Tap into the market opportunities behind chocolate segments and find areas to differentiate your products.
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The world has changed, and so have consumer habits. As concerns for healthier lifestyles, environmentally friendly practices, and animal welfare increase, customers are increasingly looking for plant-based foods that meet these demands.
The growing popularity of veganism among consumers worldwide -especially among millennials- is a significant factor in driving the growth of the plant-based food market. The global market for these products is expected to grow at a CAGR of 15.5% over the next ten years (2022-2032) and reach a value of $4 billion, according to a recent report by Future Market Insights.
Veganism has transcended and evolved over the last years to become more than just a fad. Consumers are experimenting with diets and nutrition, looking for healthy, balanced, affordable alternative foods.
Today’s transition is much more noticeable in the way of flexitarianism, a diet primarily based on vegetarianism but not entirely abandoning the consumption of fish and meat. For 2024 consumers’ wish to bring variety to their diet, will gain importance when they consider implementing alternatives that are 100% plant-based.
And with the arrival of the new year, January is the perfect month to raise awareness of the food quality we consume. More than 706,965 people around the world signed up to be part of Veganuary 2023, and the activist movement is expected to generate more followers this 2024. According to Innova Market Insights, in 2023, Plant-Based chocolate represented 40% of the total global vegan confectionery market.
Consumers are also buying more products that have a reduced sugar content. "Factors like concerns regarding animals' welfare in food production, the belief that vegan chocolates are healthier than boost healthy blood sugar, and the usage of alternative sweeteners like stevia in manufacturing processes are expected to boost the market at a faster pace" (Mordor Intelligence, 2022).
Also, what’s next for plant-based snacks in 2024?
Allergies, lactose intolerance, celiac disease and other health concerns have driven the search for new nutritious and healthy alternatives to animal-based milk and have boosted the market for oat milk, which has gained popularity because it is a good source of protein, low in cholesterol and gluten-free. According to Fairfield Market Research, by 2026, oat milk is expected to reach US$2.6 Bn at a CAGR of 11.5%.
While previously, oat milk snacks were the hype of the moment, by 2024, the challenge will be to offer new flavours and textures that will captivate customers’ taste buds. Fruit chunky additions, fun flavour combinations with spices, and limited editions will be the sensation to captivate consumers hungry for palate-pleasing adventures like millennials.
Balancing better: Plant-based and Indulgence
Indulgence and taste can go in hand with plant-based products and natural alternatives. Luker introduces Choco OatM!lk 43% couverture. This plant-based chocolate couverture is the most popular addition to our signature Balance portfolio, offering a vegan-friendly and gluten-free option for brands looking to experiment with ‘better-for-you’ alternatives.
This new chocolate couverture blends the creaminess and subtle cereal notes of OatM!lk balanced with Cacao Fino de Aroma notes (characteristic of our OatM!lk 43%) with the versatility that milk chocolate offers for several applications. It is ideal for snacks, bars, and other confectionery products. Its use appeals to conscious consumers wanting to include plant-based, environmentally friendly options in their diet.
Furthermore, creating a product for the planet shouldn’t mean consumers must sacrifice taste. The couverture uses high-quality ingredients to maintain its cereal and nutty flavour with a smooth and creamy texture.
“We’re seeing various subcategories within the plant-based sector emerge as consumers seek out more options to suit different diets and health requirements. Our product development research led to the development of Choco Oat M!lk 43% couverture to develop a perfect product for brands looking to appeal to a wider audience.”
Daniela Quintero, Head of Product Development at Luker Chocolate.
Delight your customers with our exquisite plant-based Choco Oat M!lk 43%. Discover the product fact sheet here!