The U.S. vegan chocolate market is set to surpass $294 million over the next five years, according to a new report from Research and Markets.
The research firm reported that the U.S. vegan chocolate market generated $110 million in 2021, and it’s estimated to reach $133.78 million this year. Overall, the market is predicted to grow at a compound annual growth rate of 17.8 percent to total $294.08 million in 2027.
Among the factors driving growth are expanding interest in the vegan diet and increased awareness of environmental protection and animal cruelty campaigns. However, higher prices compared to traditional chocolate may offset some of that growth.
Research and Markets also points to growth in online and offline distribution channels, as well as the founding of startups and small businesses that offer vegan chocolates.
In addition to breaking down the vegan chocolate market by type, product and distribution channel, the report also includes market overviews for California, Florida, Illinois, New York, Ohio, Pennsylvania and Texas. Among the mentioned companies are Alter Eco, Davis Chocolate, Endangered Species Chocolate, Equal Exchange Coop, Mondelez International, Natural Candy Store, No Whey Chocolate, Raaka Chocolate, Taza Chocolate and Theo Chocolate.