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Increased Health Awareness among Global Consumers Drives Vegan Chocolate Market Growth
The vegan chocolate market has been projected to reach the valuation of US$ 1444.7 Mn and extent at a CAGR of 10.5% in the foreseeable years from 2020 to 2030.
A well-planned vegan diet matching guidelines for healthy eating further provide nutrients to the human body. The diet is suitable for people from different age-group and stages of life. Various studies have been conducted that indicate the link between vegan chocolates and cholesterol and lower blood pressure. These chocolates are also helpful to reduce the incidences of type 2 diabetes, heart disease, and numerous types of cancer. In recent years, veganism provides assistance for the promotion of healthy eating habits. It also reduces the imminent risks that are associated with fats from the harmful animal. The chocolates that are based on plants are rich in minerals, essential fibers, and vitamins. Numerous consumers that have lactose intolerance can opt for alternatives that are based on plants. So, the rising demand for these chocolates has also been predicted to contribute to revenue generation opportunities in the vegan chocolate market in the coming years.
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Growing Count of Animal Rights Organizations Propels Expansion Opportunities in Vegan Chocolate Market
People, at the present time, are becoming more sympathetic and sensitive to animals about the surroundings and conditions in which they are raised. They are opting for products that are based on plants owing to increasing concerns related to animal welfare. As per the PETA (People for the Ethical Treatment of Animals), cows have been administrated BGH (Bovine Growth Hormones) and antibiotics for the production of more milk on annual basis. Numerous hormones have been used in order to boost the efficiency and productivity of cows. These factors are likely to put a negative impact on the health of their offspring. Certain congenital defects have also been noticed in animals. Furthermore, vegan chocolate has been made without using dairy milk as an ingredient. Many people consider this issue a significant source of various environmental issues. In recent years, crops are used at an increased rate to manufacture chocolates that are based on milk. These factors are further estimated to help the populace tackle concerns related to the environment.
Rising Preference for Organic Vegan and Chemical-free Chocolate Bolster Sales Avenues in Vegan Chocolate Market
The vegan chocolate market has been classified into conventional and organic on the basis of nature. Between these two, the conventional vertical has been predicted to hold a noticeable share in the global market in the forthcoming years. A rapid increase in the demand for organic vegan chocolate has also been experienced in the present time. Furthermore, vegan chocolate has also been produced without the use of any harmful chemicals or pesticides. Consumers around the world generally perceive these organic chocolates as a healthier and safe alternative to traditional chocolate. These factors are likely to contribute as revenue generators in the vegan chocolate market in the following years.
Regional Analysis of Vegan Chocolate Market
Among numerous regional areas, Europe has been anticipated to hold a noticeable share in the global market in the near future. The rapid growth in the region is attributed to increasing consumer awareness related to animal sustainability, health, and welfare. In addition to this, the presence of numerous manufacturing units across the region has also been expected to drive growth opportunities in the vegan chocolate market. Established R & D centers, innovative technologies, and high disposable income are also likely to contribute to growth impetuses in the vegan chocolate market in the coming years.
North America and South Asia regions are also likely to grow at a significant speed in the vegan chocolate market in the upcoming years.
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Global Vegan Chocolate Market: Segmentation
Vegan Chocolate Market, by Nature
Vegan Chocolate Market, by Type
- Milk Chocolate
- Dark Chocolate
- White Chocolate
Vegan Chocolate Market, by Sales Channel
- Hypermarkets/Supermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
Vegan Chocolate Market, by Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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