According to MarkNtel Advisors study the Global Vegan Chocolate Market size is estimated to grow at a CAGR of around 12.8% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Vegan Chocolate market

Global Vegan Chocolate Market Driver:

Rising Instances of Diseases Among Consumers Fueling the Market Growth – The rate of diseases such as heart attack, diabetes, anaphylaxis, etc, are increasing due to high intakes of dairy products, which results in an increased risk for these diseases. According to the World Health Organization, there have been nearly 10 million deaths in 2020 due to cancer, and the diabetes mortality rate increased by around 3% in 2019. Due to the increasing rate of diseases, consumers are shifting toward a vegan diet, as it tends to contain less saturated fat and cholesterol and more dietary fiber.

According to the American Journal of Clinical Nutrition, individuals who consume a vegan diet have lower serum cholesterol and lower blood pressure, reducing the risk of heart disease. The shifting of consumers towards a vegan diet would increase market growth.

Global Vegan Chocolate Market Challenge:

Lack of Production of Cocoa Beans Impeding Market Growth – The chocolate industry is facing a huge issue with the production of cocoa beans, which are a raw material for chocolates. Ghana, the world’s second-largest cocoa producer, is unlikely to be able to fulfill the demand for cocoa due to a lack of fertilizers and spraying chemicals. Also, with the heavy rain in West Africa, black pod disease has spread, causing cocoa pods to turn black and rot, resulting in lower cocoa crop quality and production, which directly affects the chocolate market. Due to the shortage of cocoa beans, the prices of chocolate increased which indirectly affected market growth.

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Scope of the Report and Vegan Chocolate Market Segmentation:

By Chocolate Type

• Milk Chocolate- Market Size & Forecast 2019-2030F, USD Million
• White Chocolate- Market Size & Forecast 2019-2030F, USD Million
• Dark Chocolate- Market Size & Forecast 2019-2030F, USD Million
• Caramel- Market Size & Forecast 2019-2030F, USD Million
• Nut- Market Size & Forecast 2019-2030F, USD Million
• Fruit- Market Size & Forecast 2019-2030F, USD Million
• Others (Praline, Baking, etc.,)- Market Size & Forecast 2019-2030F, USD Million

By Flavor Type

• Unflavored- Market Size & Forecast 2019-2030F, USD Million
• Flavored- Market Size & Forecast 2019-2030F, USD Million

By Packaging Type

• Molded Bars- Market Size & Forecast 2019-2030F, USD Million
• Chips & Bites- Market Size & Forecast 2019-2030F, USD Million
• Box Assortments- Market Size & Forecast 2019-2030F, USD Million
• Chocolate Truffles- Market Size & Forecast 2019-2030F, USD Million

Molded bars hold a significant share of the Global Vegan Chocolate Market due to their wide availability, and consumers love to eat molded chocolates of different sizes and styles.

By Sales Channel

• Offline- Market Size & Forecast 2019-2030F, USD Million
  • Supermarkets & Hypermarkets- Market Size & Forecast 2019-2030F, USD Million
  • Convenience Stores- Market Size & Forecast 2019-2030F, USD Million
  • Brand Owned Outlets- Market Size & Forecast 2019-2030F, USD Million
• Online - Market Size & Forecast 2019-2030F, USD Million

Vegan Chocolate Market Competitive Landscape

• One Good
• Nestle
• Alter Eco
• The Hershey Company
• Schmilk Chocolate
• Chocoladefabriken Lindt & Sprungli AG
• Taza Chocolate
• Goodio
• Montezuma’s Direct Ltd.
• Sjaak’s
• Plamil Foods Ltd
• Endorfin Foods
• Barry Callebaut
• No Whey Chocolate
• Others (Creative Nature Ltd, Theo Chocolate, Inc., etc.)

Vegan Chocolate Market Development:

• April 2023: Applied Materials, Inc. unveiled VeritySEM 10, a novel eBeam metrology system engineered for accurately measuring the crucial dimensions of semiconductor device features created using EUV and the emerging High-NA EUV lithography.
• March 2023: CREEN PE Solutions Co., Ltd., a subsidiary of SCREEN Holdings Co., Ltd., introduced the Ledia 7F-L direct imaging system. This latest model was developed by SCREEN PE to cater to the rising need for precise pattern creation on large-scale substrates and metal masks, specifically targeting applications in the telecommunications and IoT infrastructure sectors.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The Asia-Pacific region is set to claim a considerable share of the Global Semiconductor Manufacturing Equipment Market during the forecast period.

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