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 Insights
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 global vegan confectionery market is experiencing significant growth, propelled by a convergence of factors including concerns about animal welfare, personal health, and environmental sustainability. As consumers worldwide increasingly adopt plant-based lifestyles, the demand for vegan food products has surged, prompting both small-scale entrepreneurs and major food corporations to enter the market.
According to research conducted by The Vegan Society in 2022, a substantial portion of U.K. citizens, approximately 38.5%, have reduced their consumption of animal products primarily for health reasons. Moreover, 23% of respondents reported decreasing their animal product intake since the onset of the Covid-19 pandemic, indicating a growing shift towards plant-based alternatives.
The vegan confectionery industry has witnessed a remarkable rise in new product launches, particularly in Europe, where vegan chocolate confectionery products experienced an impressive 83% growth from 2017 to 2022. This surge in product offerings aligns with the growing consumer demand for dairy-free and plant-based treats, driven not only by health considerations but also by an increased awareness of lactose intolerance.
Large retailers such as Walmart are recognizing the potential of the plant-based food market and are keen to expand their offerings to include more vegan products. Additionally, the rising prevalence of lactose intolerance worldwide has further fueled the demand for dairy-free confections, creating lucrative opportunities for manufacturers in the vegan confectionery sector. Developed countries like the U.K., the U.S., Australia, New Zealand, Germany, Italy, France, and Canada are witnessing a surge in veganism, presenting ample growth prospects for market players. Moreover, even in regions like the Middle East, countries such as Israel and Saudi Arabia are experiencing a rise in the vegan population, opening up new avenues for expansion.
In Europe, increasing health consciousness and a growing vegan demographic have contributed to the growth of the vegan confectionery market. Countries like Germany, Italy, and France, with their robust confectionery consumption, present opportunities for manufacturers to supply on-the-go vegan candies in convenient packaged formats. These nations are also spearheading initiatives to enhance the quality and standards of food products by incorporating vegan ingredients, further stimulating market growth. Overall, the global vegan confectionery market is poised for continued expansion as consumers increasingly prioritize ethical, sustainable, and health-conscious food choices.
Global Vegan Confectionery Market Report Snapshots
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