Global Vegan Ice Cream Market Size is Estimated to Reach USD 984.16 Million by 2031, Growing at a CAGR of 5.2%: Straits Research

According to recent studies, 30% of Americans are not only leaving meat off their plates but are also seeking out plant-based meat alternatives. Consumers are projected to become selective in their food habits to prevent severe health issues. Thus, an increase in the obese population shifts the preference toward vegan food products, which, in turn, fuels the growth of the global vegan ice cream market.

New York, United States, Feb. 07, 2024 (GLOBE NEWSWIRE) — Vegan ice cream is made with plant-based milk such as soy, cashew, almond, coconut, and others. It is high in fat and delivers the same delicious flavor and rich creaminess as traditional variants. It comes in a variety of sizes, including pint-sized containers, ice cream sandwiches, drumsticks, and fudge bars. Vegan ice cream flavors available now include 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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Health and Wellness Trends rise among Target Customers Drives Market Growth.
According to Straits Research, The global vegan ice cream market size was valued at USD 623.63 million in 2022 and is projected to reach USD 984.16 million by 2031, with a CAGR of 5.2 % during the forecast period, 2023–2031. Consumers have been actively participating in various physical activities due to increased awareness about the benefits of indulging in such programs or activities. This has triggered the demand for various health-oriented products, regardless of the fact whether they are food & beverages, apparel, or footwear. Taking this trend into consideration, vegan ice cream manufacturers have been strategizing on introducing products that cater to the requirement of target customers. Thus, the rise in health and wellness trend among the target customers drives the global vegan ice cream market’s growth in value sales.

Innovation in Taste and Flavor of Vegan Ice Cream Creates Lucrative Opportunities for Market Growth

Nondairy or plant-based beverages are primarily prepared from ingredients such as soy, almond, rice, oat, cashew, coconut, and peanut. Players have an opportunity to manufacture products such as refreshment drinks, energy drinks, and ice cream with enhanced taste and flavor. Organic flavors and exotic tastes can be added to plant-based ice cream, which is anticipated to attract a large consumer base, thereby driving the growth of the market.

Regional Analysis

Based on geography, Global Vegan Ice Cream Market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

The North American vegan ice cream market is examined in the United States, Canada, and Mexico. The United States has the largest market share, followed by Canada. Several new players have entered the North American market, and the number is expected to grow soon as demand for organic and plant-based products grows.

The vegan ice cream market in Europe is being researched in emerging markets such as Finland, Sweden, Denmark, Italy, and the United Kingdom. Europe has emerged as the world’s largest market for vegan ice cream. The leading European vegan ice cream player has focused on market expansion while strengthening its production capacity to consolidate its market position.

The Asia-Pacific vegan ice cream market is being researched in developing economies such as China, India, Japan, New Zealand, and Australia. Over the last few years, competition in the Asia-Pacific region’s soy milk market has steadily increased.

The LAMEA region’s vegan ice cream market is examined for the Middle East, Latin America, and Africa. Brazil and Argentina are two of the world’s largest soybean producers. Soy-based meals, snacks, and other foods are widely consumed in countries such as Brazil and Argentina. Brazil’s soy milk market is relatively small in comparison to other regions.

Key Highlights

  • The Global Vegan Ice Cream Market is segmented based on Source, Flavor, Sales type, and Distribution channel.
  • By source, the market is categorized into coconut milk, soy milk, almond milk, and cashew milk.
  • By flavor, the market is categorized into chocolate flavor, caramel flavor, coconut flavor, vanilla flavor, coffee flavor, and fruit flavor.
  • By sales type, the market is categorized into impulse ice cream, take-home ice cream, and artisanal ice cream.
  • The market is categorized by Distribution channel into supermarkets/hypermarkets, convenience stores, and online stores.
  • Based on Geography, the market has been segmented into North America, Europe, Asia Pacific, and LAMEA.

Prominent global and regional companies engaged in the Global Vegan Ice Cream Market are

  • Amy’s Kitchen
  • Double Rainbow Ice Creams, Inc.
  • Wells Enterprises, Inc.
  • NadaMoo! Booja-Booja
  • Happy Cow Limited
  • Over The Moo
  • Swedish Glace
  • Perry’s Ice Cream
  • Coolhaus
  • SorBabes
  • Beyond Better Foods, LLC.

Market News

  • In 2022, Ben & Jerry’s, a brand owned by Unilever, introduced two plant-based ice creams, named “Chocolate Milk and Cookies” and “Dirt Cake.”
  • In 2022, Little Red Rooster Ice Cream Company’s brand NadaMoo introduced a dairy-free ice cream called Chocolate Chip Cookie Dough Flavor.

Global Vegan Ice Cream Market Segmentation

By Source

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

By Flavor

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

By Sales Type

  • Impulse
  • Take Home
  • Artisanal

By Distribution Channel

  • Supermarket/Hypermarket
  • Convenience Stores
  • Online

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America and the Caribbean
  • The Middle East
  • Africa

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About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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