Plant Based Ice-Creams Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[230+ Pages Report] According to Facts & Factors, the global plant-based ice cream market size in terms of market volume was valued at USD 728.1 million in 2023 and is predicted to surpass USD 1,164.10 million by the end of 2032. The plant based ice creams industry is expected to grow by a CAGR of 4.80% between 2024 and 2032.

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Market Overview

Plant-based ice cream is a healthy alternative to traditional dairy-based ice creams. These products are made without the use of animal products. Plant-based ice creams are ideal for people with dietary restrictions or lactose intolerance.

Also, it is environmentally, ethically, and health-friendly. These products are viewed as a good source of healthy fats, vitamins, and minerals because of the presence of non-dairy milk alternatives like rice, cashews, oats, soy, coconut, or almonds, which are nutrition-dense foods. Also, these products have a low carbon footprint, which results in fewer greenhouse emissions.

Key Insights

• As per the analysis shared by our research analyst, the global plant based ice-creams market size is estimated to grow annually at a CAGR of around 4.80% over the forecast period (2024-2032).
• In terms of revenue, the global plant based ice-creams market size was valued at around USD 728.1 million in 2023 and is projected to reach USD 1,164.10 million by 2032.
• Rise of veganism is driving the growth of the global plant based ice-creams market.
• Based on the sales channels, the indirect sales channel segment is growing at a high rate and is projected to dominate the global market.
• Based on the sources, the coconut milk segment is projected to swipe the largest market share.
• Based on flavors, the fruits segment is expected to dominate the global market.
• Based on forms, the singles segment is anticipated to witness significant developments in the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

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Growth Drivers

• Rise of veganism is driving the growth of the global market.

Growing number of vegetarians all across the globe is the primary factor driving the growth of the global plant based ice-creams market. Moreover, many people are also trying a flexitarian approach to lower the consumption of animal-based foods, which is also expected to positively impact the growth trajectory of the industry.

However, environmental and ethical concerns are also likely to pave the way for plant-based ice creams across the globe. Plant-based ice creams are more sustainable in nature, and they offer lower environmental impact as compared to traditional ice creams. Rising concerns regarding animal welfare are also encouraging people to choose vegan products.

For instance, NadaMoo came up with a Chocolate Chip Cookie Dough Flavor in 2022. NadaMoo is a part of Little Red Rooster Ice Cream Company. The product is sold through supermarket supply chains like Wegmans.

Restraints

• High cost is expected to hinder the growth of the global market.

Plant-based ice creams are quite expensive than traditional dairy-based ice creams because of the high cost of plant-based ingredients. Also, the processing methods of plant-based ice creams are a little complex. Sourcing ingredients like nuts or exotic fruits further leads to fluctuations in the supply chain, which leads to a higher price of the final product. Therefore, all these factors are expected to slow down the growth of the plant based ice creams industry.

Opportunities

• Product innovation is expected to foster growth opportunities in the global market.

Manufacturers are experimenting with exotic flavors, ingredients, and textures to cater to the emerging demands of consumers. Advancements in food technology are also likely to positively impact the growth of the global plant based ice creams market. Manufacturers are coming up with improved taste and texture of plant-based ice cream products to swipe a large market area.

Moreover, many of the ingredients used in plant-based ice creams have functional properties that further attract health-conscious people. For instance, Haagen Dazs came up with a new vegan technique in 2023. It is said to be the best way to enjoy its classic frozen sweets. The product is more appropriate for flexitarians who like to include more plants in their diets.

Challenges

• Product availability is a big challenge in the global market.

Although many plant products are widely available in retail stores and online platforms, a large number of products, like plant-based ice creams, are still not as widely accessible as their traditional counterparts. Moreover, supply chain complexities are also more prevalent in plant-based ice cream. Therefore, such a landscape is a big challenge in the plant based ice cream industry.

Segmentation Analysis

The global plant-based ice cream market can be segmented into sales channels, sources, flavors, forms, and others.

On the basis of sales channels, the market can be segmented into franchise outlets, direct sales, indirect sales, and others. Indirect sales segment is expected to witness huge growth in the coming years. The fast expansion of retail distribution channels is the primary reason for the high growth rate of the segment. Supermarkets and hypermarkets have large dedicated shelf spaces for vegan products across different locations in the world. These stores incur the largest sales revenue as they offer wider reach and convenience to people and thereby attract more traffic.

Online retail growth is another major factor that positively impacts the growth of the segment. The rise of e-commerce platforms and online shopping trends is likely the growth of the segment. Many DTC brands are also taking advantage of e-commerce by creating their own online stores to sell to consumers directly. Oftentimes, these stores contain exclusive and premium products that are not largely available in physical stores, which in turn further increases sales.

