The global plant-based ice cream valued at $1.6 billion in 2022, is set to surge to $4.3 billion by 2033 with a 10% CAGR. This growth is driven by manufacturers focusing on clean label products and the increased demand fueled by advancements in plant-based milk and flavor innovations.
It was estimated that the global market for plant-based ice cream would be worth US$ 1.6 billion by 2022. In the upcoming years, the global market for plant-based ice cream will expand due to manufacturers’ emphasis on creating and promoting new “clean label” and “label free” plant-based ice cream products. By 2033, it is projected to have created US$ 4.3 billion, assuming a 10% CAGR from 2023 to 2033.
The demand for plant-based ice cream is being driven by the rising availability and commercialization of plant-based milk. Innovation in products that improve flavour and technology developments in the sector raise consumer perception.
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Key Points:
Global Growth: The plant-based ice cream market, valued at $1.6 billion in 2022, is poised to experience a substantial surge, reaching $4.3 billion by 2033, driven by a robust 10% Compound Annual Growth Rate (CAGR).
Clean Label Focus: Manufacturers are steering towards “clean label” products, and the rising demand is fueled by advancements in plant-based milk and flavor innovations, reflecting a growing consumer preference for healthier alternatives.
Market Dynamics: The market is witnessing dynamic shifts with numerous product launches catering to diverse tastes. Renowned brands like Ben & Jerry’s are expanding their flavor offerings, indicating a vibrant and evolving market landscape.
Flavor Variety Boosts Demand: The increasing desire for a wide range of flavors, including mint chip, pistachio, peanut butter, strawberry, fudge brownie, vanilla, coffee hazelnut, raspberry, lemon, and salted caramel, is a key driver propelling the market’s growth.
Segment Insights:
- Flavor Dominance: Coconut taste holds a dominant 43% market share, with chocolate expected to lead with a remarkable 15.2% CAGR, making it the most popular flavor among consumers.
- Global Expansion: The United States market is anticipated to grow steadily with a 5.3% CAGR in 2022, while India and the United Kingdom are expected to witness growth at 8.5% and 5.5% CAGR, respectively, from 2023 to 2033.
Throughout the projected period, a number of product launches catering to varied tastes and preferences would energise the market. For instance, Ben & Jerry’s has created a variety of additional flavours in addition to its present selections, particularly for the UK. As more global firms enter the market, there will be more distribution channels available, which will result in more product sales overall.
The growing desire for a wide selection of flavours from ice cream lovers is one of the main drivers fueling the market’s rise. In a nutshell, the increased accessibility of flavours including mint chip, pistachio, peanut butter, strawberry, fudge brownie, vanilla, coffee hazelnut, raspberry, lemon, and salted caramel is boosting the market’s development pace.
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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.
Competitive Landscape: Key players such as Unilever Plc., Nestle SA, Tofutti Brands Inc., and others are intensifying their focus on product development and premiumization to meet growing customer demands and tap into the untapped and lucrative plant-based market.
Consumer Trends: The surge in lactose intolerance cases, health-conscious consumers, and evolving socializing trends are significant factors anticipated to drive market expansion throughout the projection period.
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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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
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).
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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