In 2022, the global market for plant based ice-creams was estimated to have reached a sum close to USD 1.6 billion. The expansion of the worldwide plant-based ice cream market in the next years is being driven by manufacturers' attention on creating and promoting new "clean label" as well as "label free" plant-based ice cream goods. It is thus expected to have generated a sum of USD 4.3 billion by 2033, along with a CAGR of 10% from 2023 to 2033.
The products offered in the worldwide market for plant-based ice cream are in great demand because of their deliciousness and healthfulness. They are available in a wide range of tastes, including nuts, fruits, beans, and herbs. These products in the global plant-based ice cream market are gaining popularity among the millennial as well as young population in both developed nations and in several developing economies all over the world.
They are derived from different kinds of plant-derived milk items or even vegan milk products, including coconut milk, soy milk, cashew milk, and almond milk. Consumers may access these solutions provided by the producers and industry participants in the worldwide plant-based ice cream market through a variety of sales channels, including direct sales, indirect sales, franchise outlets, hypermarkets, supermarkets and internet sales.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 1.6 billion |
| Expected Market Value (2023) | USD 1.7 billion |
| Projected Forecast Value (2033) | USD 4.3 billion |
| Anticipated Growth Rate (2023 to 2033) | 10% CAGR |
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During the historical period of 2018 to 1022, the global market for plant based ice creams exhibited a CAGR of 3.3%. The market is anticipated to register a CAGR of approximately 10% during the forecast period between 2023 and 2033. Increasing consumer inclination towards vegan based products is garnering revenue in the plant based ice-creams market.
Shift in the consumer buying behavior has compelled 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. Increasing consumption of fruit bars, nondairy desserts, keto ice cream cakes have contributed in spiking the sales of plant-based ice creams. The market is expected to evolve in the future as some of the leading companies join the bandwagon of introducing plant-based ice cream.
For instance, Froneri, an ice cream manufacturer, 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 cookie, hempseed chocolate brownie to coconut mango passion fruit oat cookie. The new brand has teamed up with Panthera’s as a financial sponsor supporting the Tigers Forever fund, in order to help increasing the number of tigers by 50% in the next ten years. The plant based ice creams market is expected to flourish in the forecast period owing to the increasing demand across the globe.
Plant Based Ice-creams are entering the Mainstream for a Similar Taste to the Traditional ice-cream
The public profile for plant-based and organic foods is moving on an upward spiral as consumers are beginning to see a deeper connection between diet, health, and the environment. Plant-based and organic replacements are hitting snacks, beverages, and even frozen desserts – ice creams, apart from routinely eaten food.
In recent times, with the growing popularity of organic milk and milk powder obtained from cows fed with organic foods, organic ice creams have been gaining increasing momentum. Another segment of consumers inclined towards the ‘vegan’ culture is continually demanding plant-based ice creams. Growing concerns about animal welfare issues in the food & beverage industry, reduction in intake of animal-based products, and rapidly widening range of alternatives have led to the rise of vegan culture, and subsequently to plant-based ice creams.
The demand for plant-based ice creams is expected to be strong going forward as studies continue to link a vegan diet with a healthier, longer life. The plant-based ice cream market is projected to benefit from a significant increase in lactose intolerance among a growing number of consumers, which has resulted in increased sales of vegan cheese and plant-based protein beverages.
Innovation and Product Diversity to fuel Market Expansion
Customers are eager to choose dairy-free, plant based ice cream as a result of rising interest in plant-based dairy-free goods. Important players have increased their research and development spending on plant based ice cream and other frozen treats.
In recent years, non-dairy frozen desserts, particularly ice creams, have flooded shop shelves. These desserts use natural ingredients like soy milk, almond milk, and coconut milk and are sweetened with agave nectar as well as dried cane syrup rather than sugar and corn syrup. Manufacturers are putting their efforts into creating dairy-free sweets, particularly ice creams that are tasty, plant-based, healthful, and have clear labeling.
In recent years, gourmet tastes have become more and more popular. For example, Unilever PLC introduced a dairy ice cream without cow milk in November 2022. The business is working on a precise fermentation technique that produces milk proteins within a vat using yeast as well as fungus. Unilever asserts that it is the only business to generate ice cream utilizing lab-grown milk, a type of milk produced without employing animals.
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Complication in the Formulation of these ice-creams to Pose Serious Threats
Plant-based ice creams are deemed to offer a number of functional benefits over conventional ice creams like any other plant-based or natural products. Frozen dessert companies are reformulating ice cream to appeal to health- and eco-conscious consumers.
Formulation of plant-based ice creams are far more complicated than their conventional counterparts, leading to high processing charges. Removing dairy from ice cream further results in complicated food label as more ingredients are required to produce preferred taste and textures. These factors are expected to represent a potential threat to sales of plant-based ice creams.
Plant-based ice creams are growing in popularity despite relatively high price point as compared to conventional ice cream and formulation obstacles. Marketed towards 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 foreseeable future.
Coconut Flavored Ice-creams will Gain Significance During the Forecast Period
Among the various kinds of plant based flavors available in the global market, the coconut flavor will be the leading segment with a 43% market share in 2022. Coconut milk and cream remains the base of choice for plant-based ice creams, owing to less air which makes the products denser than other dairy alternatives.
Emergence of Southeast Asia as the world’s top producer of coconut has attracted huge attention from the market players. Soy milk is also one of the most commonly used creaming ingredient in plant-based ice creams. Several adverse effects associated with soy milk are expected to decelerate its sales for use in plant-based ice-creams.
Plant-based ice creams served in cones continue to remain highly preferred among the consumers, while manufactures are introducing cups and tubs for take-home and artisanal plant-based ice creams. A number of traditional ice cream manufacturers are venturing into the new market as innovation is becoming increasingly important to align with ever-evolving trends and drive profit margins.
