Vegan Confectionery Market Set to Witness an Uptick during 2020 to 2027Posted by Mrudula Anil Karmarkar on April 26th, 2021 The global vegan confectionery market size is expected to reach USD 1.99 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 11.8% from 2020 to 2027. Growing trend of plant-based diet among the consumers has been widening the scope of the product over the world. In addition, rising number of lactose intolerant people and growing consumer preference for a vegan diet have been fueling the growth of the market across the globe. The foodservice sector is also adopting this trend by incorporating plant-based products in their menus. The coronavirus outbreak has been changing the shopping pattern of consumers. Consumers have been stockpiling lower-priced and private-label snacks that offer energy and nutrition. However, the disrupted supply chain has been negatively impacting the manufacturing of the products, especially in the small and craft chocolate firms. In terms of product, the chocolate segment led the market with over 40.0% share of the total revenue in 2020. Increasing acceptance of the product among the centennials and millennials has boosted the growth of the market over the world. Furthermore, health benefits such as low-fat and low cholesterol of the plant-based chocolates have been contributing to the market growth. As a result, companies in the industry have been widening their chocolate line by introducing new products. Asia Pacific is expected to expand at the fastest CAGR of 12.6% from 2020 to 2027 owing to growing vegan population in the key countries, including China and Japan. Furthermore, access of raw materials including plant-based milk ingredients, such as coconut and spirulina, is expected to compel the vegan confectionery manufacturers to keep their production units in vicinity. Increasing concerns about animals, personal health, and the planet have been popularizing the plant-based lifestyle. As a result, the plant-based food industry has been expanding over the years and offering a wide range of products. Both small and large food firms are entering the industry to capture the rising demand. In June 2018, Sodexo, a large catering company, partnered with the Humane Society of the United States to create more than 200 plant-based food items for campus dining halls and corporate foodservice facilities. Such initiatives are likely to widen the scope of the market in the near future. Vegan confectionery Market Report Highlights
Furthermore, increased number of new product launches in the vegan confectionery industry has accelerated market growth. As per The Vegan Society, the product lunch has grown by 185% between 2012 and 2016 in the U.K. The large retail chains including Walmart are interested in offering more plant-based food items. In addition, an increased number of lactose-intolerant people has raised the demand for dairy-free confections across the globe. These factors are expected to accelerate the growth of the market in the upcoming years. Due to the coronavirus outbreak, consumers have been stockpiling snacks to get a convenient source of energy and nutrition. The consumption pattern has been changing during the pandemic as consumers have been hoarding lower-priced and private-label items. In several countries, including France and Belgium, the sales of Easter chocolate have reduced in 2020 due to the pandemic. The disrupted supply chain has been impacting the entire food industry over the world. The small and craft chocolate businesses have been suffering the most due to shortages in supplies. Though a survey conducted by the Fine Cacao and Chocolate Institute (FCCI) has found that the supply chain of cacao has not disrupted severely. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450579/ibb The market can be characterized as a niche market with the presence of both small and large players. Companies have been expanding their product portfolio with innovative products. For instance, in April 2020, Freedom Confectionery launched its new “mallow out” bars in U.K. These plant-based mallow bars are coated with vegan chocolate and are also free from gluten, soy, and GMO. The “mallow out” bars are available in all key health food retailers in the U.K., including Tree of Life, Suma, and The Health Store. Some of the prominent players in the vegan confectionery market include:
Grand View Research has segmented the global vegan confectionery market on the basis of product, distribution channel: Vegan Confectionery Product Outlook (Revenue, USD Million, 2016 - 2027)
Vegan Confectionery Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |