The global plant-based ice creams market is anticipated to create an absolute dollar opportunity over the forecast period from 2021 to 2031 by registering a CAGR of 9.3%. As per the historic analysis, the global plant-based ice creams market exhibited a total valuation of US$ 1,492.5 Million in 2021. The North American region is predicted to spur growth in the market by registering a CAGR of around 9.7% during the forecast period 2021-2031. Moreover, despite the challenges posed during the flu season, the global plant-based ice creams market exhibiting 11.1% year-on-year growth in 2021.
The growth in the global plant-based ice creams market is driven by augmenting focus on veganism across the globe. Increasing consumer inclination towards vegan-based products is garnering revenue in the plant-based ice creams market. Furthermore, shifting consumer behavior has convinced key manufacturers to focus on producing low-sugar, less processed ingredients and label-free ice creams, which is expected to boost the market growth in the forecast period. North American region is expected to dominate the market due to rising concerns toward animal welfare and environmental sustainability.
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A significant increase in the consumption of non-dairy desserts, fruit bars, and keto ice cream cakes has been witnessed over the past few years. This has resulted in spiking sales of plant-based ice creams globally. The plant-based ice creams market is expected to flourish in the forecast period owing to the increasing demand across the globe.
Report Highlights
The global plant-based ice creams market is anticipated to register a CAGR of approximately 9.3% during the forecast period between 2021 and 2031. The market is primarily driven by increasing health consciousness among consumers. As studies continue to link a vegan diet with healthier, longer life, the demand for plant-based ice creams is expected to be strong going forward.
Although plant-based ice creams offer a number of functional benefits over conventional ice creams, however, the formulation of plant-based ice creams is far more complicated than their conventional counterparts, leading to high processing charges. Despite relatively high price points as compared to conventional ice cream and formulation obstacles, plant-based ice creams are growing in popularity.
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Recent Developments
Consumers are witnessing the deeper connection between diet, health, and the environment. Plant-based and organic foods are gaining significant traction owing to their numerous health benefits in the global market. Apart from routinely eaten food, plant-based and organic replacements are hitting snacks, beverages, and even frozen desserts – ice creams.
Over recent times, the rising popularity of organic milk and milk power has gained popularity in the dairy market. As a result, organic ice creams have been gaining increasing momentum. However, another segment of consumers inclined towards the ‘vegan’ culture is continually demanding plant-based ice creams.
Competitive Landscape
The global plant based ice-creams market is anticipated to evolve in the future as some of the leading companies join the bandwagon of introducing plant-based ice cream. Key market players are targeting a myriad of consumers concerned about environmental issues and making choices to avoid animal-based products for ethical reasons. The plant-based market is set to be a multi-billion dollar business in the foreseeable future.
Froneri one of the leading ice cream manufacturers, owned by R&R and Nestle, has introduced a novel-plant-based ice cream range ‘ROAR’. It has been made available in flavors ranging from hazelnut chocolate cookies, and hempseed chocolate brownies to coconut mango passion fruit oat cookies. This new brand has teamed up with Panthera’s as a financial sponsor supporting the Tigers Forever fund, in order to help increase the number of tigers by 50% in the next ten years.
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More Insights into the Plant-Based Ice-Creams Market
South East Asian market is anticipated to dominate the global plant-based ice creams market over the evaluation period. The region is growing significantly as the world’s top producer of coconut milk.
Coconut milk and cream remain the base of choice for plant-based ice creams, owing to less air which makes the products denser than other dairy alternatives. Soy milk is also one of the most commonly used creaming ingredients in plant-based ice creams.
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