Increasing trend of wellness and health in food and beverages industry had led an upsurge in demand for the vegan chocolate market globally. Apart from that, the key benefit associated with the vegan chocolate products will continue to draw high demand across different industrial verticals. Being used as the alternative to conventional chocolate by the lactose consumers will rev-up the demand for the vegan chocolate products positively. According to recent published report by Trends Market Research, the global vegan chocolate market will register healthy growth over the forecast period, 2021 -2028.
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Factor Governing the Adoption of Vegan chocolate products
Increasing awareness towards animal cruelty in the meat and dairy industry are the key factor which effectively propels the growth of the global vegan chocolate market. Vegan chocolate products is considered to be healthier than the conventional food by the consumers. Increasing awareness towards the greener environment is continue to serve as the key reason for widespread adoptions. According to the researchers, the animal agriculture industry sector are responsible for the increase in the emission of global greenhouse gases as the animal excrements emits gas such as methane, nitrous oxide, which poised the air and also contribute to the global warming and these factors are responsible for the robust development of the global vegan chocolate market. Such factors are fuelling the production of vegan chocolate products, and will provide long-term growth prospects to the industries. Also, Introduction of the new different vegan chocolate flavor is another key feature fuelling the growth of the global vegan chocolate products in multiple industrial applications.
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While these product have the capabilities in driving the overall operational efficiency of an industrial applications. Whereas, high cost associated with the vegan chocolate product can hamper the growth of the global vegan chocolate market. Compare to the conventional chocolate, the purchasing cost of the vegan chocolate products are high, which is observed as the key restraints responsible for the expansion of the global vegan chocolate market. Through 2028, the global vegan chocolate market is poised to witness emergence of revenue generating opportunities from the developing markets.
The study is further analyzing the global vegan chocolate market on the basis of product type, the channel of distribution, application and their usage in the region. Thereby, the vegan chocolate segmentation includes on the basis of its applications such as preserved food, beverages, confectionary and bakery. The key sub-segmentation of bakery includes, vegan chocolate, bread and cookies. While, confectionary sub-segmentation of products includes sweets, candies, and vegan chocolate and beverage sub-segmentation includes products like vegan chocolate shake. An ongoing regional analysis being developed in the report reveals Europe region as the largest market for the vegan chocolate market followed by North America. Apart from these regions majority of the manufacture in the global market for vegan chocolate market are based in countries such as Africa, Middle East, Latin America, and Asia Pacific. The study is analysing a range of macro- and micro-economic factors which will be influencing the growth of the global market for vegan chocolate for the coming years.
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Vegan Chocolate Market: Manufacturing Insights
Some of the key players in the global vegan chocolate market, that are being profiled in the study includes, Divine Chocolate Limited, The Hershey Company, The WhiteWave Foods Company, Ludwig Weinrich GmbH & Co. KG., and Newmans Own Inc.