Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 789.1 Million | USD 1,985.90 Million | 10.80% | 2023 |
The global vegan ice cream market size was worth around USD 789.1 million in 2023 and is predicted to grow to around USD 1,985.90 million by 2032 with a compound annual growth rate (CAGR) of roughly 10.80% between 2024 and 2032.
A vegan ice cream is a form of frozen dessert that is prepared without using any form of animal-derived ingredients. Vegan ice creams are free of animal products such as eggs, milk, and other dairy items. Most vegan ice creams are prepared using coconut milk however, other plant-based milk can also be used for preparing the novel offerings in the frozen dessert category. Market players are experimenting with new flavors to attract a larger consumer base which is expected to further promote the industry’s growth rate during the projection period. Consumers have access to more customization options such as gluten-free or processed sugar-free frozen ice creams. There are three main types of vegan ice cream. The demand for vegan ice creams has increased over the years influenced by several factors.
For instance, increased access to vegan raw materials required for preparing animal products-free ice cream is an influential factor in encouraging greater product consumption. In addition to this, changing consumer lifestyles, increased awareness, and expansion of food products across global platforms are critical factors for higher market revenue. One of the key factors that could limit the industry’s overall revenue is the competition from regular ice creams as consumers may not adapt to changed flavors and textures.
Growing rate of veganism around the world to promote market development rate
The global vegan ice cream market is expected to grow due to the rising rate of veganism around the globe. It refers to the increased population that refrains from consuming animal-based food or beverages. Traditionally consumed frozen desserts such as ice creams are made using milk and cream which are derived from animals.
Furthermore, certain ice creams may also contain egg yolk which is an essential emulsifier for frozen desserts. The use of egg yolk is particularly registered in French-style ice creams according to market analysis.
However, these dessert items cannot be consumed by people practicing vegan diets due to the presence of ingredients derived from animals. In such cases, vegan ice creams register higher demand since these products meet the dietary requirements of the vegan population. In addition to this, in several cultures, the egg does not form a part of a vegetarian diet and vegan ice creams can fit the egg-free criteria for people practicing vegetarianism.
According to official statistics, around 80 million people worldwide are vegans influenced by changes in lifestyle, health-related restrictions, religion-based decisions, and increased awareness about the environmental impact of the meat industry. A 2019 study published by the Journal of American Heart Association linked a plant-based diet with a lower risk of cardiovascular diseases (CVDs) in middle-aged adults. Furthermore, the global meat industry is one of the leading emitters of greenhouse gasses causing environmental pollution.
Increased access to essential raw materials for vegan ice cream to promote higher revenue in the coming years
The production of plant-based ice creams has further grown due to improved access to materials required for preparing animal products-free frozen desserts. For instance, the production rate of vegan milk has increased in the last decade. This has resulted in greater demand for the products available in the global vegan ice cream market especially in the form of make-at-home recipes.
The availability of several food channels across satellite and social media-based channels has encouraged more people to try making vegan ice creams at home in several flavors. The industry has further benefited from the increased globalization in the food industry.
High cost of the products will limit the overall expansion rate of the market
The global industry for vegan ice cream is projected to be restricted due to the high cost of the products available in the market. Traditionally consumed ice creams are more readily available at a wider price range. Vegan ice creams are relatively expensive due to the use of specialized ingredients that must not contain any form of animal-derived components.
Furthermore, limited awareness about vegan ice creams especially in remote areas globally will dilute the overall revenue in the industry according to market analysis.
Increased undertakings by market players to offer novel products and flavors will generate growth opportunities
The global vegan ice cream market is projected to generate growth opportunities due to the increased number of products offered by companies producing vegan frozen desserts. Market players are researching on improving product's shelf life while also focusing on delivering new flavors and incorporating creative advertising or branding methods to attract new consumers.
For instance, in June 2024, McDonald’s, one of the world’s leading fast-food providers serving millions of customers globally, launched a new range of vegan ice cream in select stores across the UK. The product costs £1.59 per tub and is introduced under the name McFreezy. Currently, the vegan ice cream at McDonalds is available in limited flavors that are Orange and Mango & Pineapple-based.
In February 2024, Ben & Jerry's, one of the leading providers of ice creams across flavor boards, announced the reformulation of its non-dairy portfolio using an extra smooth oat base. According to the company's claims, more than 70 formulations were tested before finalizing the oat base. The company has undertaken the project against the backdrop of growing demand for plant-based food alternatives including dessert items. In addition to this, market players must also focus on entering new markets, especially regions that are witnessing a shift in consumer preferences and spending habits.
