An Overview of Emerging Food Markets: Vegan Chocolate, Used Cooking Oil

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This article provides a summary of the current trends, drivers, and challenges in food markets that are expected to grow in the near future: Vegan Chocolate, Used Cooking Oil. It also highlights some of the key applications and opportunities in these fields.

Vegan Chocolate Market

Market Outlook: 

The global vegan chocolate market size was valued at USD 531 Million in 2022 and is likely to reach USD 1.35 Billion by 2031, expanding at a CAGR of 13.8% during the forecast period, 2023–2031. Vegan chocolate is any chocolate manufactured without the use of animal substances, such as milk, butter, or honey. Vegan chocolate is considered dairy-free and suitable for people who follow a vegan diet or have lactose intolerance or dairy allergies. Vegan chocolate can offer benefits such as lower cholesterol, blood pressure, and inflammation, as well as higher antioxidants and flavonoids.

Market Trends: 

One of the key trends in the vegan chocolate market is the growing popularity of hand-crafted chocolates that offer unique flavors, textures, and ingredients. These chocolates are made with high-quality cocoa beans and natural sweeteners, such as coconut sugar, maple syrup, or agave nectar. Some examples of hand-crafted vegan chocolates are Raw Halo, Pana Organic, and Loving Earth. Another trend is the rise of specialized vegan chocolate brands that cater to specific segments or niches of the chocolate market. For example, some vegan chocolate brands focus on ethical sourcing (such as Divine Chocolate), environmental sustainability (such as Alter Eco), or social impact (such as Tony’s Chocolonely).

Used Cooking Oil Market

Market Outlook: 

The global used cooking oil (UCO) market size was valued at USD 6.6 Billion in 2020 and is projected to reach USD 11.6 Billion by 2028, expanding at a CAGR of 7.7% during the forecast period. Used cooking oil (UCO) is the waste oil that is generated from repeated use of cooking oils in various settings, such as hotels, restaurants, household kitchens, and food processing units. UCO can be recycled and refined into various products, such as biodiesel, oleochemicals, animal feed, and industrial greases. UCO recycling can offer benefits such as cost savings, environmental protection, waste reduction, and energy security.

Market Trends: 

One of the key trends in the used cooking oil market is the growing use of UCO as a feedstock for biodiesel production. Biodiesel is a renewable and clean fuel that can reduce greenhouse gas emissions and dependence on fossil fuels. UCO-based biodiesel can also provide better engine performance and lower maintenance costs than conventional diesel. Some examples of UCO-based biodiesel producers are Neste, REG, and Greenergy. Another trend is the development of innovative technologies and business models that facilitate the collection, processing, and distribution of UCO. These technologies and models can improve the efficiency, quality, and profitability of UCO recycling. Some examples of UCO recycling technologies and models are Darling Ingredients, [Baker Commodities], and [Olleco].

Conclusion

The vegan chocolate, food preservatives, and used cooking oil markets are three emerging food markets that have great potential for growth, innovation, and competition. These markets are influenced by various factors, such as the rising awareness of health and wellness, the increasing demand for convenience and quality foods, the growing need for sustainable and circular solutions, and the emergence of new business models and value chains. These markets also face some challenges, such as the regulatory compliance, the consumer acceptance, the product quality, and the market fragmentation. Therefore, the food players in these markets need to adopt effective strategies to gain a competitive edge and meet the evolving needs and expectations of the customers and the society.

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