The increasing vegan population and broadening the range of vegan ice cream flavors are the leading factors driving the global vegan ice cream market during the forecast period.
According to TechSci Research report, “Vegan Ice-Cream Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F.”, The global vegan ice cream market is expected to grow during the forecast period due to increased lifestyle ailments and allergy conditions, technological advancements, climate change, and changing perceptions towards sustainability.
Vegan ice cream is made with soy, almond, cashew, coconut, or rice milk. These products provide all the delicious flavor and creaminess of ice cream without harming a single cow. It contains significant amounts of fat and delivers the same delicious flavor and rich creaminess as conventional variants.
Rising consumer preference for a flexitarian diet is a critical factor driving the market growth, as are rising health concerns globally and increased rates of veganism, among other factors. In the forecast period, rising demand for plant-based confectioneries will open-up new opportunities for the vegan ice cream market.
Ice cream consumers are willing to pay more for rich flavors. The use of food pieces such as ice cream, cake, chocolate, candy, and nut bits is a rapidly growing premium trend. In response to these market factors, manufacturers are immunizing their products, making them richer, creamier, and more appealing. Premiumization today entails the addition of exotic flavors as well as more sophisticated designs and shapes to create new exciting experiences and a luxurious eating experience. The inclusion of these ingredients makes premium ice cream popular among the younger generation, propelling the global vegan ice cream market forward.
The growing population of health and fitness-conscious consumers and their preference for low-sugar, low-processed-ingredient desserts are expected to positively impact the growth of the global vegan ice cream market in the coming years. The ice cream market will also grow due to manufacturers’ emphasis on developing and marketing plant-based vegan ice cream products. Furthermore, rising sales of non-dairy ice creams, and fruit bars used for various purposes, including high protein, energy, and snacking, are increasing the demand and positively impacting the market for vegan ice cream.
With innovation abounding and product lines expanding, consumers have more options than ever before. This satisfies the curiosity of some consumers who want to try ‘exciting’ food and beverages, contributing to the growth of the plant-based sector. Many supermarkets are now expanding their vegan offerings and utilizing more shelf space in response to customer demand. Products with traditional dairy-based ingredients, such as ice cream, are now widely available in plant-based varieties, making it easier and more convenient for curious consumers to try something new.
High pricing of plant-based ice creams is the major factor acting as restraint and will further challenge the market during the forecast period, among others.
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The global vegan ice cream market is segmented based on flavor, product type, source, distribution channel, region, and competitional landscape.
Based on flavor, the market is fragmented into chocolate, vanilla, strawberry, and others (caramel, blueberry, etc.). Among these segments, the chocolate flavor is the fastest growing because it is the flavor that people prefer most.
Based on source, the market is further segmented into coconut milk, cashew milk, soy milk, almond milk, and others (rice milk, combination). Based on distribution channel, the market is segmented into specialty stores, convenience stores, hypermarkets & supermarkets, online, and others (dealers & distributors sales, etc.)). The market analysis also studies the regional segmentation divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key market players in the global vegan ice-cream market include:
- Unilever LLC
- Van Leeuwen Ice Cream LLC
- Oatly Group AB
- Wicked Kitchen
- Tofutti Brands, Inc.
- Booja-Booja Company Ltd
- Over The Moo
- HP Hood LLC (Plant Oat)
- Bliss Unlimited, LLC (Cosmic bliss)
- Little Red Rooster Ice Cream Company (NadaMoo)
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“The new product innovation to enhance flavor and industry technology improvements give the market a favorable outlook to enhance the market growth.. In addition, the availability of a diverse range of flavors and rising health awareness on lactose intolerance and other milk-related health issues are driving the market growth. Furthermore, an increasing vegan population has driven market growth for vegan ice cream and is expected to boost industry growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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