Vegan chocolate confectionery market outlook 2021-2027
The vegan chocolate confectionery market is growing at a 12% CAGR, in the 2021-2027 forecast period.
Confectionary companies are getting on board with the rising popularity of vegan options, by providing alternatives to their customer-favourite chocolates.
Vegan food market research
A2Z Market Research has released a data research report on the vegan chocolate confectionery market, which offers details on the growth dynamics of vegan chocolate confectionery.
Vegan chocolate is any chocolate made without animal-derived ingredients, primarily, no dairy milk.
Vegan consumers are concerned about the environmental impact of the dairy industry which supplies confectionary companies with milk for traditional chocolate products.
The vegan food market is also fueled by those who identify as Flexitarian or Plant-Based, who are reducing, not cutting out, dairy and meat from their diets.
Chocolate brands move to create vegan alternatives to traditional confectionary
Hershey, one of the world’s biggest chocolate manufacturers, recently released a line of vegan chocolate, Oat Made, in two flavours: Classic Dark and Extra Creamy Almond & Sea Salt. These will be trialled until June 2022.
Hershey started work on Oat Made by researching other vegan chocolate options.
“After finding that the ingredient formulas of existing products could be improved upon, our masterful Research and Development team at Hershey developed formulas using oats that we believe deliver better on consumers’ expectations than what is in the marketplace today”, said Dan Mohnshine, Hershey’s Team Lead of Strategic Growth Platforms.
Galaxy chocolate, which is owned by Mars Wrigley, has also made the foray into vegan chocolate options.
“We’re so excited to be bringing these delicious treats to Galaxy’s range using a vegan recipe that doesn’t compromise on the brand’s signature smooth and creamy characteristics”, said Mars Wrigley UK’s unit director Kerry Cavanaugh in a statement. “Wherever you look you can’t avoid the vegan buzz. Even though vegan treats are currently only worth $13mn in a $5bn chocolate market, we think that by introducing Galaxy, there is a huge opportunity for the category to grow.”