Vegan Ice Cream Market

The global vegan ice cream market was valued at $520.9 million in 2019, and is expected to grow at a CAGR of 13.7 to reach $805.3 million by 2027. Europe was the highest contributor to the global vegan ice cream market with $188.6 million in 2019. Vegan ice cream is made from various natural sources such as almonds milk, soy milk, coconut milk, cashew milk, and rice milk. 

The vegan ice cream market growth is driven by increase in number of vegan and diet-conscious consumers across the globe. Furthermore, rise in concern of lactose intolerance, owing to the deficiency of the intestinal enzyme lactase fuels the demand for dairy-free or vegan food products. Vegan ice cream has been gaining increased popularity in the mature and emerging market. This can be attributed to rise in number of people allergic to dairy products. Furthermore, growth in health awareness and increase in disposable income has augmented the growth of the vegan ice cream market. Moreover, introduction of additional healthy ingredients by different market players such as Wells Enterprises, Inc., NadaMoo! Booja, Happy Cow Limited, Over The Moo, and Swedish Glace significantly drives the market growth. However, fluctuation in prices of raw materials and high cost of plant-based milk extraction act as the major restraints of the global market. On the contrary, surge in demand for dairy-free products by vegan population and introduction of new flavors & varieties of vegan ice cream are anticipated to provide lucrative opportunities for the expansion of the global vegan ice cream market.

The global vegan ice cream market is segmented into source, flavor, sales type, distribution channel, and region. On the basis of source, the market is categorized into coconut milk, soy milk, almond milk, and cashew milk. By flavor, it is classified into caramel, chocolate, coconut, coffee, vanilla, and fruit. Depending on sales type, it is fragmented into impulse, take home, and artisanal. In terms of distribution channel, it is differentiated into supermarket/hypermarket, convenience stores, and online. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Depending on the vegan ice cream market analysis, by source, the almond milk segment was the most prominent category in 2019, and is expected to remain dominant during the forecast period. However, the coconut milk segment is expected to grow at a notable CAGR of 12.9% throughout the forecast period. 

On basis of the vegan ice cream market forecast, by flavor, the caramel flavor segment was the highest contributor to the market in 2019. However, the fruits flavor segment is expected to grow at a higher growth rate during the forecast period.

By the vegan ice cream market forecast, by sales type, the take home segment was the highest contributor to the market in 2019. However, the artisanal segment is expected to grow at a higher rate during the forecast period.

Based on distribution channel, supermarket/hypermarket was the dominant segment in 2019, and is likely to witness notable growth during the forecast period. This is attributed to increase in adoption retail formats such as supermarkets and hypermarkets in both mature and emerging markets. Moreover, the one-stop solution provided by these retail formats makes them a popular shopping option for consumers. Furthermore, they offer a wide range of products at a competitive price to customers and are usually located at easily accessible areas, which add to overall attractiveness of this segment, thereby contributing toward the growth of the global market. 

Region wise, Europe dominated the vegan ice cream market in 2019. However, Asia-Pacific is expected to grow at a higher CAGR during the forecast period, owing to rise in number of fitness-conscious consumers in the region.

The players in the market have adopted product launch, acquisition, and collaboration as their key development strategies to increase their profitability and strengthen their foothold in the global vegan ice cream market industry. The key players profiled in the report include Unilever, General Mills, The Whitewave Foods Company (Denon), Hain Celestial Group, Bliss Unlimited, LLC, High Road Craft Brands, Alden’s Organic, Whole Foods Market IP. L.P., Tofutti Brands, Inc., and Trader Joe’s.

The other players operating in the global vegan ice cream market include Amy’s Kitchen, Double Rainbow Ice Creams, Inc., Wells Enterprises, Inc., NadaMoo! Booja-Booja, Happy Cow Limited, Over The Moo, Swedish Glace, ARCTIC ZERO, Inc. Perry’s Ice Cream, Coolhaus, SorBabes, and Beyond Better Foods, LLC. 

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current vegan ice cream market size, trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.

• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.

• In-depth analysis and the market size & segmentation assist to determine the prevailing market opportunities.

• The major countries in each region are mapped according to their revenue contribution to the market. 

• The market player positioning segment facilitates benchmarking and provides a clear understanding of the global vegan ice cream market share of the players. 

 Vegan Ice Cream Market Report Highlights