The Plant-Based Ice Creams market is experiencing remarkable growth due to increasing consumer awareness about health and environmental concerns. As more people adopt vegan and dairy-free lifestyles, the demand for plant-based ice creams made from ingredients like coconut milk, almond milk, and soy is soaring. This upward trend is projected to continue in the coming years.
The predicted valuation of the worldwide plant-based ice cream market in 2022 was approximately US$ 1.6 billion. Manufacturers’ focus on developing and marketing new “clean label” and “label free” plant-based ice cream products will drive the growth of the global market for plant-based ice cream in the next years. Considering a 10% CAGR from 2023 to 2033, it is anticipated to have produced a total of US$ 4.3 billion by 2033.
The demand for plant based ice cream is being driven by the quickening pace of commercialization and rising supply of plant-based milk. Market perception is improved through product innovation that improves flavor and technology developments in the sector.
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A number of product launches catering to various preferences and tastes will stimulate the market throughout the projection period. For example, in addition to its current varieties, Ben & Jerry’s has developed a number of new tastes, especially for the United Kingdom. The market penetration of several multinational corporations will increase the number of distribution channels, which will increase the product’s overall sales volume.
One of the key factors driving the market’s expansion is the increasing demand for a wide variety of flavors from ice cream enthusiasts. In a nutshell, the market growth rate is being boosted by the increased availability of flavors which includes mint chip, pistachio, peanut butter, strawberry, fudge brownie, vanilla, coffee hazelnut, raspberry, lemon and salted caramel.
Key Takeaways from the Market Study
- The global market for plant-based ice creams saw a CAGR of 3.3% from 2018 to 1022.
- In 2022, the coconut taste will hold a 43% market share, making it the dominant category.
- Chocolate is expected to expand at a CAGR of 15.2% over the course of the forecast period, making it the most popular taste among consumers.
- The United States market is predicted to expand steadily from 2023 to 2033 at a CAGR of 5.3% in 2022.
- From 2023 to 2033, the Indian market for plant-based ice cream is anticipated to grow at a CAGR of 8.5%.
- From 2023 to 2033, the market in the United Kingdom is projected to expand at a CAGR of 5.5%.
“Rapidly increasing instances of lactose intolerance consumers along with other milk-related health problems, and some socializing trends, are predicted to drive market expansion throughout the projection period,” remarks an FMI analyst.
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Competitive Landscape
Key businesses are placing a lot of emphasis on developing and creating new products in order to satisfy customer demand while maintaining premiumization by providing a range of flavors and product quality.
The market for plant-based products remains untapped and lucrative for manufacturers as more customers adopt healthy eating trends. The market under study will also be improved further by raising R&D expenditures and investigating new distribution methods, such as internet retail channels.
Prominent players in the plant based ice-creams market are:
- Unilever Plc.
- Nestle SA
- Tofutti Brands Inc.
- General Mills, Inc.
- Danone SA,
- Booja Booja Company Ltd.
- Little Red Rooster Ice Cream Company
- Bliss Unlimited LLC.
- JUDE’S
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Some key developments of the leading companies in this market are:
- Keventers, a 97-year-old dairy brand as well as restaurant chain famed for its milkshakes along with ice creams, extended its product offering with its first selection of plant-based ice cream in 2023 in India produced with coconut milk. Two flavors—Vegan Strawberry and Vegan Dark Chocolate—have been introduced by the firm.
- Unilever introduced the new Magnum Vegan Raspberry Swirl in Veganuary 2023. It is a silky raspberry ice cream featuring swirls of tart raspberry sauce and is covered in vegan chocolate. New Magnum Vegan Minis were released in Australia, North America, New Zealand, Israel, as well as Europe during the preceding Veganuary.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global plant based ice-creams market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the plant based ice-creams market, the market is segmented on the basis of plant based ice-creams by form (singles, blends), product type (bars, cones, cups/tubs, others), flavor (fruits, nuts, herbs, beans), source (soy milk, coconut milk, almond milk, cashew milk), sales channel (direct sales, indirect sales, hyper/supermarket, franchise outlet, online) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Segments Profiled in the Global Plant Based Ice-creams Market
By Form:
- Singles
- Blends
By Product Type:
- Bars
- Cones
- Cups/Tubs
- Others
By Flavor:
- Fruits
- Strawberry
- Banana
- Orange
- Raspberry
- Pomegranate
- Lemon
- Others
- Nuts
- Coconut
- Almond
- Hazelnut
- Others
- Herbs
- Cinnamon
- Mint
- Peppermint
- Others
- Beans
- Vanilla
- Chocolate
- Coffee
- Others
By Source:
- Soy Milk
- Coconut Milk
- Almond Milk
- Cashew Milk
- Others
By Sales Channel:
- Direct Sales
- Indirect Sales
- Hyper/Supermarket
- Franchise Outlets
- Online
- Other Retail Formats
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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