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2020
Vegan Ice Cream Market

Vegan Ice Cream Market by Source (Coconut Milk, Soy Milk, Almond Milk, and Cashew milk), Flavor (Caramel, Chocolate, Coconut, Coffee, Vanilla, and Fruit), Sales Type (Impulse, Take Home, and Artisanal), and Distribution Channel (Supermarket/Hypermarket, Convenience Stores, and Online): Global Opportunity Analysis and Industry Forecast, 2020–2027
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A06342
Pages: 300
Jun 2020 | 13012 Views
Author(s) : Onkar Ambegaonkar, Aniket Kadam , Roshan Deshmukh
Tables: 135
Charts: 51
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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.

Vegan-Ice-Cream-Market-2020-2027

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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. 

Vegan Ice Cream Market
By Source

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The coconut milk segment would witness the fastest growth, registering a CAGR of 15.2% during the forecast period.

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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.

Vegan Ice Cream Market
By Flavor

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Fruits segment would witness the fastest growth, registering a CAGR of 15.6% during the forecast period.

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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.

Vegan Ice Cream Market
By Sales Type

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Artisanal segment would witness the fastest growth, registering a CAGR of 15.4% during the forecast period.

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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. 

Vegan Ice Cream Market
By Distribution Channel

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Online Sales Channel segment would witness the fastest growth, registering a CAGR of 8.3% during the forecast period.

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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.

Vegan Ice Cream Market
By Region

2027
Europe 
North America
Asia-pacific
Lamea

Europe is the largest market growing at a CAGR of 13.4% from 2020-2027.

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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. 

Key Market Segments

Segments Sub-segments
By Source
  • Coconut Milk
  • Soy Milk
  • Almond Milk
  • Cashew milk

By Flavor
  • Chocolate
  • Caramel
  • Coconut
  • Vanilla
  • Coffee
  • Fruit

By Sales Type
  • Impulse
  • Take Home
  • Artisanal

By Distribution Channel
  • Supermarket/Hypermarket
  • Convenience Stores
  • Online

By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Finland
    • Sweden
    • Denmark
    • Italy
    • UK
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players

  • ARCTIC ZERO, Inc.
  • BEYOND BUTTER FOODS, LLC
  • COOLHAUS
  • HAPPY COW LIMITED
  • THE BOOJA-BOOJA COMPANY
  • NADAMOO!
  • PERRY’S ICE CREAM CO., INC.
  • SORBABES
  • DOUBLE RAINBOW ICE CREAMS, INC.
  • OVER THE MOO PTY, LTD.
 

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The vegan ice cream market has witnessed steady growth even under several unrests such as global uncertainty and weakened global economy. According to the insights of the key opinion leaders of the industry, the almond milk segment is anticipated to witness significant growth, owing to shift in preference toward almond milk among vegan population particularly in North America. In addition, increase in health issues such as lactose intolerance and surge in prevalence of obesity among all age groups from emerging as well as developed regions drive the market growth for vegan ice cream. Moreover, rise in vegan population due to aggressive advertisements of veganism is anticipated to propel the global market growth.
 

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FREQUENTLY ASKED QUESTIONS?

A. 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

A. The global vegan ice cream market is expected to grow at a CAGR of 13.7% by 2027

A. YES

A. Rise in number of vegan & diet-conscious consumers across the globe and health issues such as lactose intolerance owing to deficiency of intestinal enzyme lactase and alarming increase in cases of obesity across the globe due to high intake of fats affects positively on the global vegan ice cream market

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

A. The forecast period for the vegan ice cream market is 2020-2027

A. 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 are the active players in the vegan ice cream market

A. Europe was the most prominent market in 2019, and is expected to continue this trend in the near future, as the European consumers readily accept the new varieties of food products.

A. The emerging markets are likely to grow at a significant growth rate of more than 14.0% for the period under consideration.

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