Yahoo Finance Vegan Ice Cream Market Set to Surge, Projected to Reach US$4 Billion by 2030: Fairfield Market Research
One of the Latest Market Analysis Reports by Fairfield Market Research Forecasts Substantial Expansion of the Global Vegan Ice Cream Market at a CAGR of 13.5%Through 2030. Health Consciousness, Ethical Consumerism, and Innovative Product Offerings Drive Market Expansion.
London, April 08, 2024 (GLOBE NEWSWIRE) -- In a landscape where health consciousness and ethical consumerism reign supreme, the vegan ice cream market is poised for remarkable growth, according to a comprehensive analysis released today.
The report, detailing market trends and projections, unveils a promising future for plant-based frozen treats, estimating a robust valuation of US$4 Mn by the end of 2030. With a current valuation of US$1.6 Bn in 2022, this upward trajectory represents a staggering CAGR of 13.5%.
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REPORT SCOPE
Report Attributes | Details | |
Base Year | 2022 |
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Forecast Year | 2023 – 2030 | |
Market Size in 2022 | US$1.6 Bn | |
Estimated Market Size in 2030 | US$4.0 Bn | |
CAGR | 13.5% |
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Growth Drivers |
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Segmentation |
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Regional Coverage |
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The surge in the vegan ice cream market is underpinned by several key growth determinants. The global shift towards healthier dietary choices has spurred consumer interest in plant-based alternatives.
Vegan ice cream, devoid of dairy and rich in plant-based ingredients, aligns seamlessly with evolving consumer preferences for wholesome and environmentally friendly options. This trend is further fueled by growing awareness of the health benefits associated with a plant-based diet, including reduced intake of saturated fats and cholesterol.
Innovation lies at the heart of the vegan ice cream market's growth trajectory. Manufacturers are investing in R&D to introduce a diverse range of flavors and product offerings that rival traditional dairy-based alternatives. From almond and coconut to soy and cashew, the market boasts an array of plant-based milk substitutes catering to varied consumer tastes.
Additionally, the exploration of unconventional ingredients such as fruits, nuts, herbs, and beans continues to enhance the market's appeal, attracting consumers in search of unique and flavorful options.
The vegan ice cream market is experiencing a paradigm shift driven by changing consumer preferences and growing awareness of health and sustainability. As consumers prioritise wellbeing and ethical considerations, the demand for plant-based alternatives is set to soar, presenting lucrative opportunities for manufacturers.
As the vegan ice cream market continues to expand, driven by innovative flavours, convenient packaging, and growing consumer awareness, brands have the opportunity to carve out their niche in this thriving industry. With regions like North America, and Asia Pacific at the forefront of the plant-based movement, the market is poised for sustained growth in the coming years.
"The surge in demand for vegan ice cream reflects a broader shift towards sustainable and health-conscious consumption. With regions like North America and Asia Pacific leading the charge, the market presents abundant opportunities for brands to capitalise on evolving consumer preferences,” remarks the company’s analyst.
"Innovation and diversity are driving the growth of the vegan ice cream market, with almond and cashew milk leading the charge. Consumers are increasingly seeking indulgent yet ethical treats, paving the way for herb-infused flavors and convenient packaging options,” adds a senior analyst.
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Key Research Insights
Coconut milk remains the most favoured market segment, followed by the soy milk variety.
Fruits, nuts, and beans continue to be the highly sought-after flavour categories.
Between 2023 and 2030, the market for vegan ice creams will witness more than 2.5x revenue growth.
Insights into Segmentation Analysis
Almond Milk and Cashew Milk Dominate
Almond milk emerges as the dominant category in the vegan ice cream market, owing to its creamy texture, nutty flavor, and broad consumer acceptance.
Cashew milk follows closely, gaining traction due to its mild flavor and creamy consistency, making it ideal for innovative flavor combinations.
Fruit-Flavoured Delights, and Herb-Infused Indulgences March Ahead
Fruit-flavoured ice creams reign supreme, appealing to health-conscious consumers seeking guilt-free and refreshing treats.
A notable trend emerges with herb-infused flavors experiencing rapid growth, catering to consumers' preferences for unique and upscale taste profiles.
Cups and Tubs Lead Sales
Cups and tubs dominate the market, offering convenience and a variety of portion sizes suitable for on-the-go lifestyles.
Bars follow closely behind, meeting the demand for portion-regulated and portable snacks, with inventive flavor combinations attracting consumers seeking a fulfilling vegan ice cream experience.
Supermarkets Bring in Highest Sales, Online Retail Grows Fastest
Supermarkets and hypermarkets lead distribution globally, offering broad product visibility and enormous shelf space.
Online retailers emerge as the fastest-growing segment, capitalizing on the expanding eCommerce trend and offering convenience, a vast product selection, and doorstep delivery.
Key Report Highlights
The rise of ethical consumerism and environmental sustainability is driving the demand for vegan ice cream. Consumers are increasingly cognizant of the ethical and environmental implications of their purchasing decisions, leading to a preference for cruelty-free and eco-friendly products.
Vegan ice cream, made from sustainable plant-based ingredients, resonates with environmentally conscious consumers seeking products with minimal impact on the planet.
Innovation remains key to sustaining market growth. Manufacturers must continue to invest in product development and marketing strategies that resonate with health-conscious and environmentally aware consumers.
Insights into Regional Analysis
North America Leads as a Pioneer of the Plant-Based Drive
North America dominates the market, fueled by a strong movement towards plant-based diets, a thriving health culture, and high disposable income.
Major players in the industry and a wide array of vegan ice cream options contribute to the region's market supremacy.
Asia Pacific Gets Ready to Unlock Multiple Opportunities
Asia Pacific emerges as the region with the quickest growth rate, driven by factors such as population growth, environmental awareness, and a burgeoning food culture.
Growing acceptance of plant-based substitutes, particularly among younger demographics, positions Asia Pacific as a key player in the market's expansion.
Key Players in Global Vegan Ice Cream Market
Double Rainbow Ice Cream
Arctic Zero
HappyCow
Booja-Booja
Morrisons
Over The MOO
NadaMoo!
Perry's Ice Cream
Tofutti Brands Inc.
SorBabes
Global Vegan Ice Cream Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By Flavour Coverage, By Product Type Coverage, By Distribution Channel Coverage, By Geographical Coverage and By Companies): https://www.fairfieldmarketresearch.com/report/vegan-ice-cream-market
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