As per the current market research conducted by the CMI Team, the global Vegan Ice Cream Market size is expected to record a CAGR of 10.8% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 685.3 Million. By 2032, the valuation is anticipated to reach USD 1,724.8 Million.
Vegan Ice Cream Market: Growth Factors and Dynamics
- Health and Dietary Awareness: The vegan ice cream market is witnessing substantial growth due to a surge in health consciousness and dietary preferences among consumers. With an increasing number of individuals adopting plant-based diets, there’s a growing demand for non-dairy alternatives that align with their dietary choices and address health concerns, including lactose intolerance and allergies. This has led to a shift towards vegan ice cream, which offers a dairy-free, cruelty-free, and healthier dessert option.
- Environmental Concerns: Rising awareness of the environmental impact associated with traditional dairy production has been a significant driver in the growth of the vegan ice cream market. Consumers are now more informed about the resource-intensive nature of dairy farming, such as land use, water consumption, and greenhouse gas emissions. This knowledge has led to a conscious choice among consumers to opt for vegan ice cream, which typically has a lower carbon footprint, reduced water usage, and a significantly lower impact on animal welfare, aligning with their environmental values.
- Flavor Innovation: Manufacturers in the vegan ice cream industry are continuously investing in flavor innovation, offering a wide array of unique and diverse flavors, textures, and ingredients. This innovation has made vegan ice cream more appealing and competitive in the market, attracting not only vegans and lactose-intolerant consumers but also mainstream customers who are seeking novel and exciting taste experiences.
- Retail Availability: The widespread availability of vegan ice cream products in mainstream grocery stores, supermarkets, and online marketplaces has significantly contributed to the market’s growth. The increased shelf space and accessibility of vegan ice cream brands have made it easier for consumers to incorporate these dairy-free alternatives into their regular shopping routines, further driving market expansion.
- Dairy-Free Alternatives: The market growth has been bolstered by the development of improved dairy-free formulations used as bases for vegan ice cream. Ingredients such as almond, soy, coconut, and oat milk have significantly enhanced the taste and texture of these products. This has played a pivotal role in attracting a broader consumer base, including those who may have previously been sceptical about the taste and mouthfeel of dairy-free ice cream.
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Vegan Ice Cream Market: Partnership and Acquisitions
- In 2020, Ben & Jerry’s, a Unilever subsidiary, further expanded its partnership with Netflix by launching a new ice cream flavor, “Boots on the Moooo’n.” The unique collaboration involves sending the ice cream into the stratosphere, creating a fun and innovative tie-in with the entertainment giant.
- In 2019, Wells Enterprises acquired Halo Top, the low-calorie ice cream brand from Eden Creamery, expanding its portfolio to include five ice cream brands. This addition complements their existing brands, which include Blue Bunny, Bomb Pop, Blue Ribbon Classics, and Chilly Cow.
Vegan Ice Cream Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Vegan Ice Cream Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic caused extensive disruptions across global supply chains, profoundly affecting the vegan ice cream market. This disruption resulted in significant challenges related to the procurement of essential ingredients and packaging materials for vegan ice cream production. Delays in these crucial aspects consequently led to manufacturing bottlenecks, limiting production capacity, and affecting the market’s ability to meet the growing consumer demand.
- Reduced Foodservice Sales: The closure of restaurants, cafes, and dessert shops during pandemic-related lockdowns and restrictions had a notable impact on the vegan ice cream market. Sales in the food service sector, which previously contributed significantly to the industry, experienced a sharp decline. As consumers adapted to new circumstances, the shift towards home consumption and grocery purchases became evident, changing the distribution and consumption patterns within the vegan ice cream market.
- Global Health and Wellness Trends: The thriving vegan ice cream market aligns with the global health and wellness trend that’s gaining momentum. As consumers increasingly prioritize health-conscious dietary choices, they seek dessert options that are not only delicious but also align with their wellness goals. Vegan ice cream serves as a healthier alternative without compromising on taste and indulgence, making it a perfect choice for those embracing a balanced and health-oriented lifestyle, thus propelling the market’s continued expansion.
- E-commerce Expansion: To counter the challenges posed by the pandemic, vegan ice cream brands strategically expanded their online presence. This expansion included the optimization and enhancement of e-commerce platforms to engage consumers directly. By strengthening their digital presence, brands not only sustained sales during lockdowns but also successfully attracted new online customers, contributing to market recovery.
- Flavor Innovation: In response to shifting consumer preferences, vegan ice cream brands invested in flavor innovation. The introduction of new and unique flavors, along with the improvement of existing offerings, aimed to maintain consumer interest and drive demand. This approach ensured that vegan ice cream remained a compelling choice for consumers seeking diverse and exciting taste experiences.
- Retail Expansion: Vegan ice cream brands worked diligently to expand their retail presence. Collaborations with grocery chains, supermarkets, and other retail outlets were established to enhance accessibility and visibility for consumers. This strategic expansion into various retail channels enabled consumers to conveniently purchase vegan ice cream, even during the pandemic-related disruptions.
- Health and Wellness Emphasis: The vegan ice cream market capitalized on the global health and wellness trend. Brands positioned their products as a healthier dessert option, aligning with consumers’ increasing focus on making wellness-oriented food choices. This emphasis on the health benefits of vegan ice cream helped attract consumers looking for indulgent treats that also met their wellness goals.
List of the prominent players in the Vegan Ice Cream Market:
- So Delicious Dairy Free
- Tofutti Brands Inc.
- Oatly AB
- The Booja-Booja Company
- Ben & Jerry’s
- Coconut Bliss
- Trader Joe’s
- LUV Ice Cream
- Bliss Unlimited LLC (Luna & Larry’s Coconut Bliss)
- Snow Monkey
- Re:THINK Ice Cream
- Forager Project
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