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Vegan Confectionery Market

Market Study on Vegan Confectionery: PMR Foresees a Range of Opportunities Emerging for Vegan Confectionery Manufacturers in the Near Future, Analysing the Increasing Adoption of Plant-based Diets, and a Surge in Demand for Cruelty-free and Indulgent Sweet Treats

A Detailed Analysis of the Vegan Confectionery Market Based on Rising Consumer Awareness About Ethical and Sustainable Choices

Vegan Confectionery Market

The global vegan confectionery market is forecast to expand at a CAGR of 7.9% and thereby increase from a value of US$1.7 Bn in 2023, to US$2.9 Bn by the end of 2030.

Attributes

Key Insights

Vegan Confectionery Market Size (2023E)

US$1.7 Bn

Projected Market Value (2030F)

US$2.9 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

7.9%

Historical Market Growth Rate (CAGR 2018 to 2022)

7.2%

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Market Definition and Introduction

Vegan confectionery, including dairy, gelatin, and honey, is a sub segment of the confectionery industry that produces only confections and desserts that are free from animal-derived ingredients. This sector addresses the increasing desire for plant-based substitutes among individuals who adhere to vegan diets or are in search of alternatives that are cruelty-free and environmentally sustainable. Vegan confectionery products comprise an assortment of baked goods, chocolates, candies, and gummies that replicate the flavour and consistency of conventional confections using the plant-based substitutes. These products adhere to ethical and dietary preferences.

The vegan confectionery market is experiencing worldwide growth in tandem with the increasing prominence of veganism, which signifies a transition towards more environmentally conscious and compassionate consumption habits. A multitude of factors contribute to the expansion of the worldwide vegan confectionery market. Significant influencers include the growing consciousness surrounding animal welfare, environmental issues, and health-conscious decision-making. The growing popularity of plant-based diets among consumers has generated a need for vegan alternatives across a range of food categories, including confectionery.

In response, manufacturers are introducing novel plant-based ingredients to improve the flavour and overall quality of vegan confections. Regulatory initiatives that advocate for cruelty-free and sustainable practices serve to further energize the growth of the market. The market's ascent is facilitated by an increase in disposable income and a trend toward conscientious consumerism, in which an increasing number of individuals seek out sustainable and ethical options when purchasing confectionery.

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Market Growth Drivers

Growing Focus on Ecological Sustainability

The increasing emphasis on environmental sustainability emerges as a significant catalyst propelling the worldwide vegan confectionery industry. In the light of the global challenges posed by climate change and natural resource depletion, there is a growing awareness among consumers regarding the ecological impact that conventional animal-based confectionery manufacturing processes entail. The increased consciousness surrounding this matter has generated a developing inclination towards vegan confections, which are regarded as being more sustainable and ecologically sound. The manufacturing process of vegan confectionery generally entails a decreased consumption of water and land, reduced emissions of greenhouse gases, and a reduced dependence on animal agriculture, which is resource intensive.

An increasing number of consumers are cognizant of the fact that conventional confectionery frequently employs resource-intensive practices, thereby making substantial contributions to deforestation, water contamination, and biodiversity decline. Animal agriculture, which is frequently involved in the production of dairy and other conventional confectionery ingredients, depletes water and land resources, and contributes to environmental degradation and deforestation. On the contrary, the constituents employed in vegan confectionery, including plant-derived substitutes for gelatin, and milk, typically exhibit a reduced ecological footprint. As an illustration, plant-based milk substitutes frequently exhibit reduced water consumption and a smaller carbon footprint in comparison to the dairy industry.

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Market Restraints

Potential Complications Associated with Acquiring Ingredients

Notwithstanding the increasing prevalence of vegan confectionery, a significant limiting factor for the worldwide market pertains to the possible complexities linked to the procurement of ingredients and pricing. The increasing demand for plant-based alternatives may impose limitations on the supply chain of essential vegan confectionery ingredients, including plant-based proteins, alternative sweeteners, and dairy substitutes.

Limited availability of specific specialized ingredients, weather conditions that affect agricultural yields, and geopolitical issues that affect the sourcing regions are all variables that can impact the large-scale procurement of these ingredients. Due to the present economies of scale in the manufacturing of plant-based ingredients, the cost of production for vegan confectionery might be greater in comparison to traditional alternatives.

