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Vegan Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global vegan ice cream market reached a value of US$ 592.8 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 833.8 Million by 2027, exhibiting a CAGR of 5.45% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Vegan ice cream is prepared with soy, cashew, almond, coconut or other plant-based milk. It contains substantial amounts of fat and delivers delicious flavor and rich creaminess like conventional variants. It is widely available in numerous varieties, including pint-sized containers, ice cream sandwiches, drumsticks, and fudge bars. At present, market players are offering innovative flavors of vegan ice cream, including dark chocolate, almond sea salt, cherry cashew, mint chip, peanut butter, pistachio, strawberry, vanilla, fudge brownie, raspberry, coffee hazelnut, and salted caramel.

 

 
 

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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Vegan Ice Cream Market Trends:

The emerging trend of veganism on account of the rising health consciousness and increasing awareness among the masses about cruelty against animals represents one of the key factors bolstering the market growth. This can also be attributed to shifting individual preferences towards plant-based diets and animal-free, ready-to-eat (RTE) products. Apart from this, the growing lactose-intolerance population worldwide, in confluence with inflating per capita income levels, is catalyzing the demand for premium vegan ice cream in exotic flavors like lemon poppy seed, pink champagne, and chai tea coconut. In addition, key players operating in the industry are introducing innovative vegan ice cream variants, such as gluten-free cones, made using natural ingredients and without emulsifiers, artificial colors, and stabilizers. Furthermore, these players are also investing extensively in endorsements by celebrities and athletes and focusing on promoting their products through social media platforms and online retail channels to expand their global consumer base. This, along with the thriving e-commerce industry and numerous initiatives undertaken by non-government organizations (NGOs) to encourage the uptake of vegan food products, is anticipated to offer lucrative growth opportunities to industry investors.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global vegan ice cream market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on source, flavor, sales type and distribution channel.

Breakup by Source:

 

 
 

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  • Coconut Milk
  • Soy Milk
  • Almond Milk
  • Cashew Milk
     

Breakup by Flavor:

  • Chocolate
  • Caramel
  • Coconut
  • Vanilla
  • Coffee
  • Fruit
     

Breakup by Sales Type:

  • Impulse
  • Take Home
  • Artisanal
     

Breakup by Distribution Channel:

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Online Stores
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage

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Key Questions Answered in This Report

The global vegan ice cream market was valued at US$ 592.8 Million in 2021.

We expect the global vegan ice cream market to exhibit a CAGR of 5.45% during 2022-2027.

The emerging trend of veganism, growing lactose-intolerant population, and the escalating demand for premium vegan ice cream in exotic flavors and gluten-free cones, are currently catalyzing the global vegan ice cream market.

The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of vegan ice creams.

Based on the source, the global vegan ice cream market has been segmented into coconut milk, soy milk, almond milk, and cashew milk. Currently, almond milk holds the majority of the total market share.

Based on the flavor, the global vegan ice cream market can be divided into chocolate, caramel, coconut, vanilla, coffee, and fruit. Among these, caramel currently exhibits a clear dominance in the market.

Based on the sales type, the global vegan ice cream market has been categorized into impulse, take home, and artisanal. Currently, take home accounts for the majority of the global market share.

Based on the distribution channel, the global vegan ice cream market can be segregated into supermarkets and hypermarkets, convenience stores, online stores, and others. Among these, supermarkets and hypermarkets hold the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global vegan ice cream market include 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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