Plant-Based Ice Cream Market Snapshot
As per newly released data by Future Market Insights, plant-based ice cream sales will rise consistently at 9.3% CAGR between 2021 and 2031. Driven by surging focus on veganism, the plant-based ice cream market valuation is forecast to surpass US$ 1,492.5 Mn in 2021.
Despite challenges posed by covid-19 outbreak, the market is likely to gain impetus, exhibiting 11.1% year-on-year growth in 2021.
Growth predictions remain positive for North America due to increasing concern towards animal welfare and environmental sustainability. Spurred by this, North America is anticipated to register a CAGR of around 9.7% during the forecast period 2021-2031.
Key Points Covered In T Plant Based Ice-Creams Market Research
- Market estimates and forecast 2021-2031
- Key drivers and restraints impacting the market growth
- Segment wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market share Analysis
- Key Product Innovations and Regulatory Climate
- Covid-19 Impact on Plant Based Ice Creams market And How to Navigate
- Recommendations on Key Winning Strategies
Plant Based Ice-Creams Market Future Outlook Brighter In Comparison To Historic Growth
The global plant based ice creams market is anticipated to register a CAGR of approximately 9.3% during the forecast period between 2021 and 2031. Increasing consumer inclination towards vegan based products is garnering revenue in the plant based ice-creams market.
Shift in the consumer buying behavior has compelled manufacturers to focus on producing low-sugar, less processed ingredients and label-free ice-creams, which is expected to boost the market growth in the forecast period.
Increasing consumption of fruit bars, nondairy desserts, keto ice cream cakes have contributed in spiking the sales of plant-based ice creams. The m market is expected to evolve in the future as some of the leading companies join the bandwagon of introducing plant-based ice cream.
For instance, Froneri, an ice cream manufacturer, owned by R&R and Nestle, has introduced a novel-plant based ice cream range ‘ROAR’. It has been made available in flavors ranging from hazelnut chocolate cookie, hempseed chocolate brownie to coconut mango passion fruit oat cookie.
The new brand has teamed up with Panthera’s as a financial sponsor supporting the Tigers Forever fund, in order to help increasing the number of tigers by 50% in the next ten years.
The plant based ice creams market is expected to flourish in the forecast period owing to the increasing demand across the globe.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Plant-Based Ice Creams - Making Inroads Into Mainstream
As consumers are beginning to see deeper connection between diet, health, and environment, the public profile for plant-based and organic foods is moving on an upward spiral. Apart from routinely eaten food, plant-based and organic replacements are hitting snacks, beverages, and even frozen desserts – ice creams.
In recent times, with growing popularity of organic milk and milk powder obtained from cows fed with organic foods, organic ice creams have been gaining increasing momentum. However, another segment of consumers inclined towards the ‘vegan’ culture are continually demanding plant-based ice creams.
Growing concerns of animal welfare issues in food & beverage industry, reduction in intake of animal-based products, and rapidly widening range of alternatives have led to rise of vegan culture, and subsequently to plant-based ice creams.
As studies continue to link vegan diet with healthier, longer life, the demand for plant-based ice creams is expected to be strong going forward.
In addition, the plant-based ice creams market is projected to benefit from significant increase in lactose intolerance among growing number of consumers, which has resulted in increased sales of vegan cheese and plant-based protein beverages.
Coconut Milk To Stay In Demand Against Soy Milk
Coconut milk and cream remains the base of choice for plant-based ice creams, owing to less air which makes the products denser than other dairy alternatives.
Emergence of Southeast Asia as the world’s top producer of coconut has attracted huge attention from the market players. Soy milk is also one of the most commonly used creaming ingredient in plant-based ice creams.
However, several adverse effects associated with soy milk are expected to decelerate its sales for use in plant-based ice-creams.
Plant-based ice creams served in cones continue to remain highly preferred among the consumers, while manufactures are introducing cups and tubs for take-home and artisanal plant-based ice creams.
As innovation is becoming increasingly important to align with ever-evolving trends and drive profit margins, a number of traditional ice cream manufacturers are venturing into the new market.
High Processing Charges to Represent Potential Threat
Like any other plant-based or natural products, plant-based ice creams are deemed to offer a number of functional benefits over conventional ice creams. In addition, frozen dessert companies are reformulating ice cream to appeal to health- and eco-conscious consumers.
However, formulation of plant-based ice creams are far more complicated than their conventional counterparts, leading to high processing charges.
Removing dairy from ice cream further results in complicated food label as more ingredients are required to produce preferred taste and textures. These factors are expected to represent a potential threat to sales of plant-based ice creams.
Despite relatively high price point as compared to conventional ice cream and formulation obstacles, plant-based ice creams are growing in popularity.
Marketed towards a myriad of consumers concerned about environmental issues and making choices to avoid animal-based products for ethical reasons, the plant-based market is set to be a multi-billion dollar business in foreseeable future.
Key Questions Answered In The Report
How much is the plant-based ice cream market worth?
Driven by increasing demand for vegan products, the plant-based ice cream market size is forecast to reach US$ 1492.5 Mn in 2021.
What was the last 5 year market CAGR of plant-based ice cream?
CAGR exhibited by the plant-based ice creams market for the historical period (2016-2020) has been estimated at 9.1% in terms of value.
What is the market share of top 5 players in plant-based ice creams market ?
The combined market share of top 5 players, including Ben & Jerry’s (Unilever Plc), SO DELICIOUS DAIRY FREE (Danone), Dream (Hain Celestial group ltd.), Oatly AB, Breyer’s, and Klein’s Ice cream is estimated to be around 20-25% of the overall market.
Which countries are key exporters of plant-based ice creams market ?
The key exporters of plant-based ice cream market include the U.K., the U.S., Sweden, Italy, and Spain.
What is the North America Market Outlook?
The demand for plant-based ice cream market is expected to rise at 9.7% in North America between 202 and -2031.
At what percentage will plant-based ice cream market o register growth in Europe?
The demand for plant-based ice cream market is expected to rise at 10.4% CAGR in Europe between 2021 and 2031.
Which countries are key producers of plant-based ice cream?
The U.K., U.S., Sweden, Italy, and Spain are touted as the chief producers of plant-based ice cream market.
What is driving demand of plant-based ice cream market?
Increasing inclination towards vegan culture among consumers is driving the growth of the plant-based ice cream market.
What are the key trends in the plant-based ice cream market?
Shift towards almond and cashew nut milk, increasing inclination of Mexican consumers towards sour cream and impulse category ice cream, and inclination among consumers for plant-based ice cream products due to animal are the key trends prevalent in the market.
What are the key statistics for plant-based ice cream market in Japan and South Korea?
Japan and South Korea will hold 7.2% and 5.2% of the plant-based ice creams market, respectively, in 2021.
By Product Type
- Soy Milk
- Coconut Milk
- Almond Milk
- Cashew Milk
By Sales Channel
- Direct Sales
- Indirect Sales
- Franchise Outlet
- Other Retail Formats
- North America
- Latin America
- Western Europe
- Eastern Europe
- The MEA