Demand for Plant Based Ice-Creams Market to Rise at CAGR of 9.3% Driven by Proliferation of Vegan Food Trends: Future Market Insights Finds in Latest Survey

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• USA - English

DUBAI, U.A.E, July 21, 2021 /PRNewswire/ -- As per a study by FMI, the global plant based ice-creams market is expected to reach a valuation of US$1,492.5mn in 2021. It also is forecast to exhibit a CAGR of 9.3% during the assessment period between 2021 and 2031.

The global plant based ice-creams market is expected to register a year on year growth of 11.1% in 2021, despite challenges posed by COVID-19 outbreak. Increasing focus on healthy eating amid pandemic will create lucrative prospects for growth. The North America market is expected to register a CAGR of 9.7%, owing to increasing concerns regarding environmental sustainability and animal welfare during the forecast period.

Shift in consumer preference in favor of conscious and healthy lifestyle habits is impacting numerous industries as consumers are trying to choose better alternatives to conventional products. This is mainly influenced by social media influence and proliferation of vegan culture.

Besides this, focus on healthy eating and cutting down dairy consumption will create opportunities for sales of plant-based ice cream in the coming years. While ethical reasons remain at the fore of paradigm shift in consumer preference, soaring health concerns are not to be ignored.

Incidence of diabetes and obesity is increasing, which are often common underlying causes of various chronic ailments. Adoption of a healthier living altogether is seen as a preferred lifestyle choice among an increasing number of consumers.

This trend will continue to rise in the coming years, encouraging market players to focus on product launches. As companies spoil consumer with choices, the sales of plant based ice creams will pick up in response.

Coupled with this, increasing cases of lactose intolerance is creating a large clientele in the field of non-dairy products.  Sedentary lifestyle also can cause lactose intolerance. Rising prevalence of this health concern is encouraging consumers to adopt alternative choices for a healthier living. This will bode well for the market in the coming years.

"Key players in the global market are investing in product launches and innovations as the opportunity remains large and unexplored. They are experimenting with new ingredients and food items to carve a niche in a highly competitive market," says a FMI analyst.

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Key Takeaways

• Asia-Pacific is expected to register growth in demand owing to rising population of lactose intolerant people in the region.
• The U.S is expected to dominate the North America market as consumer's exhibit higher inclination for healthy lifestyle.
• The U.K and Germany will emerge as leading markets in Europe, driven by proliferation of vegan trend in the countries.
• Almond milk will emerge as preferred source for plant based ice-cream. It will also remain a flavour of choice among consumers.

Key Drivers

• Plant based or natural products are considered healthier to dairy alternatives, which will fuel plant-based ice cream sales.
• Rising concerns about environment is and alternative choices to avoid animal based products for ethical reasons are expected to make plant based ice-creams market a thriving industry in the future.
• The trend of vegan food habits will fuel the demand for plant based ice-creams in the global market.

Key Restrains

• Complicated formulation of plant based ice-creams as compared to conventional counterparts is resulting in high processing charges, therefore hindering the market growth.
• Removal of dairy from ice-creams complicate its food label as more, substitute ingredients are required to produce similar taste and texture. This is expected to represent a potential threat to sales of plant based ice-creams.

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Competitive Landscape

The key players operating in the global plant based ice-creams market are heavily investing in research and development activities to innovate novel products and expand their product portfolio.

For instance, Hindustan Unilever bought Adityaa, Karnataka based ice cream brand from Vijaykant Dairy and Food Products Limited (VDFPL) to seek more market shares and sell local brands internationally.

Froneri, a U.K. based ice-cream joint venture owned by R&R and Nestle has launched a new herbal ice-cream brand called Roar. This ice-cream brand concentrates on saving endangered federal cats. The new brand has formed a long term partnership with Panthera to financially sponsor and support Tigers Forever fund.

The key players operating in the global plant based ice-creams market as profiled by FMI are:

• BEN & JERRY'S HOMEMADE, INC.(Unilever Plc.)
• Bliss Unlimited, LLC,
• LUV Ice Cream LLC
• SO DELICIOUS DAIRY FREE (Danone)
• Oatly AB
• Jollyum Co.
• The Booja-Booja Co.
• Little baby's Ice cream
• Klein's Ice Cream Inc.
• Frankie & Jo's
• Happy cow ltd.
• Tofutti Brands Inc.
• Breyers (Unilever Plc.)
• Dream ( Hain Celestial Group)
• Nadamoo
• ARCTIC ZERO, Inc.
• Snowflake Luxury Gelato
• Wink Frozen Desserts
• Nobó ltd.
• Imuraya Group Co. Ltd.

More Insights on the Plant Based Ice-Creams Market

FMI provides an unbiased analysis of the plant based ice-creams market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights on the global plant based ice-creams market with a detailed segmentation on the basis of

By Form

• Singles
• Blends

By Product Type

• Bars
• Cones
• Cups/Tubs
• Others

By Flavor

• Fruits
• Strawberry
• Banana
• Orange
• Raspberry
• Pomegranate
• Lemon
• Others
• Nuts
• Coconut
• Almond
• Hazelnut
• Others
• Herbs
• Cinnamon
• Mint
• Peppermint
• Others
• Beans
• Vanilla
• Chocolate
• Coffee
• Others

By Source

• Soy Milk
• Coconut Milk
• Almond Milk
• Cashew Milk
• Others

By Sales Channel

• Direct Sales
• Indirect Sales
• Hyper/Supermarket
• Franchise Outlet
• Online
• Other Retail Formats

By Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• The MEA

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Key Questions Covered in the Plant Based Ice-Creams Market Report 

• The report offers detailed insights into plant based ice-creams demand outlook for 2021-2031
• The market study also highlights projected sales growth for plant based ice-creams market between 2021 and 2031
• Plant based ice-creams market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
• Plant based ice-creams market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights