Plant Based Ice Creams Market
Plant Based Ice Creams Market: Cones Product Type Segment Anticipated to Record the Highest CAGR of 9.8% over the Forecast Period: Global Industry Analysis 2012–2016 and Opportunity Assessment 2017–2027
- 2017-07-11
- REP-GB-2461
- 496 pages
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An Incisive, In-depth Analysis on the Plant Based Ice Creams Market
This study offers a comprehensive, 360 degree analysis on the Plant Based Ice Creams market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Plant Based Ice Creams market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
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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.
Increasing vegan population worldwide is triggering demand for plant-based alternatives, not only for meeting their daily dietary needs but also throughout their indulgence habits. With a mounting number of consumers spurning animal-based products, the consumption of vegan dairy products, such as soy milk and almond milkd, has also increased to a new high. This reflects in their growing popularity in the plant-based ice creams market. Consumers are also voicing the demand for a variety of flavours in vegan alternatives to ice creams, which is expected to boost the adoption of natural and vegan flavours in the plant-based ice creams market. Furthermore, leading market players are also making available a variety of product types in non-dairy ice creams such as cups, cones, tubs, and ice cream bars. This is expected to emerge as a prominent trend in the plant-based ice creams market.
Decoding the future of the global plant based ice creams market
The global plant based ice creams market is likely to experience rising growth opportunities due to an increasing lactose intolerant population and rising adoption of veganism. These two factors are leading to a dynamic progress of the plant based ice creams market in developed nations. Besides, new product variants with different flavours of plant-based ice creams are expected to hit the global market in the years to come. Prominent players in the market are also going the extra mile to introduce new dairy-free ice cream bases such as hemp milk, rice milk, avocado puree and other plant-based protein extracts as bases for healthy alternatives in ice creams. In a new report titled “Plant Based Ice Creams Market: Global Industry Analysis 2012–2016 and Opportunity Assessment, 2017–2027,” our analysts have tried to understand the various strategies adopted by key players across the globe. We have observed that manufacturers have understood the needs of customers and are accordingly providing plant based ice cream products with specific flavours. Our expert team of analysts have also observed that frozen and dried plant based ice cream flavours are better and in growing demand in the U.S and Canada. Organic plant based ice cream products are gaining traction among vegan consumers as well as flexitarian consumers.
Plant based ice creams – A new trend in the U.S. and U.K.
According to our research, U.S is the leading producer of plant based ice creams followed by Western Europe, APEJ, Japan, MEA and Latin America. The U.S and U.K have emerged as major producers of plant based ice creams in the past three years. The U.S is a leading producer of plant based ice creams in the world. The U.S leads in global ice cream consumption with an average per capita consumption of nearly 27 litres per year followed by New Zealand in APEJ at 24 litres per person per year. North America is the largest region in terms of plant based ice cream consumption followed by Western Europe. The U.S. is the major market and consumer of plant based ice creams followed by U.K, France, Sweden, Germany, and Norway in Western Europe. Plant based ice creams have been trending owing to consumer inclination towards healthy vegan food trends and can even be consumed by lactose intolerant consumers. In Latin America, salty and spicy flavours of plant based ice creams are commonly available and consumed in Argentina.
Market Taxonomy
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Research Methodology
In-depth secondary research has been used to arrive at the overall market size, top industry players, top products and industry associations. In order to conduct expert and industry interviews, we have formulated a detailed discussion guide. Our analysts have drawn up a list of industry players including manufacturers, distributors, retailers and industry experts and have conducted extensive interviews with these key market stakeholders to acquire deeper insights into the global plant based ice creams market. Data thus acquired is validated using the triangulation method in which secondary and primary research data along with Future Market Insights independent analysis contribute to the final data. This final data is then scrutinised using advanced tools to glean pertinent insights into the global plant based ice creams market.
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