Potential limitations in flavour and texture compared to traditional confectionery products

A potential obstacle for the worldwide vegan confectionery industry is the possibility of flavour and texture restrictions in comparison to conventional confectionery items. It can be challenging to attain the intended flavour profiles and textures in vegan confections while avoiding the incorporation of conventional ingredients such as gelatin, and dairy.

Individuals who are acclimated to the gustatory and textural qualities of traditional confections might exhibit reluctance towards adopting vegan alternatives if they perceive a reduction in sensory satisfaction. The difficulty resides in reproducing specific baked goods' flaky qualities, the chewiness of gummies, and the creamy textures of dairy-based chocolates without using ingredients derived from animals.

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Opportunities

Growing Inclination of Consumers Towards Healthier Lifestyle Choices

An advantageous factor propelling the worldwide vegan confectionery industry is the increasing consciousness and desire among consumers for healthier lifestyle alternatives. The increasing health consciousness of individuals has led to a growing inclination towards plant-based diets, which encompasses confectionery products as well. Confectionery that is vegan, frequently composed of organic components such as nuts, fruits, and whole grains, attracts health-conscious individuals in search of decadent delights that are believed to provide advantages to their health.

Particularly evident among millennials and Generation Z, who place a premium on well-being and perceive vegan alternatives to correspond their dietary preferences with their values, is this shift. The increase in health-conscious consumer behaviour presents vegan confectionery with a favourable market opportunity to position itself as a guilt-free indulgence. Vegan confections, which are frequently composed of nutrient-dense ingredients and do not contain any animal products, present an attractive substitute for conventional treats that are loaded with artificial additives and processed sugars.

Furthermore, the increasing prevalence of functional components, including superfoods and plant-based proteins, in vegan confectionery satisfies the demand of consumers who prioritize nutritional value in addition to ethical considerations. By developing novel ingredients that provide health benefits, manufacturers are capitalizing on this trend and expanding the market's appeal to a more diverse consumer base that is cognizant of wellness and consumption.

Analyst’s Viewpoint

The worldwide vegan confectionery market is undergoing substantial expansion, driven by a confluence of elements that collectively influence the terrain of this ever-evolving sector. The expanding market is largely attributable to the rising popularity of plant-based diets, which are influenced by health consciousness, ethical concerns, and environmental sustainability, among other factors. The confectionery industry is witnessing a transformation in which consumers demand cruelty-free and sustainable alternatives as they become more discerning in their food selections. Vegan confectionery, which includes gummies and chocolates, is capitalizing on this trend by providing affluent delights that reflect the values of an expanding portion of the world's population.

Manufacturers exert significant influence on market expansion through their ability to adapt to the changing preferences and needs of consumers. A collaborative relationship is emerging between manufacturers and consumers, wherein manufacturers proactively interact with their target market to gain insights into consumer preferences and foster the creation of groundbreaking products. The proliferation of social media platforms has enabled manufacturers to receive immediate feedback from consumers and adapt their products and services in response, thereby facilitating direct communication between brands and consumers.

The interdependent nature of this relationship fosters product innovation by ensuring that vegan confectionery items not only abide by dietary and ethical standards but also accommodate changing consumer tastes. It is anticipated that the vegan confectionery market will experience consistent growth in various regions in the foreseeable future. With the increasing adoption of plant-based lifestyles by consumers, it is anticipated that the market will experience a proliferation of products that integrate innovative ingredients and flavor profiles.

Manufacturers will probably allocate resources towards research and development to tackle obstacles about flavor and consistency, thereby augmenting the desirability of vegan confectionery. Furthermore, it is anticipated that there will be a growing emphasis on sustainable packaging alternatives in the market, which will be consistent with the overarching principle of ethical and ecologically aware consumer behavior. The market is anticipated to reach unprecedented levels in the coming years due to the industry's continued advancements and increased emphasis on sustainability.

Supply-side Dynamics

Prominent contenders in the worldwide vegan confectionery industry consist of firmly established brands including Beyond Good, Enjoy Life Foods, Alter Eco, No Whey Foods, and Unreal Brands. These businesses dominate the market with an extensive selection of premium vegan confectionery items. Prominent nations that have embraced market utilization include the US, where a substantial population that adheres to plant-based diets generates demand for vegan products. Indicative of the rise in veganism, European nations, particularly the UK, Germany, and Sweden, are also significant participants. Market utilization is exemplified by the incorporation of plant-based sweets into restaurant menus and the expansion of shelf space in major supermarkets devoted to vegan confectionery, both of which accommodate the rising global demand for cruelty-free treats.

