(MENAFN- GlobeNewsWire - Nasdaq) Vegan Ice-cream market Size Was Valued at USD 686.20 Million in 2023, and is Projected to Reach USD 1741.14 Million by 2032, Growing at a CAGR of 10.9% From 2024-2032
Canada, Toronto, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Vegan ice cream Market is made using plant-based milk alternatives, which often contain high levels of fat, similar to traditional dairy ice cream. The key differences are that vegan ice cream is cruelty-free and suitable for those with milk allergies or sensitivities. Commercially, it can be made from soy, almond, cashew, coconut, or rice milk.
Introspective Market Research is thrilled to announce the release of its newest report, " Vegan Ice-Cream Market ." This comprehensive analysis reveals that the global Vegan Ice-Cream market, valued at USD 686.20 Million in 2023, is on a trajectory of significant growth, projected to reach USD 1741.14 Million by 2032 . This upward momentum corresponds to a robust CAGR of 10.9 % over the forecast period from 2024 to 2032.
Vegan ice cream, made from plant-based milks such as soy, almond, cashew, coconut, or rice, is becoming increasingly popular due to its cruelty-free nature and suitability for those with milk allergies or sensitivities. Rich in fat, much like traditional dairy ice cream, vegan ice cream offers a satisfying texture and flavor without the use of animal products. The market for vegan ice cream is rapidly expanding, driven by shifting consumer lifestyles, rising disposable incomes, and improvements in cold chain logistics.
A growing base of vegan consumers is also contributing to this growth, as many people choose plant-based options for health, ethical, and environmental reasons. Vegan ice creams not only align with ethical values but are also linked to health benefits such as improved digestion, stronger immune system function, and better blood pressure regulation. As awareness of animal cruelty grows, demand for vegan alternatives continues to rise. In addition to ethical and health benefits, innovations in flavor profiles and product offerings are further fueling the vegan ice cream market's growth. Manufacturers are experimenting with unique ingredients such as exotic fruits, superfoods, and natural sweeteners to create indulgent yet healthier options.
Moreover, sustainability is becoming a key focus for many vegan ice cream brands, further driving consumer interest. As environmental concerns regarding dairy farming, such as high-water usage and greenhouse gas emissions, become more prominent, plant-based alternatives are seen as an eco-friendlier option. Some companies are taking additional steps by using biodegradable or recyclable packaging, reducing their overall carbon footprint. This commitment to sustainability resonates with environmentally conscious consumers, who are looking for products that not only taste great but also align with their values. As a result, the vegan ice cream market is set to experience continued growth in the coming years.
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The rise of e-commerce and the availability of vegan ice cream in retail outlets are also boosting market accessibility. With online shopping platforms making it easier for consumers to discover new brands and flavors, the distribution of vegan ice cream is expanding beyond traditional grocery stores. This broader availability helps meet the demands of both urban and rural areas, increasing the product's reach. Additionally, the growing trend of personalized nutrition is allowing companies to offer customizable vegan ice cream options, catering to dietary preferences such as gluten-free, sugar-free, and low-calorie variants. This combination of ethical, health, environmental, and personalized benefits positions vegan ice cream as a dynamic and evolving segment in the frozen dessert market.
Key Industry Insights
Increased Prevalence of Lactose Intolerance and Dairy Allergies
The rising prevalence of lactose intolerance and dairy allergies is fueling the demand for vegan ice cream. Lactose intolerance occurs when the body produces insufficient lactase, the enzyme needed to digest lactose, leading to discomfort for a significant portion of the global population. To address this, many consumers are turning to vegan ice creams, which are made using plant-based alternatives like soy, almond, cashew, coconut, and rice milk. These dairy-free options provide the same rich flavors and creamy texture as traditional ice cream without animal-derived ingredients. Vegan ice cream offers a wide variety of flavors and products, including pint-sized containers, ice cream sandwiches, and fudge bars, catering to diverse consumer preferences. This shift towards plant-based desserts not only supports those with lactose intolerance but also aligns with broader dietary trends, driving the vegan ice cream market's the growing awareness of environmental sustainability and animal welfare is also contributing to the rise in demand for vegan ice cream. As more consumers adopt plant-based diets to reduce their carbon footprint and support cruelty-free practices, vegan ice cream is becoming an appealing choice for those seeking to align their dessert options with ethical values. This convergence of health, environmental, and ethical considerations is accelerating innovation in the vegan ice cream market, with brands continually expanding their product offerings to meet the evolving demands of conscious consumers.
