Plant Based Ice Creams Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Plant Based Ice Creams Market Size And Industry Analysis

The Global Plant Based Ice Creams Market accounted for USD 1723.3 Million in 2020 and is expected to reach USD 3225.7 Million by 2028, growing at a CAGR of 8.8 % from 2021 to 2028.

Non-dairy sources like coconut milk, soy milk, cashew milk, almond milk and other plant-based components are used in the preparation of plant-based ice creams. They are often known as vegan ice creams and aid weight reduction, improve skin texture and lower the risk of heart disease. Plant-based ice creams come in a variety of flavors, including chocolate, coconut, , orange, strawberry, caramel and others.

Rise in customer adoption of flexitarian diet, with rising health concerns leading to consumers restricting their use of dairy products, increasing demand for non-dairy desserts among vegan consumers, increasing population of lactose intolerant consumers and the growing consumer awareness and curiosity about plant based ice cream is propelling the market's growth.

Key market players are reformulating the recipes of plant based ice creams to appeal to the customers. In addition innovative flavors are also introduced by the key players to cater to a wider consumer base.

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COVID-19 Impact Analysis

The economic downturn caused by the COVID-19 pandemic across the globe has put pressure on the food and beverage revenues. The company players reviewed their sourcing strategies, and streamlined their product lines towards more essential and hygiene care products which were in demand.

One of the major factors that impacted the plant based ice cream market was the price of these products. Challenges like employment loss or shutting of businesses due to the Covid-19 pandemic caused by a shift in consumer spending towards more essential and hygiene care products.

Growth Factors

The growing number of lactose intolerant people is boosting the demand for plant-based ice creams. Plant-based ice creams are becoming more popular as consumers are becoming more aware of the vegan culture and adopting it as a way of life. This is driving revenue in the plant-based ice creams industry. The increased focus on healthier ice cream varieties is likely to fuel demand. Vegan culture has emerged as a result of growing awareness about animal welfare concerns in the food and beverage sector, decreasing consumption of animal products, and increasing of the choice of alternatives.

Additionally, consumers are growing more aware of the health benefit that the non-dairy frozen desserts offer, which has resulted in increased sales of vegan cheese, ice creams and protein shakes.

Report Scope:

Source Segment Analysis Preview

Coconut Milk segment will grow at a CAGR of over 7% from 2021 to 2028. This is attributable to the fact that it requires to less air while preparation making the products denser than other alternatives. As Southeast Asia emerged as the world's leading producer of coconut it piqued the interest of market participants. In plant-based ice creams, soy milk is one of the most often utilized creaming ingredients. However, soy milk's sales for usage in plant-based ice creams are projected to slow due to a number of negative side effects.

Distribution Channel Segment Analysis Preview

The supermarket/hypermarket segment held a share of around 30% in 2020.This is attributable to the rise in the adoption of retail formats like supermarkets and hypermarkets in both developed and developing markets. Furthermore, customers like these retail layouts because they give a one-stop shopping experience. In addition, they provide consumers with a diverse selection of items at a reasonable price and are often located in conveniently accessible places, all of which contribute to the segment's overall appeal and, as a result, to the worldwide market's growth.

Regional Analysis Preview

The European region held a share of over 20% in 2020. This is attributable to the fact that in the last few years, developed countries in Europe have seen an increase in vegan population. According to studies conducted by the Vegan Society in collaboration with Vegan Life magazine, the number of people identified as vegans in the UK has grown by about 350 percent in the last decade. This factor is expected to fuel sales of plant based ice creams in the future.

The Asia Pacific region is projected to grow at a CAGR of around 8.5% over the forecast period. This surge is due to an increase in the lactose intolerant population and the rise in number of fitness-conscious consumers in the region. Consumers are shifting their preferences to alternatives that have high nutritional values and tastes over their existing consumption habits. As more studies link a vegan diet to a healthier and longer life, demand for plant-based ice creams is anticipated to grow in this region in the coming years.

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Key Market Players & Competitive Landscape

Some of key players in Plant Based Ice cream Market are Ben & Jerry's, Creamy Coconuts, LLC, Klein’s Ice cream, Hain Celestial Group, Wink Frozen Desserts, Cado, Breyer’s, White Wave Foods Company, Oatly AB and Bliss Unlimited among others. 

Product launches, product approvals, and other organic growth initiatives such as patents and events are being prioritized by a number of players in this market. Acquisitions and partnerships and collaborations are the popular inorganic growth techniques seen in the market. These actions have opened the path for market participants to expand their business and consumer base.

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The global Plant Based Ice Creams Market is segmented as follows:

By Source

• Soy Milk
• Almond Milk
• Coconut Milk
• Oats Milk
• Cashew Milk
• Others

By Flavor

• Fruits
• Nuts
• Beans
• Others

By Packaging

• Bars
• Cups/Tubs
• Cones
• Others

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• Franchise Outlet
• Online
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa