According to the latest report by IMARC Group, titled “Vegan Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global vegan ice cream market reached a size of US$ 592.8 Million in 2021. Vegan ice cream is a dessert made from animal-free, natural, and plant-based ingredients. It is prepared using maple syrup, pea proteins, fava beans, and plant-based milk, such as almond, soy, cashew, coconut, and rice milk. Vegan ice cream is commercially available in several flavors, such as chocolate, strawberry, pistachio, coffee hazelnut, blackberries, raspberries, and mint chip. Generally consumed by the vegan population, it exhibits a smaller carbon footprint and is more environmentally sustainable while offering similar taste and quality. As compared to traditional dairy-based ice cream, vegan ice cream is highly nutritious and contains fewer calories, lower fat, and less sugar. It also assists in weight loss and easy digestion, improves skin, and provides a suitable alternative for individuals on various diets, such as keto, low-fat, and vegan.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Vegan Ice Cream Market Trends:
The emerging trend of veganism due to rising health consciousness among the masses is one of the primary factors driving the market growth. Vegan ice cream is widely consumed by wellness-oriented individuals as it supports detoxification, promotes glowing skin, improves heart function, supports hair growth, boosts energy, and uplifts mood. In addition, rising product adoption due to increasing consumer awareness regarding ethical consumption, animal cruelty, and the promotion of animal rights is acting as another growth-inducing factor. Furthermore, increasing product demand as a safe and suitable alternative for individuals suffering from lactose intolerance and dairy allergies that cause vomiting, hives, stomach problems, and diarrhea is providing a considerable boost to market growth. Additionally, the introduction of gluten-free product variants formulated from natural ingredients without using emulsifiers, artificial colors, and stabilizers is creating a positive outlook for market growth. Moreover, aggressive promotional campaigns by leading manufacturers through advertisements and the launch of premium products in exotic flavors, such as lemon poppy seeds, pink champagne, and chai tea coconut, are providing an impetus to market growth. Other factors, including rising expenditure capacities of consumers, easy product availability across various e-commerce platforms, and extensive research and development (R&D) activities to study the product's health benefits, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 833.8 Million by 2027, exhibiting a CAGR of 5.45% during 2022-2027.
- On the basis of the source, the market has been divided into coconut, soy, almond, and cashew milk.
- Based on the flavor, the market has been classified into chocolate, caramel, coconut, vanilla, coffee, and fruit.
- On the basis of the sales type, the market has been categorized into impulse, take home, and artisanal.
- Based on the distribution channel, the market has been divided into supermarkets and hypermarkets, convenience stores, online stores, and others.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.?
- The competitive landscape of the industry has also been examined, with some of the key players being Arctic Zero, Booja-Booja, Double Rainbow Ice Cream, HappyCow, Morrisons, NadaMoo!, Over The MOO, Perry's Ice Cream, SorBabes, Tofutti Brands Inc., Unilever PLC and Van Leeuwen Ice Cream.
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