Growing Awareness about Animal Welfare and Environmental Sustainability to Boost Global Vegan Confectionery Market Growth | Future Market Insights, Inc.
Vegan Confectionery Market Projected to Reach US$ 3,327.8 Million by 2034, Witnessing a 7.3% Growth. Rising demand for vegan confectionery fueled by ethical and sustainable choices, creating opportunities for innovative, high-quality products in a fast-growing market
NEWARK, Del, Nov. 29, 2023 (GLOBE NEWSWIRE) — The global vegan confectionery market is projected to witness a significant growth trajectory over the coming years. The market is estimated to be valued at US$ 1,377.7 million in 2024 and reach a valuation of US$ 3,327.8 million by 2034. This growth is expected to be driven by a CAGR of 7.3% through 2034 as more consumers adopt plant-based diets due to health concerns and lifestyle disorders. The trend of veganism is particularly pronounced in the confectionery industry, where manufacturers have developed a range of plant-based products to cater to the growing market demand.
The global vegan confectionery market has witnessed remarkable growth in recent years, driven by several factors. One of the key drivers of this growth is the increasing popularity of veganism, particularly among millennials and the working population. This shift toward plant-based diets is linked to the growing awareness of animal welfare and environmental sustainability. Consumers today are more concerned about the ethical treatment of animals and the impact of food production on the environment. As a result, there has been a surge in campaigns and awareness efforts to promote veganism and plant-based diets, which has further fueled the market for vegan confectionery.
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The vegan confectionery market presents numerous opportunities for businesses, including the development of innovative and sustainable food products. With the use of advanced technologies, such as plant-based ingredients and eco-friendly packaging, companies can create products that appeal to the growing demand for ethical and sustainable food choices. Additionally, the incorporation of functional ingredients, such as protein and fiber, can enhance the nutritional value of vegan confectionery products.
Manufacturers and suppliers can capitalize on the opportunity presented by the market by introducing innovative and delectable vegan chocolate confectionery options of high quality to cater to the discerning tastes of consumers. The exploitation of the increasing interest in vegan products in the market is an opportunity for them to boost their earnings.
The market is fast-growing, and companies that offer quality and innovative products are likely to gain a competitive edge over their peers. Therefore, manufacturers and suppliers should consider investing in research and development to create unique and appealing vegan chocolate products that meet the market’s specific needs.
“The future of the vegan confectionery market appears to be promising, with sustained growth expected in the coming years. As consumers prioritize ethical and sustainable food choices, companies prioritizing product innovation and sustainability can seize exciting opportunities in this dynamic market,” -says Nandini Roy Choudhury ( client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Vegan Confectionery Market
- The global vegan confectionery market is estimated to register a CAGR of 7.3% with a valuation of US$ 3,327.8 million by 2034.
- The global market registered a CAGR of 9.2% during the historical period.
- BENELUX is anticipated to dominate the global market by registering an 11.9% CAGR during the forecast period.
- With a 10.3% CAGR, the United Kingdom is expected to drive the global market through 2034.
- The market in Germany is anticipated to secure a CAGR of 9.2% during the forecast period.
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Key Strategies
Significant development and expansion have occurred in the vegan confectionery industry during the last several years. One primary reason for this growth is the entry of several players into the market, which has expanded the market.
The top players in the market concentrate on launching premium, nutrient-rich products to satisfy a range of consumer tastes and preferences and stay competitive. Producers are also expanding their production capacities to fulfill the rising demand for vegan candy while maintaining the nutritional value of their products.
Recent Developments in the Vegan Confectionery Market
- In November 2023, NOMO, a vegan and free-from chocolate brand based in the United Kingdom, launched a new lineup of its unique pop-up chocolate initiative featuring several traditional and contemporary flavors.
- In October 2023, Fruit-Tella decided to completely transform its ‘chew’ and ‘stix’ products to appeal to a broader consumer base. The new vegan confectionery will be made with natural colorings and flavors and incorporate real fruit juice.
- In April 2023, Hershey’s launched dairy-free alternatives for Reese’s peanut butter cups and Hershey’s cream infused with almonds and sea salt.
Key Companies in the Vegan Confectionery Market
- 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
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Market Segmentation
By Product:
- 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
- Hypermarkets/Supermarkets
- Convenience Stores
- Departmental Stores
- Wholesale Stores
- Independent Retailers
- Specialty Stores
- Online Retailers
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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