The global plant-based ice cream valued at US$ 1.6 billion in 2022, is set to surge to US$ 4.3 billion by 2033 with a 10% CAGR. This growth is driven by manufacturers focusing on clean label products and the increased demand fueled by advancements in plant-based milk and flavor innovations.
The global market for plant-based ice cream was estimated to be worth US$ 1.6 billion by 2022. The global market for plant-based ice cream will grow in the coming years as a result of manufacturers’ concentration on creating and promoting new plant-based ice cream products with “clean labels” and “label free.” If the 10% compound annual growth rate from 2023 to 2033 is used, it is predicted to have generated US$ 4.3 billion by 2033.
The market for plant-based ice cream is being driven by the growing accessibility and commercialization of plant-based milk. Technological developments in the sector and innovative products that improve flavour elevate consumer perception.
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Numerous product launches that accommodate a range of tastes and preferences would stimulate the market over the anticipated period. For example, in addition to its current offerings, Ben & Jerry’s has developed a wide range of new flavours, especially for the UK market. As more global firms enter the market, there will be more distribution channels available, which will result in more product sales overall.
The growing desire for a wide selection of flavours from ice cream lovers is one of the main drivers fueling the market’s rise. In a nutshell, the increased accessibility of flavours including mint chip, pistachio, peanut butter, strawberry, fudge brownie, vanilla, coffee hazelnut, raspberry, lemon, and salted caramel is boosting the market’s development pace.
Key Takeaways:
- Exponential Growth: The global plant-based ice cream market is projected to surge from $1.6 billion in 2022 to an impressive $4.3 billion by 2033, showcasing a robust 10% Compound Annual Growth Rate (CAGR).
- Clean Labels Drive Demand: Manufacturers’ emphasis on clean label products is a major growth driver. Consumers increasingly prioritize plant-based ice creams with transparent and minimal ingredient lists.
- Flavor Innovations Spark Interest: Advancements in plant-based milk and continuous flavor innovations contribute to heightened consumer interest, propelling the market forward.
- Global Market Dynamics: The United States is predicted to dominate the market, holding a 26.8% market share in 2022, while Europe, India, and the United Kingdom are poised for substantial growth with projected CAGRs.
- Diverse Product Launches: Numerous product launches catering to diverse tastes and preferences are expected to stimulate market growth. Leading brands like Ben & Jerry’s are expanding their offerings, introducing new flavors to capture a wider market.
- Consumer Health Awareness: Rising instances of lactose intolerance and increased health awareness contribute to the growing demand for plant-based alternatives. Consumers seek healthier options, driving the market’s expansion.
- Strategic Market Presence: Key players such as Unilever, Nestle, and Danone are focusing on product development, quality, and expanding their market presence to meet the rising demand for plant-based ice creams.
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Competitive Landscape
Key businesses are placing a lot of emphasis on developing and creating new products in order to satisfy customer demand while maintaining premiumization by providing a range of flavors and product quality.
The market for plant-based products remains untapped and lucrative for manufacturers as more customers adopt healthy eating trends. The market under study will also be improved further by raising R&D expenditures and investigating new distribution methods, such as internet retail channels.
Prominent players in the plant based ice-creams market are:
- Unilever Plc.
- Nestle SA
- Tofutti Brands Inc.
- General Mills, Inc.
- Danone SA,
- Booja Booja Company Ltd.
- Little Red Rooster Ice Cream Company
- Bliss Unlimited LLC.
- JUDE’S
Key Segments Profiled in the Global Plant Based Ice-creams Market
By Form:
- Singles
- Blends
By Product Type:
- Bars
- Cones
- Cups/Tubs
- Others
By Flavor:
- Fruits
- Strawberry
- Banana
- Orange
- Raspberry
- Pomegranate
- Lemon
- Others
- Nuts
- Coconut
- Almond
- Hazelnut
- Others
- Herbs
- Cinnamon
- Mint
- Peppermint
- Others
- Beans
- Vanilla
- Chocolate
- Coffee
- Others
By Source:
- Soy Milk
- Coconut Milk
- Almond Milk
- Cashew Milk
- Others
By Sales Channel:
- Direct Sales
- Indirect Sales
- Hyper/Supermarket
- Franchise Outlets
- Online
- Other Retail Formats
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Recent Developments:
- Keventers’ Plant-Based Venture: The renowned dairy brand, Keventers, extended its product offering with plant-based ice cream in 2023. This initiative aims to cater to the growing demand for plant-based options, featuring flavors like Vegan Strawberry and Vegan Dark Chocolate.
- Unilever’s Vegan Innovations: Unilever introduced the Magnum Vegan Raspberry Swirl in Veganuary 2023, expanding its range of plant-based offerings. This launch showcases the industry’s commitment to meeting consumer preferences for diverse and indulgent plant-based treats.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global plant based ice-creams market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the plant based ice-creams market, the market is segmented on the basis of plant based ice-creams by form (singles, blends), product type (bars, cones, cups/tubs, others), flavor (fruits, nuts, herbs, beans), source (soy milk, coconut milk, almond milk, cashew milk), sales channel (direct sales, indirect sales, hyper/supermarket, franchise outlet, online) and across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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