Plant-Based Ice Cream Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The plant-based ice cream market is expected to register a CAGR of 7% during 2023–2031. The increasing veganism trend across the globe is likely to remain a key trend in the market.

Plant-Based Ice Cream Market Analysis:

• One major factor is the ever-growing number of lactose-intolerant people, who are sparking demand for a dairy-free alternative.
• Besides, health and wellness consciousness is increasing in consumers, which in turn promotes the growth of vegan and plant-based products. Market players manufacture and market new flavors and varieties of vegan ice cream that make the market grow.
• Product launch and development strategies by key market players in the plant-based ice cream markets create lucrative growth opportunities.

Plant-Based Ice Cream Market Overview

• The market growth for plant-based ice cream is owing to various factors, such as rising lactose intolerance prevalence, increasing health consciousness among consumers, and increasing vegan population. The health benefits associated with the consumption of fortified and nutritious food products, as well as the development of novel flavors and alternative varieties for the ice cream segment are catalyzing the growth of the ice cream market.
• North America led the plant-based ice cream market in 2023 due to growing health consciousness and rising preference for vegan and plant-based products. 
• The Asia Pacific plant-based ice cream market is expected to register the highest market growth globally with a rising trend towards a healthy lifestyle.
• Some of the key players in the global market are Unilever Plc, Nestle SA, Wells Enterprises, Inc., Happy Cow Limited, and Eden Creamery LLC, among others.

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Plant-Based Ice Cream Market: Strategic Insights

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Plant-Based Ice Cream Market Drivers and Opportunities

Increasing Demand for Frozen Desserts

• The increasing disposable income and the introduction of various products in the dessert category to cater to the choices of a vast group of consumers are driving the ice cream market. The surge in the consumption of high-quality frozen desserts is one of the biggest trends in the food industry.
• The development and popularity of these frozen desserts are ascribed to many social changes, such as the growing number of smaller households and the rising millennial population worldwide. These factors are significantly increasing consumers’ demand for frozen desserts, such as ice cream.
• The increasing number of product launches in the frozen dessert segment, such as custard, yogurt, gelato, granita, ice cream, and sherbet, are driving the ice cream market.

Increasing Trend of Consuming Dairy-Free and Vegan Ice Cream

• Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Further, increasing awareness regarding animal protection and environmental sustainability is adding to the popularity of these food products.
• The global proliferation of veganism among people is highly influencing innovations in the ice cream market. According to data published by Veganuary, a nonprofit organization that encourages people to become vegan for the whole month of January, ~5.8 million people signed up for the “Veganuary Campaign” in 2021
• Registrations for the Veganuary Campaign have increased dramatically over the past few years. Thus, due to the flourishing trend of veganism, the manufacturers of frozen desserts such as ice cream are launching plant-based products.

Plant-Based Ice Cream Market Segmentation

The scope of the global plant-based ice cream market has been segmented based on ingredient type, and application.

• Based on source, the plant-based ice cream market is divided into almond milk, coconut milk, soy milk, and others.
• In terms of category, the market is bifurcated into organic and conventional.
• Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.

Plant-Based Ice Cream Market Share Analysis by Geography

• Plant-Based Ice Cream Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering plant-based ice cream market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the plant-based ice cream market in these regions.

Plant-Based Ice Cream Market Regional Insights

The regional trends and factors influencing the Plant-Based Ice Cream Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Plant-Based Ice Cream Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Plant-Based Ice Cream Market Report Scope

Plant-Based Ice Cream Market Players Density: Understanding Its Impact on Business Dynamics

The Plant-Based Ice Cream Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Plant-Based Ice Cream Market are:

1. Unilever Plc
2. Nestle SA
3. Wells Enterprises, Inc.
4. Happy Cow Limited
5. Eden Creamery LLC

Disclaimer: The companies listed above are not ranked in any particular order.

Plant-Based Ice Cream Market News and Recent Developments:

The plant-based ice cream market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

•  Ben & Jerry’s is launching a new oat base for its non-dairy ice creams. The new non-dairy ice cream base will be rolled out across tubs and scoop shops during spring 2024. (Feb 2024, Company Press Release).

Plant-Based Ice Cream Market Report Coverage and Deliverables

The “Plant-Based Ice Cream Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:

• Plant-based ice cream market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Plant-based ice cream market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Plant-based ice cream market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the plant-based ice cream market
• Detailed company profiles