Market leaders are exerting a substantial influence on the environment by spearheading advancements in product development. An example of a company renowned for its ethically sourced chocolate, Beyond Good places significant emphasis on sustainable and fair trade methodologies. With a concentration on allergen-friendly vegan options, Enjoy Life Foods appeals to a wider range of consumers. By providing chocolate products that are both organic and environmentally responsible, Alter Eco distinguishes itself. In addition to satisfying the market's desire for vegan confections, these businesses establish benchmarks for sustainable operations and ethical procurement.

Moreover, dominant players' strategic marketing initiatives and partnerships with mainstream merchants are augmenting the prominence and availability of vegan confectionery, thereby shaping consumer preferences and expanding the market's scope. In general, the market leaders are not merely reacting to market developments; rather, they are actively influencing the course of the worldwide vegan confectionery industry using inventive approaches and a dedication to sustainable and ethical standards.

Competitive Intelligence and Business Strategy

Prominent entities in the vegan confectionery industry are implementing a comprehensive strategy to maintain and increase their market dominance. In the first place, these businesses are emphasizing product development innovation to satisfy the varied needs of consumers. Diverse market segments, including chocolates, truffles, gummies, and baked goods, are among the appealing and high-quality vegan confectionery products that these competitors introduce in response to the trend. By prioritizing variety, they can accommodate the changing preferences of an expanding clientele.

Furthermore, industry leaders are proactively tackling concerns related to the flavour and consistency of vegan confections. These businesses are developing proprietary formulations and processes to replicate the sensory experiences traditionally associated with non-vegan threats through investments in research and development. Through the improvement of product quality, flavour, and texture, they are not only satisfying the demands of consumers but also dispelling preconceived notions regarding the constraints of vegan confectionery.

Leaders incorporate sustainable and ethical practices into their strategic approaches. Beyond Good and Alter Eco are among the companies that prioritize the environmentally responsible and fair trade procurement of their ingredients. Through strategic alignment of their values with the increasing consumer consciousness regarding ethical and environmental issues, these businesses not only establish a unique position in the market but also connect with consumers who are inclined towards making socially responsible decisions. In addition, marketing endeavours are of paramount importance in attaining an optimal market share. Prominent entities are allocating resources towards strategic advertising initiatives that emphasize the merits of vegan confectionery, including options that prioritize health and cruelty-free ingredients. Through proficiently conveying the distinctive selling points of their merchandise, these businesses endeavour to enlighten and sway consumer decisions, thereby making a positive contribution to the expansion of the vegan confectionery industry.

Market Segmentation

Which is the Most Popular Product Type?

Sales of Vegan Chocolate Bars Surge Ahead of All Other Categories

The projected market share for vegan chocolate bars in the vegan confectionery industry is the largest. The increasing prevalence of vegan chocolate bars can be attributed to their broad appeal among consumers seeking a recognizable option that is free from animal testing. The market segment advantages from the wide range of flavour profiles that chocolate offers, which enables producers to accommodate a variety of consumer preferences.

It is projected that vegan jellies and gummies will experience the most rapid expansion within the vegan confectionery industry. This market segment is currently undergoing rapid expansion due to consumer demand for delectable and chewy delights that also possess the benefit of being plant-based. The growing and ever-changing segment of the vegan confectionery market devoted to vegan gummies and jellies is propelled by their association with nostalgic flavours and the ability of plant-based ingredients to replicate the desired textures.

Which is the Largest Distribution Channel?

HoReCa Industry Brings in the Maximum Revenue

The food service sector, which includes HoReCa establishments (hotels, restaurants, cafes) and bakeries & patisseries, is anticipated to hold the most substantial market share in the vegan confectionery industry. The prevailing market position is a result of the expanding incorporation of vegan alternatives in bakeries and dining establishments, which mirrors a more extensive transformation in consumer inclinations towards plant-based selections within the food service industry. The quickest growth rate is anticipated for the online retailers segment of the vegan confectionery market.

The rapid growth of this segment can be attributed to the expanding e-commerce landscape and the convenience offered by online purchasing. With the growing preference of contemporary consumers for convenience and the increasing reliance of consumers on online platforms to purchase specialty food items such as vegan confectionery, the online retailer's sector is poised for significant expansion. This is due to the extensive product selection and ability to cater to the convenience-oriented needs of consumers.

