (USA)', 'Zimt Chocolates (Canada)', 'Naturally Sweet (Australia)', 'YumEarth (USA)', 'Wholesome Sweeteners (USA)', 'Sjaak's Organic Chocolates (USA)', 'Plamil Foods (UK)', 'Swoffle (USA)', 'No Whey Foods (USA)', 'Truffle Pig Chocolates (Canada)', 'Goupie (UK)'

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.

Rise in Veganism and Plant-Based Diets: The global population is gradually moving to adopting plant-based diets due to the ongoing trend of veganism. Thus the vegan confectionery market has seen a surge in demand. This change in consumer preferences is a result of their awareness of the impact of their food choices on the health of the environment and themselves. The people are choosing vegan variants of traditional sweets as they understand the importance of animal welfare. In response to this trend, manufacturers have diverted to creating plant-based alternatives to their most popular treats like gummies, marshmallows, and chocolate. They use ingredients which are free of animal cruelty, dairy, and gluten to support consumer demand. Confectioners have brought in new recipes that can be suited to non-vegans and vegans. These products are manufactured using ethical practices, and are made with the emphasis on no alteration to taste or sensory feel.

The highest demand for vegan confectionery comes from North America, making it the largest region for market growth. There are a number of reasons why North America holds this position. One of these factors is a higher populace which has diverted to vegan diets due to the growing awareness of its benefits on the environment and human health. Other factors include the changing preferences towards plant-based products, supported by North America’s renowned health food and specialty sector. The US has greatly fueled the region’s dominance. The country owes this contribution to a majority of its population who have adopted vegan or vegetarian diets.

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