Vegan chocolate market growing
The vegan chocolate market is experiencing very strong growth. In the last two years, leading chocolate brands including Hershey’s and Cadbury’s have launched vegan chocolate bars, as consumers continue to seek out dairy-free options for health, environmental, and reasons of compassion. According to a new report, it’s a sign of things to come as the vegan chocolate market should reach $1 billion in sales globally by 2027.
The vegan chocolate and vegan “milk” chocolate market was built by small companies such as Zazubean, Pascha and Theo just to mention a few. It’s notable that a selection of sugar-free vegan chocolates are now available, with herbal sweeteners such as stevia. After seeing their success, larger companies are entering the market. Cadbury’s has made the announcement that it was launching a vegan chocolate and Hershey’s announced the launch of its oat milk chocolate bars last year.
“Millennials and the working population are highly adopting the vegan culture, which is estimated to surge the demand for [vegan chocolate]” reads the report. Data continue to show that consumers are not only seeking out sustainable and healthier options, but they’re willing to pay a premium for products that are responsibly sourced and sustainable. Consumers are also shifting away from dairy for health reasons. An estimated 65 percent of people suffer from lactose intolerance. In some Asian demographics it can be as high as 100 percent, according to a 2017 study. The report predicts America will drive the bulk of the sales, even as countries like the U.K. have been leading the shift to plant-based food overall. According to the report, “The growing vegan population is anticipated to surge the market growth,” reads the report.