Plant-Based Ice Cream Market Size
Global Plant-Based Ice Cream Market reached US$ 2.8 billion in 2022 and is expected to reach US$ 5.3 billion by 2031 and grow with a CAGR of 8.4% during the forecast period 2024-2031. Over the projection period, global plant-based ice cream market demand is anticipated to increase due to rising consumer awareness of healthy intakes.
Plant-based ice cream market demand will rise due to rising flexitarians and vegan populations and increasing interest in animal welfare. These food products are gaining immense traction worldwide due to their health and environmental benefits. The incidence of diabetes and obesity is rising, which are often common underlying causes of various chronic ailments. Adopting a healthier lifestyle is considered a preferred choice among consumers driving the growth of plant-based ice cream.
The demand is estimated to get a robust impetus from the rising focus on healthy variants of ice creams. Constant product innovations are also expected to fuel the plant-based ice cream market expansion globally. The rising accessibility of products in convenience stores has been increasing the possibility of consumption of plant-based ice cream. For instance, in 2021, Oatly, a Swedish food company, announced introducing a plant-based ice cream bar line in 3,000 stores across the United States.
Market Summary
| Metrics | Details |
| CAGR | 8.4% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Form, Source, Flavor, Product Type, Distribution Channel, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other vital Insights. |
For More Details on This Report – Request for Sample
Market Dynamics
The Increasing Vegan Population is Driving the Growth of the Global Plant-Based Ice Cream Market.
The incidence of obesity-related disorders, such as diabetes, cardiovascular diseases, and others, has considerably increased in the last few years due to eating habits and sedentary lifestyles. According to the Organization for Economics Co Operations and Development ( OECD), the prevalence rate of obesity in the U.S., Mexico, and England is estimated to reach 47%, 39%, and 35%, respectively, by 2030. Health conscious people are shifting to vegan foods to maintain good health.
According to recent studies from Veganz Nutrition Study 2022, 30% of Americans are not only leaving meat off their plates but also seeking plant-based alternatives. Consumers are projected to become selective in food habits to prevent severe health issues. Furthermore, growth in per-capita health expenditure, an increasing number of working women, and rapid urbanisation enable consumers to buy healthy plant-based ice creams.
Health Advantages Associated with Plant-Based Ice Creams are Driving Market Growth.
The growing demand from the health and fitness enthusiast population for low-sugar, low-processed ingredient-based, and label-free desserts is positively affecting the growth of the global plant-based ice cream market. Furthermore, rising consumption of non-dairy desserts, Keto-friendly ice cream cakes, and fruit bars propels demand and positively affects global plant-based ice cream sales.
The growing prevalence of cardiovascular diseases worldwide will positively influence plant-based food sales during the projection period. According to the National Institutes of Health, the plant-based diet provides various health benefits, such as it regulates hypertension and stress levels, lowering the risk of heart attack controlling diabetes, helping in weight loss, and reducing the risk of cancer and many others. All these factors contribute to the rise in the plant-based ice cream market size.
The High Cost of Plant-Based Ice Creams is Restraining the Market.
Plant-based milk such as soy, almond, cashew, and coconut milk is costly compared to dairy milk. Moreover, the extraction cost of this milk is higher than animal milk. The milk is consumed mainly by fitness-conscious and vegan consumers. Thus, the high price of plant-based milk is raising the cost of vegan ice cream, due to which middle-class consumers may need help to spend n plant-based ice creams, which hampers the global plant-based ice cream market growth.
The availability of substitutes and the entry of new players cause additional challenges to the plant-based ice cream market. Complying with stringent regulations and varying standards worldwide, growing competition, inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices are some plant-based ice cream market restraints over the forecast period.
Market Segment Analysis
The global plant-based market is segmented based on form, source, flavor, product type, distribution channel, and region.
In the Global Plant-Based Ice Cream Market, the Coconut Milk Segment Holds the Largest Market Share.
The global plant-based ice cream market has been segmented by source into soy milk, almond milk, coconut milk, cashew milk, oats milk, and rice milk. The coconut milk segment held the largest plant-based ice cream market share of 38.8% in 2022 in the plant-based ice cream market analysis report. The demand for coconut milk is increasing at a higher rate in developed countries due to the growing number of vegan and health-conscious consumers.
Low-fat coconut milk consists of a neutral base taste that can impart the flavour of ice cream. The demand for this milk is rising due to its health benefits. It is rich in vitamins C & E. It is well known for its antioxidant properties and also for weight loss. It is a critical source of potassium, magnesium and phosphorus, helping prevent cardiac diseases and strengthening the immune system. Thus fitness-conscious & health-conscious consumers prefer coconut milk ice cream, significantly contributing to market growth.
The large market share of this segment is attributed to factors such as the increasing number of lactose intolerant people, the growing ethical concerns amongst consumers about animal abuse in modern dairy farming practices, and the nutritional benefits offered by plant-based dairy products. According to NIH, approximately 65 % of humans cannot digest lactose after infancy. Lactose intolerance in adulthood is most prevalent in people, affecting more than 90% of adults in some communities.
Market Geographical Share
The Asia-Pacific Region Held the Largest Share of the Plant-Based Ice Cream Market.
The global plant-based ice cream market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific plant-based ice cream market held the largest market share of 38.6% in 2022 in the plant-based ice cream market analysis. The region's demand for plant-based ice cream is driven by consumer awareness regarding the consumption of plant-based ice cream.
The plant-based ice cream market for the Asia-Pacific region is studied across developing economies such as China, India, Japan, and others. Increased health and fitness consciousness and innovative product launches by companies operating in the plant-based ice cream market are significant factors contributing to the overall market growth. Consumers are shifting their preference towards coconut and almond based ice-cream as it consists of high nutritional values and tastes better than soy milk ice cream.
Market Companies
The major global players in the market include The Hain Celestial Group, Creamy Coconuts LLC, Bliss Unlimited, Ben and Jerry’s, White Wave Foods Company, Kleins Ice Cream, Wink Frozen Desserts, Booja-Booja, Unilever, and Coda.
COVID-19 Impact On Market
The unprecedented COVID-19 pandemic in 2020 profoundly affected the plant-based ice cream industry. Covid-19 has considerably impacted the global frozen dessert supply chain phases involving plant-based ice cream production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.
Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.
The COVID-19 pandemic issue has had an impact on the food and frozen dessert industries as well. The COVID-19 pandemic is upending life, and the frozen dessert sector is seeing increased trends like plant-based ice creams. The frozen dessert businesses are launching innovative programs, including plant-based ice creams, which are readily available and straightforward to consume.
Key Developments
- In 2022, Ben & Jerry's, an American company that manufactures ice cream, frozen yogurt, and sorbet, launched two plant-based ice cream flavors: "Chocolate Milk and Cookies" and "Dirt Cake."
- In 2022, the dairy-free ice cream chocolate chip cookie dough flavor was introduced by Little Red Rooster Ice Cream Company's brand NadaMoo.
- In 2021, Oatly, a Swedish food company announced introducing a vegan ice cream bar line in 3,000 stores across the United States. The new ice cream bars have an oat milk base and are enrobed in a rich chocolate shell. They come in four flavors: Chocolate Fudge, Strawberry Swirl, Salted Caramel, and Vanilla.
Why Purchase the Report?
- To visualize the global plant-based ice cream market segmentation based on form, source, flavor, product type, distribution channel, and region and understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of plant-based ice cream market-level with all segments.
- The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The Global Plant-Based Ice Cream Market report would provide approximately 70 tables, 77 figures and 195 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