Health and Dietary Preferences
The growing demand for vegan ice cream is driven by increasing health consciousness and shifting dietary preferences among consumers. Many are adopting vegan and lactose-free diets due to health reasons, allergies, or ethical concerns, making plant-based ice cream a popular choice for those seeking dairy-free alternatives. Vegan ice cream offers health benefits such as lower saturated fat, no cholesterol, and fewer artificial additives, making it an appealing option for health-conscious individuals. This trend aligns with the global focus on wellness, as consumers look for healthier yet indulgent frozen desserts. Additionally, the expansion of vegan options in the food industry has fueled innovation, leading to a wider variety of flavors and textures in plant-based ice creams, attracting a broader audience and further driving market growth.
The rise in environmental awareness is also a key factor contributing to the growing demand for vegan ice cream. Consumers are becoming more conscious of the environmental impact of animal agriculture, which drives them to choose plant-based alternatives as a more sustainable option. Vegan ice cream production typically uses fewer resources, such as water and land, and produces fewer greenhouse gas emissions compared to dairy-based ice cream. Furthermore, many companies are investing in sustainable packaging for their vegan ice cream products, further appealing to eco-conscious buyers. With prominent food brands and startups constantly introducing new and innovative flavors, the market is rapidly evolving to cater to diverse taste preferences, further propelling the growth of vegan ice cream on a global scale.
Taste and Texture: A significant challenge
One of the biggest challenges in the vegan ice cream market is achieving a taste and texture that closely mimics traditional dairy ice cream. Since dairy contributes to the creamy, rich mouthfeel of ice cream, plant-based alternatives often struggle to match the same sensory experience. Common substitutes, like almond, coconut, and oat milk, can have different flavors and textures, which may not always appeal to mainstream consumers. Additionally, vegan ice-cream can feel less creamy or have a more icy texture, making it harder to replicate the indulgent nature of dairy-based products. Companies must invest heavily in food technology, research, and development to refine their formulations while balancing natural ingredients with consumer expectations. A consistent, appealing texture is crucial to gaining wider acceptance beyond niche vegan challenge in the vegan ice-cream market is ensuring affordability and accessibility. Plant-based ingredients, especially those that require specialized processing, can be more expensive than traditional dairy products. This often results in higher prices for vegan ice-cream, making it less attractive to cost-conscious consumers. Additionally, while the demand for vegan products is growing, availability in mainstream supermarkets and smaller retailers can be limited. Expanding distribution channels and achieving competitive pricing without compromising on quality are key factors for broader market penetration.
Key Manufacturers
Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.
Ben & Jerry's (USA) Oppo Brothers (UK) So Delicious Dairy Free (USA) Coconut Bliss (USA) Oatly (Sweden) Swedish Glace (Sweden) Cornetto (Italy) Swedish Glace (Sweden) Alpro (Belgium) Valsoia (Italy) Frill (United Kingdom) Jollyum (United Kingdom) Nomoo (United Kingdom) Yorica! (United Kingdom) MiiRO (United Kingdom) Almond Dream (United Kingdom) Fravocado (Spain) Magnum (Netherlands) NadaMoo (USA) Van Leeuwen Artisan Ice Cream (USA) Luna & Larry's Coconut Bliss (USA) Daiya Foods (Canada) Jeni's Splendid Ice Creams (USA) Booja-Booja (UK) and other active players.
In February 2024, Unilever is shifting its approach to reformulating Ben and Jerry's dairy-free ice cream products. After experimenting with almond and sunflower bases for their vegan offerings, the company is now exploring new alternatives. This marks a change in strategy for the popular brand, which has been committed to expanding its plant-based options. The goal is to enhance the taste and texture of its vegan ice creams, appealing to a broader audience while maintaining its commitment to sustainability and inclusivity. Unilever's latest move reflects its dedication to innovation in the evolving dairy-free market.
In August 2023, a centuries-old bean, sweet lupin, is gaining renewed attention in Canada as a key ingredient in high-protein, plant-based foods. This ancient bean is now being used to create a vegan version of soft-serve ice cream, which is being sold at a well-known Winnipeg ice cream stand. Sweet lupin's comeback is opening up new possibilities for the plant-based food market, offering a sustainable and protein-rich alternative. As more consumers seek healthier and environmentally friendly options, sweet lupin is positioning itself as a game-changer in the world of vegan and plant-based products.
