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Evolving Market Trends In The Vegan Ice Cream Industry: Innovative Offerings Driving Better Alternative
Vegan Ice Cream
What Is the Expected Vegan Ice Cream Market Size During the Forecast Period?
The vegan ice cream market is projected to grow from $0.72 billion in 2024 to $0.78 billion in 2025 at a CAGR of 8.6%. The growth in recent years has been driven by changing demographics, cultural diversity and dietary preferences, celebrity endorsements and influencers, and the inclusion of vegan options in restaurant and dessert menus.
The vegan ice cream market is projected to grow significantly, reaching $1.07 billion by 2029 at a CAGR of 8.2%. This growth is attributed to government regulations, competitive pricing, allergen-free options, increased investment and marketing, and diverse flavors. Trends in the forecast period include innovation in ingredients and products, strategic partnerships, premium product offerings, use of functional ingredients, and novel packaging designs.
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What Are the High-Growth Segments in the Vegan Ice Cream Market?
The vegan ice cream market covered in this report is segmented -
1) By Source: Coconut Milk, Almond Milk, Cashew Milk, Soy Milk
2) By Product: Impulse, Artisanal, Take Home
3) By Form: Singles, Blends
4) By Flavor: Vanilla, Chocolate, Butter Pecan, Strawberry, Neapolitan, Cookies And Cream, Mint Chocolate Chip, Caramel
5) By Distribution Channel: Supermarkets, Convenience Stores, Food And Drink Specialists, Restaurants, Online Stores
Subsegments:
1) By Coconut Milk: Full-Fat Coconut Milk, Light Coconut Milk, Coconut Cream
2) By Almond Milk: Sweetened Almond Milk, Unsweetened Almond Milk, Flavored Almond Milk
3) By Cashew Milk: Sweetened Cashew Milk, Unsweetened Cashew Milk, Flavored Cashew Milk
4) By Soy Milk: Organic Soy Milk, Non-Organic Soy Milk, Flavored Soy Milk
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What Key Drivers Are Expected to Influence Future Vegan Ice Cream Market Growth?
The growth in health awareness is expected to drive the vegan ice cream market. As concerns about health issues like obesity, smoking, mental health, and infectious diseases rise, more individuals are seeking healthier dietary alternatives. Vegan ice cream provides a dairy-free option with potentially lower cholesterol and saturated fat. Plant-based ingredients are seen as healthier, attracting those focused on their health goals. In May 2022, a survey by the International Food Information Council revealed that 52% of Americans followed a specific diet, up from 39% in 2021, with plant-based eating at 12%. Therefore, rising health awareness is boosting the vegan ice cream market.
Which Companies Hold the Largest Share Across Different Vegan Ice Cream Market Segments?
Major companies operating in the vegan ice cream market are Nestlé S.A., McDonald's Corporation, The Hain Celestial Group Inc., Wells Enterprises, Ben & Jerry's Homemade Holdings Inc., Oatly Group AB, Jeni's Splendid Ice Creams, Perfect Day Inc., Perry's Ice Cream, Van Leeuwen Ice Cream, Tofutti Brands Inc., So Delicious Dairy Free, Coolhaus, Happy Cow Limited, NadaMoo, Bliss Unlimited LLC, Booja-Booja Company Ltd., Over The Moo, Frankie & Jo's LLC, Three Twins Organic Inc., Oat & Mill, McConnell's Fine Ice Creams
What Are the Major Trends Shaping the Vegan Ice Cream Market?
Companies in the vegan ice cream market are innovating with products featuring sorbet centers to expand their product offerings. Sorbet centers are fruit-based frozen fillings inside creamy ice cream. For example, in February 2024, Magnum, a Unilever PLC brand, launched a vegan blueberry cookie ice cream with a sorbet center. This new product combines vegan vanilla biscuit-flavored ice cream with a blueberry sorbet core, catering to those following a vegan diet.
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What Are the Emerging Geographies for The Vegan Ice Cream Market Growth?
North America was the largest region in the vegan ice cream market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the vegan ice cream market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Vegan Ice Cream Market?
2. What is the CAGR expected in the Vegan Ice Cream Market?
3. What Are the Key Innovations Transforming the Vegan Ice Cream Industry?
4. Which Region Is Leading the Vegan Ice Cream Market?
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