Overview and Scope
Vegan ice cream refers to frozen desserts made without animal products, such as dairy or eggs. It uses plant-based alternatives such as almond, coconut, or soy milk, with various flavors and textures to cater to different dietary preferences. It provides a delicious alternative for those who follow a vegan, vegetarian, or plant-based diet.
Sizing and Forecast
The vegan ice cream market size has grown strongly in recent years. It will grow from $0.67 billion in 2023 to $0.72 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to changing demographics, cultural diversity and dietary preferences, celebrity endorsements and influencers, and restaurant and dessert menu inclusions.
The vegan ice cream market size is expected to see strong growth in the next few years. It will grow to $0.99 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to government regulations, price competitiveness, allergen-free options, investment and marketing, and flavor diversity. Major trends in the forecast period include innovation in ingredients, product innovation, collaborations and partnerships, premiumization, functional ingredients, and innovative packaging.
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Segmentation & Regional Insights
The vegan ice cream market covered in this report is segmented –
1) By Source: Coconut Milk, Almond Milk, Cashew Milk, Soy Milk
2) By Product: Impulse, Artisanal, Take Home
3) By Form: Singles, Blends
4) By Flavor: Vanilla, Chocolate, Butter Pecan, Strawberry, Neapolitan, Cookies And Cream, Mint Chocolate Chip, Caramel
5) By Distribution Channel: Supermarkets, Convenience Stores, Food And Drink Specialists, Restaurants, Online Stores
North America was the largest region in the vegan ice cream market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the vegan ice cream market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth in health awareness is expected to propel the growth of the vegan ice cream market going forward. The attention towards health is rising due to increased awareness about pressing health issues, such as obesity, smoking, mental health, and infectious diseases. Vegan ice cream promotes health awareness by offering a dairy-free alternative with potentially lower cholesterol and saturated fat content. Plant-based ingredients are perceived as healthier options, appealing to individuals who are conscious of their dietary choices and seek alternatives that align with their health goals. For instance, in May 2022, according to an online survey of 1,005 Americans aged, 18 to 80 conducted by the International Food Information Council, a US-based non-profit organization, 52% of food and health survey participants followed a specific diet or eating pattern, up from 39% in 2021. The most common diets or eating patterns this year include clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%). Therefore, the growth in health awareness is driving the development of the vegan ice cream market.
Key Industry Players
Major companies operating in the vegan ice cream market are Nestlé S.A., McDonald’s Corporation, The Hain Celestial Group Inc., Wells Enterprises, Ben & Jerry’s Homemade Holdings Inc., Oatly Group AB, JENI’S SPLENDID ICE CREAMS LLC, Perfect Day Inc., PERRY’S ICE CREAM CO INC., VAN LEEUWEN ICE CREAM LLC, Tofutti Brands Inc., So Delicious Dairy Free, Coolhaus, Happy Cow Limited, NadaMoo, Bliss Unlimited LLC, Booja-Booja Company Ltd, Over The Moo, Frankie & Jo’s LLC, Three Twins Organic Inc., Oat & Mill, McConnell’s Fine Ice Creams
The vegan ice cream market report table of contents includes:
1. Executive Summary
2. Vegan Ice Cream Market Characteristics
3. Vegan Ice Cream Market Trends And Strategies
4. Vegan Ice Cream Market – Macro Economic Scenario
5. Global Vegan Ice Cream Market Size and Growth
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32. Global Vegan Ice Cream Market Competitive Benchmarking
33. Global Vegan Ice Cream Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vegan Ice Cream Market
35. Vegan Ice Cream Market Future Outlook and Potential Analysis
36. Appendix
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