Vegan Ice Cream Market will Hit Big Revenues in Future | Amy's Kitchen, Double Rainbow Ice Creams, Inc., Wells Enterprises, Inc., NadaMoo! Booja-Booja

Vegan Ice Cream Market by Source (Coconut Milk, Soy Milk, Almond Milk, and Cashew milk), Flavor (Caramel, Chocolate, Coconut, Coffee, Vanilla, and Fruit), Sales Type (Impulse, Take Home, and Artisanal), and Distribution Channel (Supermarket/Hypermarket, Convenience Stores, and Online): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global vegan ice cream industry was estimated at $520.9 million in 2019, and is expected to hit $805.3 million by 2027, registering a CAGR of 13.7% from 2020 to 2027.

Vegan ice cream has been witnessing increased popularity in the mature and emerging markets. This is attributed to rise in number of consumers allergic to dairy products. Furthermore, increase in health awareness and rise in disposable income have augmented the growth of the market.

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Moreover, introduction of additional healthy ingredients in by different market players such as Over The Moo, Swedish Glace, ARCTIC ZERO, Inc., and Perry's Ice Cream attracts a large customer base, which significantly contributes toward the growth of the global market. However, fluctuation in prices of raw materials and high cost of plant-based milk extraction restrain the growth of the market. On the contrary, surge in demand for dairy-free products by vegan population and introduction of new flavors & varieties of vegan ice cream are anticipated to provide remunerative opportunities for the expansion of the vegan ice cream industry.

Covid-19 scenario-
The first phase of the global lockdown had directly hit the supply chain and accordingly, the production units that deliver vegan ice creams were severely hampered too. Many of the leading players in the market had to keep their business closed for an uncertain period. However, government bodies in several regions are now coming up with a lot of relaxations and with this drift on board, the global market is projected to regain its position in terms of revenue.

Based on source, the almond milk segment contributed to nearly one-third of the global vegan ice cream market share in 2019 and is expected to retain its dominance by the end of 2027. This is because almond milk is the most popular milk source in the vegan ice cream market. The coconut milk segment, on the other hand, would register the fastest CAGR of 15.2% throughout the forecast period. Various health benefits of coconut based vegan ice creams drive the growth of the segment.

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Based on flavor, the caramel segment accounted for nearly one-fourth of the global vegan ice cream market revenue in 2019 and is anticipated to maintain the top status till 2027. The unique taste of caramel makes it a popular flavor for vegan ice creams, thereby propelling the growth of the segment. Simultaneously, the fruits segment would portray the finest CAGR of 15.6% from 2020 to 2027. There are no known hazards for consumption of fruit essence as mainly they are manufactured from natural fruits. This factor has propelled the segment growth.

Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, garnering more than one-third of the global vegan ice cream market, owing to prevalence of highest level of obesity in the region. At the same time, Asia-Pacific would manifest the fastest CAGR of 14.9% during the study period. Rise in concern toward health & fitness and increase in innovative product launches by companies operating in the vegan ice cream market fuel the growth.

The key players profiled in the report include Unilever, General Mills, The Whitewave Foods Company (Denon), Hain Celestial Group, Bliss Unlimited, LLC, High Road Craft Brands, Alden's Organic, Whole Foods Market IP. L.P., Tofutti Brands, Inc., and Trader Joe's.

The other players operating in the global vegan ice cream industry include Amy's Kitchen, Double Rainbow Ice Creams, Inc., Wells Enterprises, Inc., NadaMoo! Booja-Booja, Happy Cow Limited, Over The Moo, Swedish Glace, ARCTIC ZERO, Inc. Perry's Ice Cream, Coolhaus, SorBabes, and Beyond Better Foods, LLC..

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