Flavors Vary from Country to Country; Lemon and Vanilla to be most sought-after
The plant based ice cream industry is divided into vanilla, strawberry, lemon, vanilla, chocolate and other categories based on flavor. Every country has its own preferences for flavors. For example, lemon is the most popular taste among customers in Europe.
The most popular flavor among customers, chocolate, is anticipated to grow at a CAGR of 15.2% throughout the projection period. Vanilla is the second-bestselling flavor among customers and manufacturers due to its great compliance with the source items, like coconut as well as soy milk. During the projection period, a CAGR of 7.4% is anticipated in the vanilla segment.
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Rising Vegan Trend is Likely to Bring in Huge Demand in the Coming Years
North America is one of the top marketplaces for plant based ice-cream due to the region's increasing frequency of lactose intolerance combined with customers' growing health concern.
Within the North American market, the United States market for plant based ice-creams to capture the lion’s share in the global market. In 2022, the market is anticipated to grow with a steady CAGR of 5.3% from 2023 to 2033.
The market has grown as a result of the increasing vegan movement and shifting customer preferences for dairy-free goods. Product improvements to enhance flavor and conform to plant based ice creams are anticipated to drive the regional market.
Various Kinds of Healthy Dietary Options to Boost Demand
The Indian market for plant based ice-creams is likely to garner an 8.5% CAGR from 2023 to 2033. The desire for low-processed ingredient-based, low-sugar, and label-free desserts from the growing number of health- and fitness-conscious consumers is expected to favorably impact the growth of the regional plant-based ice cream industry in the years to come.
Boosting demand and favorably impacting sales in the Indian market for plant-based ice creams are increasing sales of non-dairy desserts, keto-friendly ice cream cakes, along with fruit bars used for a variety of functions (protein, snacks, energy, etc.). The expansion of the Indian plant-based ice cream market in the next years is also driven by manufacturers' attention on creating and promoting new "clean label" and "label-free" plant-based ice cream products.
The Efforts to Replace the Taste of the Dairy Ice-creams to Accelerate Demand
The market for plant based ice creams in Europe is anticipated to expand rapidly in the next years. The United Kingdom market is anticipated to grow with a 5.5% CAGR from 2023 to 2033. The region's ice cream producers are switching from dairy milk to plant-based milk, which has benefited market expansion. Strong regional competitors like Booja Booja as well as Ben & Jerry's, as well as regular product debuts, are fueling the market's expansion.
Dairy replacements are also used as a result of other important considerations, such as the expanding vegan population and the rise in demand for vegan meals. A good prognosis for product demand has been offered by technological developments and innovations in products for taste enhancements to match the flavor of dairy-based ice cream.
Key firms are emphasizing the development and creation of new items heavily in order to meet consumer demand while retaining premiumization by offering a variety of flavors and high-quality goods. The market for plant-based goods remains undeveloped and lucrative for businesses as more customers embrace healthy eating trends. The industry under investigation will be enhanced by increasing R&D spending and researching novel distribution strategies, such as online retail channels.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10% from 2022 to 2032 |
| Market value in 2023 | USD 1.7 billion |
| Market value in 2033 | USD 4.3 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Form, Source, Product, Flavor, Sales channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Japan, China, South Korea, Singapore, Thailand, Indonesia, Israel, GCC Countries, South Africa, Australia, New Zealand |
| Key Companies Profiled | 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; Oatly. |
| Customization & Pricing | Available on Request |
The market is valued at USD 1.7 billion in 2023.
Unilever Plc, Nestle SA, and Danone SA are key plant-based ice-creams market players.
Coconut flavor ice-creams is likely to remain preferred through 2033.
Players opt for mergers and acquisitions.
India, Japan, and China dominate the Asian market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 5.1. Singles 5.2. Blends 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Bars 6.2. Cones 6.3. Cups/Tubs 6.4. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Flavor 7.1. Fruits 7.1.1. Strawberry 7.1.2. Banana 7.1.3. Orange 7.1.4. Raspberry 7.1.5. Pomegranate 7.1.6. Lemon 7.1.7. Others 7.2. Nuts 7.2.1. Coconut 7.2.2. Almond 7.2.3. Hazelnut 7.2.4. Others 7.3. Herbs 7.3.1. Cinnamon 7.3.2. Mint 7.3.3. Peppermint 7.3.4. Others 7.4. Beans 7.4.1. Vanilla 7.4.2. Chocolate 7.4.3. Coffee 7.4.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 8.1. Soy Milk 8.2. Coconut Milk 8.3. Almond Milk 8.4. Cashew Milk 8.5. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 9.1. Indirect Sales 9.2. Hyper/Supermarket 9.3. Franchise Outlet 9.4. Online 9.5. Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. Asia Pacific 10.5. MEA 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Chr. Hansen Holding A/S 18.2. Yakult Honsha Co., Ltd 18.3. Nestlé 18.4. DuPont 18.5. MORINAGA & CO., LTD 18.6. BioGaia AB 18.7. Protexin 18.8. Daflorn Probiotics UK 18.9. DANONE 18.10. Yakult U.S.A. Inc 18.11. Deerland Enzymes, Inc. 18.12. UAS Laboratories 18.13. Goerlich Pharma GmbH 18.14. SANZYME BIOLOGICS PVT. LTD. 18.15. DSM 18.16. NutraScience Labs 18.17. Kerry Group plc 18.18. Lallemand Inc. 18.19. Lonza 18.20. Winclove Probiotics 19. Assumptions & Acronyms Used 20. Research Methodology
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Plant Based Ice-Creams Market