On the basis of source, the market can be segmented into cashew milk, almond milk, coconut milk, soy milk, and others. The coconut milk segment is likely to gain the largest market share in the plant based ice cream industry. Coconut has a creamy texture and rich flavor, which offers a superior mouthfeel. Coconut milk's texture offers richness like traditional ice creams.

However, its subtle sweetness offers a unique flavor to the product and attracts consumers. Coconut milk is widely known for its nutritional value as it is a good source of healthy fats that are easy to digest. People nowadays are increasingly looking for natural ingredients in their food products, and therefore, coconut milk-based ice creams are increasingly attracting consumers.

On the basis of flavor, the market can be segmented into nuts, fruits, herbs, and beans. Fruit is the fastest-growing segment in the global plant based ice-creams market. People are looking forward to ice cream that has natural ingredients.

Therefore, fruit ice creams are getting more attention from people as they are healthier and free from preservatives, colors, flavors, and artificial sweeteners. Fruits are full of fiber, minerals, & vitamins and offer a complete nutritional profile to people. Also, manufacturers are innovating with different flavor profiles, from the darkness to the sweetness of the fruits, which is further expected to foster growth opportunities in the segment.

On the basis of form, the market can be segmented into blends and singles. Singles segment accounts for the largest share of the plant based ice cream industry during the forecast period. Convenience is the primary factor fostering growth in the segment. Single portions are easy to carry and consume for people with busy lifestyles. People love to have a quick-grabbing treat without any need for preparation or storage.

They are portable in nature and can be easily taken to travel, work, or outdoor activities. Single portions also help with calorie control for health-conscious consumers. They help people to avoid overeating. Moreover, it is perfect for people following diet plans like calorie-restricted diets. Single-serve also eliminates the issue of food wastage by only offering the desired amount.

Report Scope

Report Attribute	Details
Market Size in 2023	USD 728.1 Million
Projected Market Size in 2032	USD 1,164.10 Million
CAGR Growth Rate	4.80% CAGR
Base Year	2023
Forecast Years	2024-2032
Key Market Players	Oatly, Jude's, Bliss Unlimited LLC., Little Red Rooster Ice Cream Company, Booja Booja Company Ltd., Danone SA, General Mills Inc., Tofutti Brands Inc., Nestle SA, Unilever Plc., and Others.
Key Segment	By Sales Channels, By Sources, By Flavors, By Forms, and By Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options	Request customized purchase options to meet your research needs. Explore purchase options

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global plant based ice-creams market. The US is the leading market in the region because of the presence of a large vegan population. The presence of strong key players in the US is also likely to positively impact the growth trajectory of the regional market. The US is the hub for product innovation.

Many brands are coming up with unique flavors and products to swipe a large market area. Canada is also witnessing a high demand for plant-based ice creams because of the growing health awareness among people in the region. The increasing availability of plant-based ice creams in specialty stores and supermarkets in Canada is further driving the market's growth.

Also, the increasing number of incidences of lactose intolerance and allergy to dairy products is further boosting the demand for plant-based ice creams in the North American market. All these factors are likely to contribute significantly towards the growth of the regional market during the period.

Asia Pacific is another major region likely to witness significant growth in the coming years. China is a major contributor to APAC because of the high level of urbanization and the rising standard of the middle-class population. Moreover, the government is taking initiatives to encourage healthy eating habits and sustainable practices. Japan is also likely to contribute significantly to the growth of the APAC market as it is highly focused on health and longevity.

Local and domestic markets in Japan are also making efforts to swipe a larger market area, which in turn will also positively impact the growth trajectory of the industry in the region. India has a long history of vegetarian culture and the presence of a large vegetarian population, which in turn is also likely to support the growth trajectory of the market in APAC.

Such a landscape is expected to significantly accentuate the growth of the regional market in the coming years. For instance, Oatly came up with vegan ice cream bars in 2021. The product is available in four different flavors: Vanilla, Chocolate Fudge, Salted Caramel, and Strawberry swirl. It is available in around 3000 locations.

Competitive Analysis

The key players in the global plant-based ice-creams market include:

• Oatly
• Jude's
• Bliss Unlimited LLC.
• Little Red Rooster Ice Cream Company
• Booja Booja Company Ltd.
• Danone SA
• General Mills Inc.
• Tofutti Brands Inc.
• Nestle SA
• Unilever Plc.

For instance, Ben and Jerry's brand came up with two ice cream flavors, namely chocolate Milk and Dirt Cake, in 2022. The brand is owned by Unilever. Fudge chips and chocolate milk ganache are further added to the chocolate ice cream, and the dessert is called Chocolate Milk & Cookies.

The global plant based ice creams market is segmented as follows:

By Sales Channels Segment Analysis

• Franchise Outlets
• Direct Sales
• Indirect Sales
• Others

By Sources Segment Analysis

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

By Flavors Segment Analysis

• Nuts
• Fruits
• Herbs
• Beans

By Forms Segment Analysis

• Blends
• Singles

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America