In 2022, the Global Vegan Confectionery Market reached USD 1.34 Billion, and it is projected to experience a rapid revenue growth at a compound annual growth rate (CAGR) of 11.7% during the forecast period. The primary driving force behind this growth is the increasing awareness of health-conscious individuals who are opting for healthier alternatives to animal-based food products. Vegan confectionery encompasses a wide range of treats such as sweets, chocolates, bakery items, candies, desserts, and pastries that are created using vegan ingredients. The demand for vegan confectionery is on the rise due to a growing understanding of veganism and the environmental and health benefits associated with a plant-based diet. Moreover, consumers are actively seeking confectionery products that are low in calories, sugar-free, and made with natural ingredients, reflecting their heightened consciousness towards personal health.
Vegan candies are often considered a more wholesome substitute for conventional candies. These products made with vegan confectionery ingredients are commonly free from allergens such as dairy, eggs, and nuts. The demand for allergen-free products is increasing in tandem with the prevalence of food allergies and intolerances.
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Competitive Landscape:
Taza Chocolate, Alter Eco, Endorfin Foods, Takasago International Corporation, Goodio, Chocoladefabriken Lindt Sprüngli AG, Mondelēz International, EQUAL EXCHANGE COOP, Endangered Species Chocolate, LLC., and VeganFirst.
Driving Factors of Vegan Confectionery Market
- Increasing Health and Wellness Awareness: Growing concerns about health, fitness, and overall wellness have prompted consumers to seek healthier food options, including confectionery products. Vegan confectionery, being free from animal-based ingredients, appeals to health-conscious consumers who are looking for treats with potentially lower fat, cholesterol, and allergens.
- Rising Vegan and Plant-Based Diets: The popularity of vegan and plant-based diets has been on the rise globally. People are choosing vegan confectionery products as a way to align their dietary choices with ethical, environmental, and health-related values.
- Allergen Concerns: Many traditional confectionery products contain common allergens like milk, eggs, and nuts. Vegan confectionery offers a suitable alternative for individuals with food allergies or intolerances, expanding the consumer base for such products.
- Environmental Awareness and Sustainability: Consumers are becoming more environmentally conscious, and they are actively seeking products that have a lower impact on the planet. Vegan confectionery often has a reduced carbon footprint, as it doesn't rely on animal agriculture, which can be resource-intensive and contribute to greenhouse gas emissions.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook:
- Chocolate
- Flour
- Sugar
- Chewing Gum
- Sugar Candies
- Candied Fruits and Nuts
- Ice-Cream
Distribution Channel Outlook:
- Online
- Offline
- Others
Key Takeaways of the Global Vegan Confectionery Market Report:
- A comprehensive overview of the global Vegan Confectionery industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Vegan Confectionery market.
- Elaborate study of the leading regional markets in the global Vegan Confectionery market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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