Vegan ice cream
February 9, 2023
Vegan ice cream has been witnessing increased popularity in the mature and emerging markets. This is attributed to rise in number of consumers allergic to dairy products. Furthermore, increase in health awareness and rise in disposable income have augmented the growth of the market. Moreover, introduction of additional healthy ingredients in by different market players such as Over The Moo, Swedish Glace, ARCTIC ZERO, Inc., and Perry's Ice Cream attracts a large customer base, which significantly contributes toward the growth of the global market. However, fluctuation in prices of raw materials and high cost of plant-based milk extraction restrain the growth of the 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 remunerative opportunities for the expansion of the vegan ice cream industry.
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.
This is attributed due to rise in popularity of caramel flavor ice cream in all age group across the globe. However, the vanilla flavor segment is expected to grow at a higher growth rate through the forecast period.
Depending on sales type, the take home segment led the global vegan ice cream market in 2019, and is expected to witness a notable growth during the forecast period. This is attributed to shift in trend toward off-premise consumption of food products.
Region wise, 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. The key players in the industry have adopted product launch, acquisition, and collaboration as their go-to strategies to stay competitive in the vegan ice cream industry.