A report by Expert Market Research has predicted that the South Korean vegan chocolate market will grow with a significant CAGR of 13.6% through to 2028.
The market is being driven by high rates of lactose intolerance in the country, which is leading manufacturers to develop dairy-free alternatives. Rising demand for healthy, clean-label products is also a factor; some consumers are opting for plant-based chocolate as it is cholesterol-free.
Meanwhile, many younger consumers (Millennials and Gen Z) are increasingly aware of animal welfare issues and the environmental impact of animal agriculture. Rising disposable income and improved living standards are also boosting sales of vegan chocolate.
As a result, an increasing number of Korean facilities are producing plant-based chocolate, and many manufacturers are expanding their ranges. The South Korean government has also introduced several initiatives — such as sponsoring food events and supporting startups — to promote plant-based food in an attempt to improve sustainability. These factors are providing a further boost to the market.
Global market
The growth mirrors that of the global vegan chocolate market, which is also expected to see a significant increase in the coming years as plant-based diets increase in popularity. The exploration of new ingredients will provide further opportunities for market expansion. However, the relatively high cost of plant-based chocolate could restrict growth.
The full report on the South Korean vegan chocolate market is available here.