Achieving texture accuracy and hesitancy among consumers against new tastes or flavors may challenge market expansion
The global industry for vegan ice cream is expected to be challenged by the technical difficulties faced by manufacturers in achieving the right texture in the absence of dairy-based ingredients.
Furthermore, consumers may show hesitancy in adopting new flavors and textures in ice cream as they may be used to consuming conventional dairy-rich ice creams. Improving the product’s shelf life and managing the supply chain could further inhibit the overall growth rate in the industry.
Report Attributes | Report Details |
---|---|
Report Name | Vegan Ice Cream Market |
Market Size in 2023 | USD 789.1 Million |
Market Forecast in 2032 | USD 1,985.90 Million |
Growth Rate | CAGR of 10.80% |
Number of Pages | 211 |
Key Companies Covered | Cado Avocado Ice Cream, Ben & Jerry's Non-Dairy, Earth Grown (Aldi), So Delicious Dairy Free, Craig’s Vegan Ice Cream, Wicked Kitchen, Jeni’s Dairy-Free, NadaMoo!, Silk Dairy-Free Ice Cream, Arctic Zero Non-Dairy, Van Leeuwen, Cosmic Bliss, Oatly, Forager Project, Ripple Foods., and others. |
Segments Covered | By Source, By Flavor, By Distribution Channel, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global vegan ice cream market is segmented based on source, flavor, distribution channel, and region.
Based on the source, the global market divisions are cashew milk, almond milk, soy milk, coconut milk, and others. In 2023, around 25% of the segmental share was dominated by coconut milk. The easier availability of plant-based milk derived from coconut is helping the segment thrive. Moreover, vegan ice creams produced using coconut milk offer better textures and deliver higher cost-efficiency as compared to other alternatives.
Based on flavor, the global vegan ice cream industry is divided into vanilla, caramel, coffee, chocolate, fruit, and others.
Based on the distribution channel, the global market segments are online, specialty stores, supermarkets & hypermarkets, and others. In 2023, the highest demand was listed in the supermarkets & hypermarkets segment. These facilities cater to a wide range of consumers every day seeking essential items. Furthermore, the growing partnerships with supermarkets and mega retail stores with food producers are helping the segment thrive. Specialty stores are also considerable revenue generators but they cater to selective consumers only. According to official estimates, more than 37.05 million customers walk into Walmart per day.
North America to continue registering significant revenue during the forecast period
The global vegan ice cream market will be led by North America during the forecast period. The growing number of vegan diet followers across the US and Canada is driving the regional market demand rate. In addition to this, the higher disposable income of the general population and a widely prevalent ‘dining-out’ or ‘coffee culture’ will be beneficial to overall growth in North America in the coming years. Europe is a crucial market offering access to new customers. The surge in health consciousness among European citizens along with growing awareness around the environmental impact of the meat industry are encouraging more people to opt for a vegan diet.
According to market research, over 3% of the European population is vegan. In addition to this, the surge in food tourism across Europe along with higher acceptance of new food options including ice cream flavors will help Europe generate considerable revenue. Asia-Pacific, on the other hand, is an emerging market. Changes in consumer lifestyle, increasing demand for novel food solutions, and the presence of a massive consumer base will help fuel demand for vegan ice creams in Asian countries.
The global vegan ice cream market is led by players like:
The global vegan ice cream market is segmented as follows:
By Source
By Flavor
By Distribution Channel
By Region
FrequentlyAsked Questions
A vegan ice cream is a form of frozen dessert that is prepared without using any form of animal-derived ingredients.
The global vegan ice cream market is expected to grow due to the rising rate of veganism around the globe.
According to study, the global vegan ice cream market size was worth around USD 789.1 million in 2023 and is predicted to grow to around USD 1,985.90 million by 2032.
The CAGR value of vegan ice cream market is expected to be around 10.80% during 2024-2032.
The global vegan ice cream market will be led by North America during the forecast period.
The global vegan ice cream market is led by players like Cado Avocado Ice Cream, Ben & Jerry's Non-Dairy, Earth Grown (Aldi), So Delicious Dairy Free, Craig’s Vegan Ice Cream, Wicked Kitchen, Jeni’s Dairy-Free, NadaMoo!, Silk Dairy-Free Ice Cream, Arctic Zero Non-Dairy, Van Leeuwen, Cosmic Bliss, Oatly, Forager Project and Ripple Foods.
The report explores crucial aspects of the vegan ice cream market including detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.
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