Top Regional Markets

North America Dominates Globally with Increased Health and Ethical Awareness

It is anticipated that North America will hold the largest market share of the worldwide vegan confectionery industry. Multiple elements contribute to this pre-eminence. To begin with, veganism and plant-based diets have increased significantly in popularity throughout North America, primarily due to heightened consciousness regarding health, sustainability, and ethical implications. The area harbors a substantial and influential consumer demographic that actively pursues vegan substitutes, even within the confectionery industry.

Proliferation of specialty stores, vegan-friendly restaurants, and a thriving online market have emerged in major metropolitan areas of the US, and Canada in response to the rising demand for plant-based delights. In addition, a high level of consumer disposable income and a firmly established food and beverage sector, in conjunction with an innovative culture, contribute to the expansion of the vegan confectionery market in North America.

East Asia Offers Manufacturing Opportunities as Consumers Shift to Plant-centric Diets

It is expected that East Asia will witness the most rapid expansion of the worldwide vegan confectionery industry. This projection is supported by several crucial factors. To begin with, a discernible transformation in dietary inclinations can be observed in East Asia, wherein a growing cohort of consumers is adopting plant-based diets due to considerations of ethicality, health, and the environment. A growing consciousness among nations such as China, Japan, and South Korea concerning the consequences of food selections on individual health and the environment is propelling the market demand for vegan products.

Furthermore, in conjunction with increasing disposable incomes, the region's sizable and expanding population generates a considerable consumer base that is willing to experiment with and embrace novel culinary trends. Additionally, the incorporation of veganism into mainstream culture and the impact of Western dietary trends contribute to the increasing demand for vegan confectionery throughout East Asia. Consequently, the area is positioned to experience exceptional expansion, which will create profitable prospects for enterprises engaged in the vegan confectionery industry.

Key Recent Developments

New Initiative

The Vegan Society initiated a new awareness-raising campaign concerning the advantages of vegan chocolate confectionery in April 2023. The campaign, titled "Vegan Chocolate: Good for You, Good for the Planet," provides a multitude of suggestions and recipes that highlight the potential of vegan chocolate candies.

Market Impact: The Vegan Society anticipates that the April 2023 launch of its awareness-raising campaign, "Vegan Chocolate: Good for You, Good for the Planet," will significantly impact the worldwide vegan confectionery industry in a positive and transformative way. Through actively endorsing the advantages of vegan chocolate confectionery and providing practical recommendations and recipes, the campaign is poised to substantially enhance consumer consciousness and enthusiasm regarding confections derived from plants. The heightened level of consciousness, in conjunction with the campaign's focus on the ecological and health benefits of vegan chocolate, is anticipated to generate an upsurge in worldwide demand for vegan confectionery items, thereby accelerating the expansion of the market.

Vegan Confectionery Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Product
  • Distribution Channel
  • Region

Key Companies Profiled

  • Mondelez International
  • Nestlé
  • Barry Callebaut
  • So Delicious Dairy Free
  • Hershey Company
  • Mars Incorporated
  • Kellogg Company
  • Taza Chocolate
  • Alter Eco
  • Freedom Confectionery
  • Dylan's Candy Bar
  • Endorfin
  • Goodio

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Vegan Confectionery Market Research Segmentation

By Products:

  • Vegan Chocolate Bars
  • Vegan Truffles
  • Vegan Gummies and Jellies
  • Vegan Marshmallows
  • Vegan Hard Candies
  • Vegan Licorice
  • Vegan Caramels
  • Vegan Fudge
  • Vegan Baked Goods
  • Vegan Puddings and Desserts
  • Vegan Chocolate Spreads

By Distribution Channel:

  • Food Service (HoReCa, Bakeries & Patisseries)
  • Airport Retail
  • Travel Retail (airplanes, Cruise ships)
  • Retail
  • Online Retailers

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Mondelez International
  • Nestlé
  • Barry Callebaut
  • So Delicious Dairy Free
  • Hershey Company
  • Mars Incorporated
  • Kellogg Company
  • Taza Chocolate
  • Alter Eco
  • Freedom Confectionery
  • Dylan's Candy Bar
  • Endorfin
  • Goodio

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 7.9% during the projected period.

 

The vegan confectionery market was valued at US$1.7 billion in 2023.

The US held the largest market share in 2023.

The prominent players in the market are Mondelez International, Nestlé, Barry Callebaut, So Delicious Dairy Free, and Hershey Company

 

The online retailers segment is expected to grow at the fastest CAGR during the forecast period.

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