Global Vegan Ice Cream Market Ascends at a Healthy CAGR of 5.2%

Introduction

Vegan ice cream is made with plant-based milk such as soy, cashew, almond, coconut, and others. It is high in fat and delivers the same delicious flavor and rich creaminess as traditional variants. It comes in a variety of sizes, including pint-sized containers, ice cream sandwiches, drumsticks, and fudge bars. Vegan ice cream flavors available now include dark chocolate, almond sea salt, cherry cashew, mint chip, peanut butter, pistachio, strawberry, vanilla, fudge brownie, raspberry, coffee hazelnut, and salted caramel.

Market Dynamics

Health and Wellness Trends Rise among Target Customers Drives Market Growth.

Consumers have been actively participating in various physical activities due to increased awareness about the benefits of indulging in such programs or activities. This has triggered the demand for various health-oriented products, regardless of the fact whether they are food & beverages, apparel, or footwear. Taking this trend into consideration, vegan ice cream manufacturers have been strategizing on introducing products that cater to the requirement of target customers. Thus, the rise in health and wellness trend among the target customers drives the global vegan ice cream market's growth in value sales.

Innovation in Taste and Flavor of Vegan Ice Cream Creates Lucrative Opportunities for Market Growth

Nondairy or plant-based beverages are primarily prepared from ingredients such as soy, almond, rice, oat, cashew, coconut, and peanut. Players have an opportunity to manufacture products such as refreshment drinks, energy drinks, and ice cream with enhanced taste and flavor. Organic flavors and exotic tastes can be added to plant-based ice cream, which is anticipated to attract a large consumer base, thereby driving the growth of the market.

Regional Analysis

On the basis of geography, the global vegan ice cream market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

The North American vegan ice cream market is examined in the United States, Canada, and Mexico. The United States has the largest market share, followed by Canada. A number of new players have entered the North American market, and the number is expected to grow in the near future as demand for organic and plant-based products grows.

The vegan ice cream market in Europe is being researched in emerging markets such as Finland, Sweden, Denmark, Italy, and the United Kingdom. Europe has emerged as the world's largest market for vegan ice cream. The leading European vegan ice cream player has focused on market expansion while strengthening its production capacity to consolidate its market position.

The Asia-Pacific vegan ice cream market is being researched in developing economies such as China, India, Japan, New Zealand, and Australia. Over the last few years, competition in the Asia-Pacific region's soy milk market has steadily increased.

The LAMEA region's vegan ice cream market is examined for the Middle East, Latin America, and Africa. Brazil and Argentina are two of the world's largest soybean producers. Soy-based meals, snacks, and other foods are widely consumed in countries such as Brazil and Argentina. Brazil's soy milk market is relatively small in comparison to other regions.

Key Highlights

• The value of The global market for vegan ice cream was USD 623.63 million in 2022 and is projected to reach USD 16 million by 2031, expanding at a CAGR of 5.2 % from 2023 to 2031.
• The Global Vegan Ice Cream Market is segmented based on Source, Flavor, Sales type, and Distribution channel.
• By source, the market is categorized into coconut milk, soy milk, almond milk, and cashew milk.
• By flavor, the market is categorized into chocolate flavor, caramel flavor, coconut flavor, vanilla flavor, coffee flavor, and fruit flavor.
• By sales type, the market is categorized into impulse ice cream, take-home ice cream, and artisanal ice cream.
• The market is categorized by Distribution channel into supermarkets/hypermarkets, convenience stores, and online stores.
• Based on Geography, the market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

Competitive Players

1. Amy’s Kitchen
2. Double Rainbow Ice Creams, Inc.
3. Wells Enterprises, Inc.
4. NadaMoo! Booja-Booja
5. Happy Cow Limited
6. Over The Moo
7. Swedish Glace
8. ARCTIC ZERO, Inc.
9. Perry’s Ice Cream
10. Coolhaus
11. SorBabes
12. Beyond Better Foods, LLC.

Recent Developments

• May 2024 - Shashidhar, Arun Prakash, Bhargav, and Prabu Venugopal quit their lucrative jobs to launch a plant-based, dairy-free ice cream substitute that uses millet. In Trichy, Tamil Nadu, they started Siri Millet Ice Creams, and they aggressively promote healthy eating through educational programs.
• April 2024 - Researchers from the State University of Campinas (UNICAMP) created low-calorie ice cream without using any animal-derived ingredients. The findings were published as Plant-based frozen desserts: Temporal Sensory Profile and Preference in volume 24 of the Brazilian Journal of Food Science Technology.

Segmentation

1. By Source
   1. Coconut Milk
   2. Soy Milk
   3. Almond Milk
   4. Cashew Milk
2. By Flavor
   1. Caramel
   2. Chocolate
   3. Coconut
   4. Coffee
   5. Vanilla
   6. Fruit
3. By Sales Type
   1. Impulse
   2. Take Home
   3. Artisanal
4. By Distribution Channel
   1. Supermarket/Hypermarket
   2. Convenience Stores
   3. Online
5. By Form
   1. Singles
   2. Blends