Vegan Ice Cream Market

In 2022, the Global Vegan Ice Cream Market was valued at $520.9 million, and it is anticipated to grow at a CAGR of 13.7% to reach $805.3 million by 2030. Europe emerged as the primary contributor to the global vegan ice cream market in 2019, with a value of $188.6 million. Vegan ice cream is crafted using natural sources such as almond milk, soy milk, coconut milk, cashew milk, and rice milk.

The expansion of the vegan ice cream market is propelled by the increasing number of consumers adopting vegan and health-conscious lifestyles worldwide. Concerns over lactose intolerance, resulting from a deficiency of the intestinal enzyme lactase, further drive the demand for dairy-free or vegan food products. Vegan ice cream has witnessed surging popularity in both established and emerging markets, attributable to a growing population with dairy allergies. Moreover, the growth of the vegan ice cream market is boosted by heightened health awareness and rising disposable incomes. Market players like Wells Enterprises, Inc., NadaMoo! Booja, Happy Cow Limited, Over The Moo, and Swedish Glace have played a significant role in the market's expansion by introducing additional healthy ingredients. However, challenges such as fluctuations in raw material prices and the high cost of plant-based milk extraction hinder the global market's progress. Conversely, the demand for dairy-free products from the vegan population and the introduction of new flavors and varieties of vegan ice cream are expected to create lucrative opportunities for market growth.

The global vegan ice cream market is segmented based on the source, flavor, sales type, distribution channel, and region. The source segment comprises coconut milk, soy milk, almond milk, and cashew milk. The flavor segment includes caramel, chocolate, coconut, coffee, vanilla, and fruit. Sales types are categorized as impulse, take home, and artisanal. The distribution channel segment encompasses supermarket/hypermarket, convenience stores, and online platforms. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

According to the analysis of the vegan ice cream market, the almond milk segment was the dominant category in 2019 and is expected to maintain its dominance throughout the forecast period. However, the coconut milk segment is projected to experience significant growth, with a notable CAGR of 12.9% during the forecast period.

According to the forecast of the vegan ice cream market, the caramel flavor segment made the largest contribution to the market in 2019. However, the fruits flavor segment is expected to experience a higher growth rate during the forecast period.

In terms of sales type, the take home segment was the leading contributor to the market in 2019. However, the artisanal segment is projected to grow at a higher rate during the forecast period.

When considering the distribution channel, the supermarket/hypermarket segment held the dominant position in 2019 and is expected to witness notable growth throughout the forecast period. This can be attributed to the increasing adoption of retail formats such as supermarkets and hypermarkets in both mature and emerging markets. Additionally, these retail formats provide a convenient one-stop solution for consumers, offering a wide range of products at competitive prices. Moreover, their easily accessible locations contribute to their overall appeal, thus contributing to the growth of the global market.
In terms of regions, Europe was the dominant player in the vegan ice cream market in 2019. However, Asia-Pacific is expected to exhibit a higher CAGR during the forecast period, driven by the increasing number of fitness-conscious consumers in the region.

To enhance profitability and strengthen their market position in the global vegan ice cream market industry, market players have adopted strategies such as product launches, acquisitions, and collaborations. The key players profiled in the report include Unilever, General Mills, The Whitewave Foods Company (Denon), Hain Celestial Group, Bliss Unlimited, LLC, High Road Craft Brands, Alden’s Organic, Whole Foods Market IP. L.P., Tofutti Brands, Inc., and Trader Joe’s.

The other players operating in the global vegan ice cream market include Amy’s Kitchen, Double Rainbow Ice Creams, Inc., Wells Enterprises, Inc., NadaMoo! Booja-Booja, Happy Cow Limited, Over The Moo, Swedish Glace, ARCTIC ZERO, Inc. Perry’s Ice Cream, Coolhaus, SorBabes, and Beyond Better Foods, LLC.

Key Benefits For Stakeholders

• The report presents a quantitative analysis of the present size, trends, estimates, and dynamics of the vegan ice cream market from 2019 to 2030 in order to identify the current opportunities available.
• By utilizing Porter's five forces analysis, the report emphasizes the power of buyers and suppliers, enabling stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer relationships.
• Through thorough analysis, market size determination, and segmentation, the report helps in identifying the prevailing opportunities in the market.
• Revenue contributions of the major countries in each region are mapped to provide a clear understanding of their impact on the market.
• The market player positioning segment allows for benchmarking and offers a comprehensive understanding of the global market share held by players in the vegan ice cream industry.