Global Vegan Ice Cream Market By Type ( Take-home Vegan Ice Cream, Impulse Vegan Ice Cream, Artisanal Vegan Ice Cream ), By Application( Supermarket, Convenience Store, Online Stores, Others ), By Region and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2033

The market for Global vegan ice cream Market is forecast to grow at 10.80% CAGR over the forecast period. This means that the market value of USD 0.73 Bn in 2023 would rise to USD 1.84 Bn in 2033. Vegan ice cream can be made with cashew, almond, or coconut milk. It is rich in fat and has a delicious flavor and creaminess that rivals conventional varieties. You can find it in many forms, such as pint-sized containers and drumsticks. There are many flavors available from market players, such as dark chocolate, almond salt, cherry cashew and mint chip, and peanut butter.

Growing Demand:

A rise in vegetarian and diet-conscious customers is driving the vegan ice cream market. A rise in concern about lactose bigotry due to the absence of the intestinal substance Lactase stimulates interest in dairy and veggie-loving food items. The market for vegan ice cream has seen a rise in happiness mindfulness and discretionary cash flow. The global market is restricted by significant variations in the costs of raw materials and large plant-based milk extraction expenses. The universal market is expected to grow because of the popularity of dairy products and new varieties and flavors.

Vegan Ice Cream Market Scope:

By type, the market is segmented into Take-home Vegan Ice Cream, Impulse Vegan Ice Cream, and Artisanal Vegan Ice Cream. By Application, the market is divided into supermarkets, Convenience Stores, Online Stores, and Others.

Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Major players profiled in the report include Bliss Unlimited, Danone, Unilever, Nestle, Tofutti Brands, and Trader Joe’s.

Key Market Segments

Type

Take-home Vegan Ice Cream
Impulse Vegan Ice Cream
Artisanal Vegan Ice Cream

Application

Supermarket
Convenience Store
Online Stores
Others

Key Market Players included in the report:

Bliss Unlimited
Danone
Unilever
Nestle
Tofutti Brands
Trader Joe’s

Key Market Drivers:

Flavors in High Demand

One of the main factors driving the market growth is the growing demand for many flavors from ice cream lovers. The market is growing because of the increased availability of flavors such as mint chip, strawberry, peanut butter, strawberry, vanilla, and coffee hazelnut.

Expertise in Research and Development

There will be lucrative market growth opportunities due to rising research and development expenditures, especially in developing and developed economies. Market growth is being boosted by research and development activities that study the immune system effects of vegan products.

Growing Population Base

The market is growing because of a rising vegan population. Vegan ice creams improve digestion, strengthen the immune system, increase blood pressure, and many other things. The demand for vegan products is also increasing due to increased awareness of animal cruelty.

Key Vegan Ice Cream Market Challenge

The global market share growth is expected to be hampered by product recalls. Manufacturers may issue product recalls for various reasons, including product contamination or incorrect labeling. Recalls can have a negative impact on the market’s growth as consumers lose trust in particular companies’ products.

Recalls can also impact the image of a player, as they can lead to financial liability for the player due to compensation for various legal lawsuits against them. After they were discovered to contain milk, Aurora Foods’ ice cream products were recalled in December 2021. It’s Vegan Coconut dairy-free gelato and It’s Vegan Lemon gluten-free sorbet were the vegan products.

Key Vegan Ice Cream Market Trend

Vendors’ business strategies are another important factor in the growth. In the future, the market for vegan ice cream will see an increase in partnerships and collaborations. Vendors invest in expanding their vegan product portfolio to improve their market position within the vegan food sector. These investments will increase the production of vegan products, such as vegan ice creams. These business strategies will increase vendors’ sales revenue, which will fuel the growth of vegan ice cream markets during the forecast period.

Vendors are working hard to develop new flavors and packaging designs. Vendors are creating new products to increase sales and expand their product lines. To improve their distribution channels and enhance their product portfolios, vendors are pursuing a variety of business strategies such as M and A, partnerships and collaborations with distributors and end-users. For instance, in March 2022, Srikrishna Milks Pvt. Dodla Dairy Ltd. purchased Srikrishna Milks Pvt. Ltd. in an effort to grow its business. This acquisition is expected to fuel the global market for vegan ice cream growth over the forecast period.

Recent Developments:

Unilever’s Ben & Jerry’s brand launched two plant-based ice creams in 2022. They are “Chocolate Milk and Cookies” and “Dirt Cake”.

Little Red Rooster Ice Cream Company’s NadaMoo brand launched Chocolate Chip Cookie Dough Flavor in 2022. This ice cream is dairy-free.

Oatly will launch a vegan ice cream bar line in 3,000 U.S. stores by 2021. These new ice cream bars feature an oat milk base that is wrapped in a rich chocolate shell. They are available in four flavors: Chocolate Fudge (Strawberry Swirl), Salted Caramel (Salted Caramel), and Vanilla.