With Veganuary in full swing, reports are now stating the global vegan chocolate market could be worth $2 billion by 2032.

This surge in popularity is being credited to the growing awareness about the benefits of plant-based food. Confectionary products could see an even greater growth rate.

According to Transparency Market Research the global vegan chocolate market was valued at $532.7 million, and is estimated to grow at a CAGR of 10.5 per cent from 2022 to 2032.

The US is leading the way in the category, according to further analysis from Allied Market Research, as consumers become increasingly aware of both the health and ethical issues surrounding manufacturing and ingredients.

Confectionarynews.com reported manufacturers are also increasing their production capacity for vegan chocolate.

“The rising adoption of veganism and plant-based diets after several studies indicate the association of vegan chocolates with lower blood pressure and cholesterol, as well as lower incidences of heart disease, type 2 diabetes, and various types of cancers means we can expect to see new free-from products on show at this year’s trade show fairs,” the report said.

Veganuary’s Head of Communications Dr Toni Vernelli said it was amazing to see how the presence and acceptance of veganism has grown around the world.

“I know Veganuary’s friendly, non-judgmental, ‘just give it a go for a month and see what you think’ approach has played an instrumental role in this shift,” she said.