As per newly released data by Future Market Insights, plant-based ice cream Market will rise consistently at 9.3% CAGR between 2021 and 2031. Driven by surging focus on veganism, the plant-based ice cream market valuation is forecast to surpass US$ 1,492.5 Mn in 2021.
Future Market Insights’ recent report on the global market for plant-based ice-creams reveals that the rising prevalence of lactose intolerance in creating a vast consumer base for such non-dairy products. Increasing population of lactose intolerant consumers is observed to be driving force for growing consumption of plant-based ice-creams.
Moreover, higher protein content in plant-based ice-creams is making them healthier options among ice-creams. Producers of plant-based ice-creams are focusing towards improving the taste of these ice-creams as consumers are demanding a wide variety of flavours.
Following highlights from the report will elucidate the growth of global plant-based ice-creams market during the forecast period, 2021-2031. According to the report, towards the end of 2027, the global consumption of plant-based ice-creams will reach 500 thousand tonnes, reflecting an estimated value of US$ 2.45 Bn.
Growth of the global plant-based ice-creams market will be marginally lower than its revenue growth as the market is expected to reflect of a volume CAGR of 9.1% and a value CAGR of 9.3% over the forecast period.
Demand for cups or tubs of plant-based ice-creams, on the other hand, will rise as global sales recorded in this product segment will contribute to nearly 30% of global market value by the end of 2031.
In 2021 and beyond, the global demand for plant-based ice-creams in single-flavour form will be slightly lower than that of blends as the latter form of plant-based ice-cream will dominate with a global revenue share of 51% and above.
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The report predicts that fruits, dry fruits (nuts) and beans will be prominent flavours of plant-based ice-creams. By 2031, nearly 140 thousand tonnes of plant-based ice-creams are expected to be consumed across the globe.
Majority of plant-based ice-creams produced in the world will be sourced from soy milk. Through 2031, plant-based ice-creams sourced from soy milk are predicted to register above 10% CAGR in terms of revenue.
Global revenues accounted by direct sales of plant-based ice-creams will be gaining traction throughout the forecast period, registering a value CAGR of 10%. On the other hand, indirect sales channels for plant-based ice-creams are dominating the market with nearly 60% value share, albeit, their global revenue contribution is expected to incur a considerable decline by 2031-end.
By the end of 2031, North America and Western Europe are expected to dominate the global plant-based ice-creams market as these regions will individually attribute to an estimated 34% of global revenues.
The Asia-Pacific excluding Japan (APEJ) region is also accounting for a considerable share in global revenues, however, consumption of plant-based ice-creams is expected to lose traction in the APEJ market towards the latter half of the forecast period.
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The report also profiles prominent players in the global plant-based ice-cream market, which include Ben & Jerry’s Homemade Inc., Bliss Unlimited, LLC, LUV Ice Cream LLC, SO DELICIOUS DAIRY FREE (Danone), Oatly AB, Jollyum Co., The Booja-Booja Co., LITTLE BABYS ICE CREAM LLC, Klein’s Ice Cream Inc., and Frankie & Jo’s. Other key players in the market are observed to be Happy cow ltd., Tofutti, Breyers, Dream, Nadamoo, ARCTIC ZERO, Inc., Snowflake Luxury Gelato, Wink Frozen Desserts, Nobó ltd., Imuraya Group Co. Ltd.
By Product Type
- Soy Milk
- Coconut Milk
- Almond Milk
- Cashew Milk
By Sales Channel
- Direct Sales
- Indirect Sales
- Franchise Outlet
- Other Retail Formats
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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