South Korea Vegan Chocolate Market to Grow at a CAGR of 13.6% During 2024-2032, Aided by the Growing Vegan Population

The increasing adoption of vegan lifestyle by the population is supporting the South Korea vegan chocolate market growth. Vegan chocolates provide diverse options for tourists and local populations. The rising availability of diverse alternatives for milk and milk-based products is enabling manufacturers to innovate their offerings. Further, there is an increased demand for premium chocolate products among the population, including vegan and plant-based offerings.

Vegan chocolate is gaining popularity among millennials and Generation Z due to increased awareness of animal cruelty and sustainability. According to PETA, milk-producing animals are injected with antibiotics and hormones to meet the rising demand for dairy products globally. The surge in public awareness due to initiatives of animal rights nonprofit organisations and the greater empathy for animals among the population is aiding the market growth.

In addition, increasing food allergies and lactose intolerance are significantly supporting the demand for vegan chocolates. Cow milk allergies contribute to 28.1% of total food allergies among children. This, in turn, is driving the demand for vegan chocolates in South Korea.

Multinational companies are launching plant-based menus to cater to the rising demand for vegan chocolates. For instance, in 2021, Starbucks Corporation (NASDAQ: SBUX) in South Korea launched a vegan Chocolate Fudge Cake, featuring a rich chocolatey ganache made with dark chocolate and soymilk.

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Market Breakup by Product, Flavour, and Distribution Channel:

• The market is segmented based on product into dark chocolate, and white chocolate, among others.

• Based on flavour, the market can be divided into caramel, brown butter, lavender, and coconut milk, among others.

• Based on the distribution channel, the market is divided into hypermarkets and supermarkets, convenience stores, speciality stores, and online, among others.

Key Findings of the Report:

• The growing trend of veganism is supporting the market for vegan chocolates. In South Korea, high consumer purchasing power enables people to indulge in innovative and premium chocolate offerings.

• The growing prevalence of cow milk allergies among kids is a key factor supporting the South Korea vegan chocolate market growth. Studies show that 28.1% of all food-related allergies in children are the result of cow milk.

• The market benefits from the increasing concerns regarding animal cruelty and sustainability among the millennials and Generation Z.

• Use of vegan chocolate in restaurants and cafes to innovate food menus is supporting the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea vegan chocolate market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product, flavour, and distribution channel of vegan chocolates in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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