SAN FRANCISCO, June 20, 2019 /PRNewswire/ -- The global dairy-free ice cream market size is expected to reach USD 1.2 billion by 2025, expanding at a CAGR of14.8% in the forecast period, according to a new report by Grand View Research, Inc. Increasing awareness about health issues due to lactose present in the milk is propelling the demand for vegan ice cream.
Key suggestions from the report:
In terms of revenue, supermarket/hypermarket distribution channel is projected to expand at a CAGR of 15.1% over the forecast period
Coconut is the most preferred source in the market due to its compatibility, easy availability, and increasing consumer demand
Almond milk is the fastest growing source for the production due to increasing awareness about health and nutritional benefits of almond.
Coconut is a major source for the production of vegan ice cream and it accounted for 37.4% share of the overall revenue in 2018. Easy availability and increasing consumer demand are expected to fuel the demand for coconut milk in vegan ice cream market in the forecast period. Almond milk is the fastest growing segment among all the sources, expanding at a CAGR of 15.8% in the forecast period. Nutritional benefits of almond milk are the key factor responsible for the segment growth in vegan ice cream market.
Non-dairy ice cream is found in various flavors in the market. Chocolate is the most preferred flavor among consumers and it accounted for 36% share of the overall revenue in 2018. Rising demand for chocolate chips among consumers is the key factor for the segment growth in non-dairy ice cream market.
Furthermore, flavor preferences differ from country to country. For instance, lemon is the most favorite flavor among consumers in Europe. Vanilla is the second most preferred flavor in the global non-dairy ice cream market and it is expected to expand at a CAGR of 14.4% in the forecast period.
Supermarket/hypermarket is the most preferred channel among all, expanding at a CAGR of 15.1% in the forecast period. The online segment is anticipated to expand at a CAGR of 16.7% in the forecast period. Shifting consumer preferences towards online shopping have propelled the demand for online stores in the dairy-free ice cream market.
Grand View Research has segmented the global dairy-free ice cream market on the basis of source, flavor, distribution channel, and region:
Vegan Food Market – Increasing awareness about the benefits of following vegan diet is the key factor responsible for the growth of this market. North America, Europe, and Asia Pacific, in particular, have a large percentage of vegan population.
Fermented Ingredients Market– Rising prevalence of digestive problems and obesity as well as increasing health awareness among consumers are some of the key factors for the growth of the fermented ingredients market.
Lactose-Free Infant Formula Market – The lactose-free infant formula market growth is attributed to growing population of lactose intolerant newborns, coupled with increasing number of working women at the global level.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.