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Key Segments of Market Report
By Type:
Almond milk's creamy texture, nutty flavor, and nutritional benefits, including being rich in vitamin E and calcium, make it an appealing base for vegan ice cream. Its low-calorie, lactose-free profile attracts consumers with dairy allergies or lactose intolerance, expanding the market for dairy-free frozen desserts without compromising taste or texture. As a result, the global value of almond milk has steadily increased from 2020 to 2023. Additionally, almond milk is cholesterol-free and low in saturated fats, which appeals to health-conscious consumers seeking alternatives to traditional dairy products.
The rise in plant-based diets, driven by ethical, environmental, and health concerns, has further fueled the demand for almond milk in frozen desserts. Vegan ice creams made with almond milk cater not only to vegans but also to flexitarians and individuals looking to reduce their carbon footprint. Innovations in flavor profiles and textures, along with the use of natural sweeteners and organic ingredients, have helped almond milk ice creams maintain their popularity and meet evolving consumer preferences.
Almond milk's versatility extends beyond ice cream, finding its way into a variety of dairy-free products such as yogurt, cheese, and smoothies. This adaptability allows manufacturers to explore innovative applications, thereby driving further growth in the market. Additionally, the increased visibility of almond milk in mainstream media and health-focused campaigns has heightened consumer awareness and acceptance of plant-based alternatives.
By Application:
Caramel's rich, sweet, and buttery flavor makes it a popular choice in vegan ice cream, which is crafted from plant-based milks like almond, coconut, or soy. This dairy-free option appeals to those with lactose intolerance or dairy allergies, contributing to market growth. As health-conscious consumers increasingly seek indulgent yet ethical dessert options, the demand for caramel vegan ice cream is rising, driven by interest in plant-based diets and gourmet flavors.In addition to its delicious flavor, caramel vegan ice cream is also gaining traction due to its versatility. It can be paired with a variety of other flavors like chocolate, coffee, vanilla, or even salted variations, offering endless options for creative combinations. Moreover, the use of natural sweeteners like coconut sugar or agave syrup in vegan caramel ice creams appeals to consumers looking for lower-glycemic and less processed alternatives to traditional sugar. This aligns with the broader trend toward clean-label products, where consumers are prioritizing minimal, recognizable ingredients. As a result, the market for caramel vegan ice cream continues to expand rapidly.
By Region:
Western Europe dominates the global Vegan Ice-Cream market, driven by increasing health consciousness and the rising popularity of plant-based diets. Consumers in the region are increasingly seeking healthier, more sustainable food options, with vegan ice cream made from almond, coconut, or soy milk fitting these preferences. This plant-based dessert offers a guilt-free indulgence, appealing to those prioritizing health and sustainability. Additionally, the shift toward vegan and vegetarian lifestyles in Western Europe, influenced by concerns over animal welfare and environmental impact, has significantly boosted demand for dairy-free alternatives.
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Moreover, Western Europe's robust infrastructure for organic and sustainable farming contributes to the growth of the vegan ice cream market. Consumers are becoming more discerning about ingredient sourcing, preferring products that support local agriculture and ethical farming practices. This focus on sustainability is further reinforced by government regulations promoting plant-based food innovation and reducing carbon footprints in the food industry. Major players in the market are responding to this demand with a diverse range of flavors and healthier formulations, often enriched with natural sweeteners and organic ingredients, making vegan ice cream an attractive option for both vegans and health-conscious consumers alike.
Comprehensive Offerings:
Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years. Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions. Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment. Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations. Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape. Import and Export Analysis: Examination of trade patterns and their impact on market dynamics. Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown. Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking. PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors. PORTER's Five Forces Analysis: Assessment of competitive forces influencing the market. Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors. Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations. Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis. Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.
About Us:
Introspective Market Research is a premier global market research firm, leveraging big data and advanced analytics to provide strategic insights and consulting solutions that empower clients to anticipate future market dynamics. Our team of experts at IMR enables businesses to gain a comprehensive understanding of historical and current market trends, offering a clear vision for future developments.
Our strong professional network with industry-leading companies grants us access to critical market data, ensuring the generation of precise research data tables and the highest level of accuracy in market forecasting. Under the leadership of CEO Mrs. Swati Kalagate, who fosters a culture of excellence, we are committed to delivering high-quality data and supporting our clients in achieving their business goals.
The insights in our reports are derived from primary interviews with key executives of top companies in the relevant sectors. Our robust secondary data collection process includes extensive online and offline research, coupled with in-depth discussions with knowledgeable industry professionals and analysts.
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