PORTLAND, Ore., Sept. 1, 2020 /PRNewswire/ — Allied Market Research published a report, titled,”Vegan Ice Cream Market by Source (Coconut Milk, Soy Milk, Almond Milk, and Cashew milk), Flavor (Caramel, Chocolate, Coconut, Coffee, Vanilla, and Fruit), Sales Type (Impulse, Take Home, and Artisanal), and Distribution Channel (Supermarket/Hypermarket, Convenience Stores, and Online): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global vegan ice cream industry was estimated at $520.9 million in 2019, and is expected to hit $805.3 million by 2027, registering a CAGR of 13.7% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in obese population, rise in health & wellness trend among the target customers, and surge in disposable income among people fuel the growth of the global vegan ice cream market. On the other hand, high price of dairy alternative milk impedes the growth to some extent. However, untapped developing markets and innovation in taste& flavor of vegan ice cream are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The first phase of the global lockdown had directly hit the supply chain and accordingly, the production units that deliver vegan ice creams were severely hampered too. Many of the leading players in the market had to keep their business closed for an uncertain period.
- However, government bodies in several regions are now coming up with a lot of relaxations and with this drift on board, the global market is projected to regain its position in terms of revenue.
The almond milk segment to lead the trail by 2027-
Based on source, the almond milk segment contributed to nearly one-third of the global vegan ice cream market share in 2019 and is expected to retain its dominance by the end of 2027. This is because almond milk is the most popular milk source in the vegan ice cream market. The coconut milk segment, on the other hand, would register the fastest CAGR of 15.2% throughout the forecast period. Various health benefits of coconut based vegan ice creams drive the growth of the segment.
The caramel segment to dominate during the estimated period-
Based on flavor, the caramel segment accounted for nearly one-fourth of the global vegan ice cream market revenue in 2019 and is anticipated to maintain the top status till 2027. The unique taste of caramel makes it a popular flavor for vegan ice creams, thereby propelling the growth of the segment. Simultaneously, the fruits segment would portray the finest CAGR of 15.6% from 2020 to 2027. There are no known hazards for consumption of fruit essence as mainly they are manufactured from natural fruits. This factor has propelled the segment growth.
Europe, followed by Asia-Pacific and North America, to rule the roost in terms of revenue-
Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, garnering more than one-third of the global vegan ice cream market, owing to prevalence of highest level of obesity in the region. At the same time, Asia-Pacific would manifest the fastest CAGR of 14.9% during the study period. Rise in concern toward health & fitness and increase in innovative product launches by companies operating in the vegan ice cream market fuel the growth.
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Frontrunners in the industry-
- General Mills
- Trader Joe’s.
- High Road Craft Brands
- The Whitewave Foods Company (Denon)
- Bliss Unlimited, LLC
- Unilever
- Tofutti Brands, Inc.
- Alden’s Organic
- Whole Foods Market IP. L.P.
- Hain Celestial Group
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