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
- REP-GB-2461
- 2017-07-11
- 496 Pages
- Format:
- Category: Food and Beverages
Cones is the most prominent segment of growth and largely consumed product type in the plant based ice creams market
In 2017, the bars product type segment is estimated to be valued at more than US$ 260 Mn. This is estimated to increase at a CAGR of 8.9% over the forecast period to reach more than US$ 620 Mn by the end of 2027. The cone segment is projected to represent an absolute $ opportunity of close to US$ 450 Mn between 2017 and 2027. Cups/tubs are fast gaining momentum, thereby supporting the market growth for plant based ice creams. The cups/tubs segment in the global plant based ice creams market is estimated to be valued at about US$ 292 Mn in 2017 and is likely to grow at a CAGR of 9.6% over the forecast period to reach a market valuation of more than US$ 700 Mn by the end of 2027.
High processing charges and adverse effects of soy milk may hamper revenue growth of the global plant based ice creams market
High processing charges are associated with the preparation of plant based ice creams, as most of the raw materials are processed and formulated through different high energy consuming machinery. Besides, the most commonly used milk in plant based ice creams is soya milk, which has some adverse effects. For instance, soy milk can cause allergies in some people. Its taste is also not preferred among consumers. According to Cornell University, there is an increased risk of breast cancer in some women who consume soy food and most of the plant based ice creams manufacturers use soy milk as their major creaming ingredient. This particular factor may act against market growth.
In European countries like France, U.K and Germany, small local plant based ice creams manufacturers are not able to follow the quality and safety guidelines to get their plants organic certified. They are also not able to market their products efficiently across the globe in keeping with the norms prescribed by food regulatory agencies such as European Food Safety Authority (EFSA). There is also a high trade barrier in the import and export of ice creams. High import charges are recorded by European Union food regulatory agencies for the shipment of ice cream products and to maintain their cold storage during the transportation of frozen desserts from one port to another in different countries, which makes it all the more difficult to market their ice creams in other countries.
According to a survey conducted in Russia, a large part of the population is non-vegetarian and still prefer cow milk derived dairy based ice creams over plant based ice creams. The reason behind this is the processing of plant based ice creams is very time-consuming. Moreover, expensive formulation machinery is required for this so not many manufacturers are inclined towards vegan ice cream products in Russia. This factor is acting as a restraint in the global plant based ice creams market.
Cups/Tubs segment is expected to gain significant market share in North America during the forecast period
With increasing inclination towards dairy free products, consumers are now more inclined towards plant based ice creams. Cups/tubs is a fast growing segment by product type as cups/tubs are easy to handle and are available in different sizes. Cups/tubs also help increase the shelf life of ice creams. North America has witnessed a significant growth in the plant based ice creams market, as manufacturing companies are marketing their products in different types such as ice cream bars, ice cream cones and cups/tubs in the form of quarts (946 gm) and pints (473 gm) that are gaining adoption among consumers.
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.