Analysis of Vegan Candies market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to latest research by Fact.MR, vegan candies are likely to witness robust growth during 2021-2031. Demand for vegan candies will witness a progressive growth outlook in the long-run. Growing acceptance of veganism around the world combined with increasing awareness regarding importance of healthy food intake will mean limited opportunities in near future, however, consumption of vegan candies by social media influencers and millennial fitness enthusiasts dedicated to vegan lifestyles will provide long-term momentum.
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Consumers nowadays are becoming more conscious about their health as well as daily routine intake of protein and other nutrients. With their busy lifestyle, trend of convenience food products is continuing to grow. In turn, fueling the demand for low-fat and protein rich food, simultaneously propelling the demand for vegan candies.
Consumers perceive vegan food products to be healthier as compared to conventional food products. Additionally, rising awareness towards animal cruelty in meat and dairy products is acting as a key driver for vegan candies market.
Moreover, vegan candies are free from harmful effects which are possessed by conventional candies, like tooth decay, obesity, impact of additives such as caffeine which affects the nervous system and causes nervousness, tension and insomnia. The intake of vegan candies in daily dietary, containing no sugar and other additives will give adequate nutrients to minimize the impact of changing lifestyle.
Vegan candies are being increasingly sought-after to prevent the risk of type-2 diabetes and cardiovascular diseases accompanied with the consumption of traditional candies and chocolates. These factors have proved pivotal towards recent increase in demand of vegan candies.
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The impact of coronavirus outbreak has been evident on numerous industries as well as end-users. Although lockdown and shelter-at-home guidelines have meant restricted activities, consumers started storing snacks at home to get an adequate and convenient source of energy and nutrition. A shift in consumption pattern has been evident as consumers started stockpiling lower-priced private-label items. Conventional chocolate and candies manufacturers have been suffering the most due to disruption in supply of cocoa beans, further advantaging local vegan candies manufacturers by creating sustained opportunities in near future.
Furthermore, demand from distributors to offer more plant-based food items and dairy-free confections has forced vegan product manufacturers to expand and ramp-up their production. In turn, increased new product launch in vegan confectionery market.
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The rising popularity of healthy confectionary segment including organic, low-carbs, low-fats and low-cholesterol digestive candies in developed economies, like the United States, is driving the sales of vegan candies and likely to upsurge the market demand in near future. Manufacturers have started listing vegan candies at vitamins and supplements stores owing to the large footfall of health conscious and fitness enthusiasts in these stores. Also, the impulsive purchase behavior of consumers accompanied with the growing millennials in emerging economies is likely to spur the vegan candies market in US and Canada.
According to Good Food Institute, grocery sales of plant-based foods in US has reached $7 billion by April, 2021, with a gain of almost 27% from the past year. The market for plant-based food grew almost 2.5x faster than total food sales during 2018-2020. In turn opening doors for vegan/plant-based food product manufacturers in the North American market.
Europe held the largest share in the vegan bakery and confectionaries products. Moreover, the European food industry is inclined towards innovation in the food products to meet the demand of vegan consumers. With the largest confectionary product consuming population, the region is taking initiatives to improve quality and standard of food products by the means of vegan ingredients.
Many countries in Europe have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. Germany, Italy, and France being the most visited countries in Europe, are creating opportunities for vegan candies manufacturers to supply on-the-go vegan candies in form of packaged and ready-to-eat food.
Some of the leading manufacturers and vegan candies suppliers include
At present, the market for vegan candies is highly unorganized. Companies like August Storck KG has stopped making its longtime vegan-friendly candy by adding a new formula that contains gelatin. The company felt that this adjustment leads to an overall improvement of the product. However, the demand for vegan candies is likely to swell in near future with an upsurge in vegan population, in turn, making it one of the most organized market as a source of vegan snacks and confectionary.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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