Global Plant-Based Ice Cream Market - 2023-2030

Market Overview

Global Plant-Based Ice Cream Market reached US$ 2.8 billion in 2022 and is expected to reach US$ 5.3 billion by 2030 and grow with a CAGR of 8.4% during the forecast period 2023-2030. Over the projection period, global plant-based ice cream market demand is anticipated to increase due to rising consumer awareness of healthy intakes.

The plant-based ice cream market is anticipated to witness lucrative growth prospects and opportunities in the upcoming years, due to the growing number of lactose-intolerant individuals and increasing rates of veganism. These two major aspects will likely lead to the dynamic development of the plant-based ice cream market globally, particularly in developed nations. There are also rising venture investments in global plant-based ice cream market-based companies.

In addition, the increasing number of research and development and new product launches by plant and protein alternative manufacturers and emerging economies are expected to create lucrative plant-based ice cream market opportunities. In 2022, Ben & Jerry's, an American company that manufactures ice cream, frozen yogurt, and sorbet, launched two plant-based ice cream flavors: "Chocolate Milk and Cookies" and "Dirt Cake."

Market Dynamics

The Growing Vegan Population is Estimated to Drive the Bakery Products Market Growth.

Consumers are increasingly embracing the vegan lifestyle and opting for healthy substitutes for dairy, and other conventional protein sources, which ultimately increases the demand for plant-based food in the industry. For instance, in 2020, according to Veganz, 3.6% of the population is vegan in Germany. Various natural ingredients in plant-based ice cream with growing awareness regarding health benefits contributed significantly to plant-based ice cream market growth over the forecast period.

Millennials are central drivers of this worldwide shift away from consuming animal products - normalising plant-based eating and leading consumer demand. Everyone from celebrities to athletes to entire companies, including Google, and countries are promoting eating more plant-based foods. These food products are gaining immense traction worldwide due to their health and environmental benefits.

Health Advantages Associated with Plant-Based Products are Driving the Market Growth.

Customers claim to eat more plant-based meals for various reasons, including improved overall health, weight management, and a desire to eat more sustainably. The rising internet and social media penetration are critical in educating people about the various benefits of consuming plant-based products. Leading players use these platforms to reach maximum audiences and increase plant-based food market sales.

Major players are launching innovative products to attract customers and increase their market growth opportunities. The emerging new flavors and products are attracting customers. For instance, in 2022, the dairy-free ice cream chocolate chip cookie dough flavor was introduced by Little Red Rooster Ice Cream Company's brand NadaMoo.

High Cost of Plant-Based Ice Cream Restrains the Market Growth.

Complicated formulation of plant-based ice creams compared to conventional counterparts results in high processing charges, hindering the market growth. Removing dairy from ice creams complicates its food label as more, substitute ingredients are required to produce similar taste and texture. This is expected to represent a potential threat to sales of plant-based ice creams.

Plant-based milk such as soy, almond, cashew, and coconut milk is costly compared to dairy milk. Moreover, the extraction cost of this milk is higher than animal milk. The milk is consumed mainly by fitness-conscious and vegan consumers. Thus, the high price of plant-based milk is raising the cost of vegan ice cream, due to which middle-class consumers may not be able to spend n plant-based ice creams, which restrains the growth of the global market.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global plant-based ice creams market is segmented based on form, source, flavor, product type, distribution channel, and region.

In the Global Plant-Based Ice Cream Market, the Coconut Milk Segment Holds the Largest Market Share.

The global plant-based ice cream market has been segmented by source into soy, almond, coconut, cashew, oats, and rice milk. In the plant-based ice cream market analysis report, the coconut milk segment held the largest plant-based ice cream market share of 38.8% in 2022. The growth of the target segment is attributed to the increasing demand for healthy plant-based ice creams.

Coconut milk contains low fat. a neutral base taste that can impart the flavour of ice cream. It provides several health benefits such as helping with weight loss, preventing cardiac diseases and strengthening the immune system. Thus fitness-conscious consumers prefer coconut milk ice cream, which significantly contributes to the growth of the plant-based ice cream market.

Geographical Analysis

The Asia-Pacific Region Held the Largest Share of the Plant-Based Ice Cream Market.

The global plant-based ice cream market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific plant-based ice cream market held the largest market share of 38.6% in 2022 in the plant-based ice cream market analysis. The increase in health awareness among most people is attributed to the plant-based ice cream market growth in this region.

Consumer preferences shifting from dairy-based plant-based ice cream to non-dairy-based plant-based ice cream products in this region are driving the market. Furthermore, product development, a high level of disposable income, and the presence of various plant-based ice cream flavors will accelerate the market's growth rate in this region. In 2021, Oatly, a Swedish food company announced introducing a vegan ice cream bar line in different flavors.

Competitive Landscape

The major global players in the market include: The Hain Celestial Group, Creamy Coconuts LLC, Bliss Unlimited, Ben and Jerry's, White Wave Foods Company, Kleins Ice Cream, Wink Frozen Desserts, Booja-Booja, Unilever, and Coda.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

COVID-19 Impact:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the frozen dessert industry. COVID-19 has considerably impacted the global frozen dessert supply chain phases involving plant-based ice cream production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industries as well. The COVID-19 pandemic is upending life, and the food sector is seeing an increase in trends like plant-based ice creams. The food businesses are launching innovative programs, including plant-based ice creams, which are readily available and straightforward to consume.

Why Purchase the Report?

• To visualize the global plant-based ice cream market segmentation based on form, source, flavor, product type, distribution channel, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant-based ice cream market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Plant-Based Ice Cream Market report would provide approximately 70 tables, 77 figures and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies