Press Release

Vegan Confectionery Market to Grow with a CAGR of 7.45% through 2028

Rising health awareness and expanding vegan population are factors driving the Global Vegan Confectionery Market in the forecast period 2024-2028.

 

According to TechSci Research report, “Vegan Confectionery Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Vegan Confectionery Market stood at USD 1.05 billion in 2022 and is anticipated to grow with a CAGR of 7.45% in the forecast period, 2024-2028. The Global Vegan Confectionery Market has been experiencing remarkable growth in recent years, driven by a confluence of factors that reflect evolving consumer preferences, ethical considerations, and advancements in food technology. This market encompasses a wide array of plant-based sweet treats that exclude animal-derived ingredients such as dairy, gelatin, and honey. One of the major drivers behind the growth of the global vegan confectionery market is the rise of health and wellness trends. As consumers become more health-conscious, they are seeking out food options that align with their dietary goals. Vegan confectionery products, often perceived as healthier alternatives to traditional treats due to their absence of animal products and lower saturated fat content, are gaining popularity among those looking for guilt-free indulgence. Ethical and environmental considerations are also driving the growth of the vegan confectionery market. Many consumers are opting for vegan options to support animal welfare and reduce their carbon footprint. This shift in mindset has led to a surge in demand for confectionery products that are cruelty-free and environmentally sustainable, prompting manufacturers to focus on transparent sourcing and production processes. The expanding vegan population is another significant driver of this market's growth. As the awareness of the health, ethical, and environmental benefits of plant-based diets increase, more individuals are adopting vegan lifestyles. This growing demographic represents a substantial consumer base for vegan confectionery products. To cater to this market, manufacturers are introducing innovative and appealing offerings that mimic the taste and texture of traditional confections. The influence of celebrity endorsements and social media has also contributed to the global vegan confectionery market's growth. High-profile individuals, including celebrities and athletes, embracing veganism, and endorsing vegan products have heightened consumer awareness and acceptance of these options. Social media platforms have amplified this trend, allowing for the dissemination of information, product reviews, and recommendations. The virality of content related to vegan confectionery has boosted consumer interest and driven demand, particularly among younger demographics engaged in online communities and trends. In conclusion, the Global Vegan Confectionery Market is experiencing a transformative growth fueled by health and wellness trends, ethical and environmental considerations, an expanding vegan population, advancements in ingredient replication, and the influence of celebrity endorsements and social media. As consumers seek healthier, more ethical, and sustainable indulgence options, manufacturers are innovating to meet these demands. This market's upward trajectory underscores the potential for lasting impact within the confectionery industry.

 

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The Global Vegan Confectionery Market is segmented into product, distribution channel, regional distribution, and company. Based on product the market is segmented into chocolate, sugar, flour.   The Global Vegan Confectionery Market is witnessing a notable surge in demand for vegan chocolates. This trend is propelled by shifting consumer preferences towards plant-based diets, ethical considerations, and increased awareness of environmental sustainability. Vegan chocolates offer a guilt-free indulgence that aligns with these factors, appealing to a broader audience seeking both delectable flavours and ethical choices. As innovation continues to improve taste and texture, the rising demand for vegan chocolates is reshaping the landscape of the confectionery market. Based on distribution channel the market is segmented into online and offline. The Global Vegan Confectionery Market is experiencing a rising demand through online distribution channels. This trend is driven by changing consumer behaviours, increased internet accessibility, and the convenience of online shopping. With e-commerce on the rise, consumers are finding it easier to access and purchase vegan confectionery products online, expanding their options beyond physical stores. This shift reflects a broader digital transformation and is shaping the way consumers engage with and access vegan confections globally. Based on region the market is segmented into five regions North America, Europe, Asia Pacific, Middle East & Africa, and South America.

 

Major companies operating in Global Vegan Confectionery Market are:

  • Taza Chocolate
  • Alter Eco
  • Creative Natural Products, Inc.
  • Endangered Species Chocolate, LLC
  • EQUAL EXCHANGE COOP
  • MondelÄ“z International
  • Chocoladefabriken Lindt & Sprüngli AG
  • Dylan's Candy Bar
  • Endorfin
  • Goodio

 

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“Expanding vegan population is a significant trend that is expected to have an impact on growth over the forecasted period. Rising awareness of health and awareness, advancements in ingredient replication, and availability of functional and nutrient-enhanced confectionery will positively impact the Global Vegan Confectionery Market. Due to the wide range of products available to meet specific needs of, as well as the growing popularity of the online distribution channel, the market is growing at impressive rate through projected period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Vegan Confectionery Market By Product (Chocolate, Sugar, Flour), By Distribution Channel (Online, Offline), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Vegan Confectionery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Vegan Confectionery Market.


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Mr. Ken Mathews

Techsci Research LLC

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Website: www.techsciresearch.com

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Vegan Confectionery Market By Product (Chocolate, Sugar, Flour), By Distribution Channel (Online, Offline), By Region, By Competition Forecast & Opportunities, 2018-2028F

Consumer Goods and Retail | Dec, 2023

Rising health awareness and expanding vegan population are factors driving the Global Vegan Confectionery Market in the forecast period 2024-2028.

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