In the last two years, leading chocolate brands including Hershey’s and Cadbury’s have launched vegan chocolate bars as consumers continue to seek out dairy-free options for health, environmental, and ethical reasons. The vegan chocolate market should is estimated to reach $1 billion in sales globally by 2027.

Shifting consumer habits

The growing vegan population is anticipated to surge the market growth. Consumers are not only seeking out sustainable and healthier options, but they’re willing to pay a premium for products that are responsibly sourced and sustainable. Consumers are also shifting away from dairy for health reasons; an estimated 65 percent of people suffer from lactose intolerance.  

Opportunity for smaller brands

Despite brands like Hershey’s diving into the market, smaller brands and some primarily vegan to begin with as driving the category growth. Brands including Equal Exchange—a Fair Trade chocolate producer, Endangered Species Chocolate, Alter Eco, Taza, and Theo as some of the brands expected to see the biggest growth over the next several years. Like Hershey’s, Endangered Species recently launched oat milk-based chocolate bars.