Global Vegan Ice-cream Market to witness a surge in its valuation with a CAGR by 2027
The vegan ice cream market growth is driven by an increase in the number of vegetarian and diet-conscious customers worldwide. Besides, a rise in worry of lactose bigotry, attributable to the lack of the intestinal substance lactase, energizes the interest for dairy or veggie lover food items. Development in happiness mindfulness and increment in discretionary cash flow has expanded the vegan ice cream market's growth. Variance in costs of crude materials and substantial plant-based milk extraction costs go about as the significant restrictions of the worldwide market. In actuality, flood popular for without dairy items by vegetarian populace and presentation of new flavors and varieties of vegan ice cream are foreseen to give satisfying occasions to the universal vegan ice cream market's growth.
“Supermarket/Hypermarket segment dominates the Distribution Segment”
Based on the distribution channel, supermarket/hypermarket was the dominant segment in 2019 and is likely to witness notable growth during the forecast period. This is attributed to the increase in the adoption of retail formats such as supermarkets and hypermarkets in both mature and emerging markets. Moreover, the one-stop solution provided by these retail formats makes them a popular shopping option for consumers. Furthermore, they offer a wide range of products at a competitive price to customers and are usually located in easily accessible areas, which add to the overall attractiveness of this segment, thereby contributing toward the growth of the global market.
Innovation to Fuel Dairy-Free Ice Cream Market
Plant-based dairy substitute allergies and intolerances are the main reasons behind going dairy-free, especially seeing the food allergy initiative's statistic that cow's milk allergy is the foremost food allergy in babies and children. Due to the rising awareness regarding plant-based dairy-free products, customers are keen to opt for dairy-free ice cream. This has led vital players to devote their research and development to dairy-free frozen desserts. Rising lactose, intolerance and growing awareness concerning the implications of Celiac Disease are pushing consumers to purchase dairy-free products while an increasing segment of consumers moving towards a vegan diet is worsening the market growth.
The past few years have observed a rise steeply in supermarkets/hypermarkets shelves with vegan ice cream. More and more convenience store chains seek to tap into the area of vegan ice cream through business-to-business e-commerce with an increasing digital wholesale marketplace. The boom of urbanization has played an essential role in the hastening of the vegan ice cream market. As projected by the UN (United Nations), around 68% of the global population is predicted to live in urban areas against 55% in 2018, which would increase the exposure of veganism. Growing urbanization is one of the critical issues that foretell the possibility of the global vegan ice cream market.
“Europe dominates the Global Vegan Ice-cream Market”
Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, garnering more than one-third of the global vegan ice cream market, owing to the prevalence of the highest level of obesity in the region.
The dominance of this region is increasing due to the changing consumer preferences towards a healthy lifestyle along with the introduction of new flavors. Also, due to the rising occurrences of lactose intolerance among the people along with increasing willingness to pay of the consumer this region is currently leading the vegan ice-cream market.
Global Vegan Ice-cream Market: Competitive Landscape
Some of the leading players operating in the Global Vegan Ice-cream Market are Unilever, General Mills, The Whitewave Foods Company (Denon), Hain Celestial Group, Bliss Unlimited, LLC, High Road Craft Brands, Alden’s Organic, Whole Foods Market IP. L.P., Tofutti Brands, Inc., and Trader Joe’s, Amy’s Kitchen, Double Rainbow Ice Creams, Inc., Wells Enterprises, Inc., NadaMoo! Booja-Booja, Happy Cow Limited, Over The Moo, Swedish Glace, ARCTIC ZERO, Inc. Perry’s Ice Cream, Coolhaus, SorBabes, and Beyond Better Foods, LLC. and other prominent players.
Do not miss the business opportunity of the Global Vegan Ice-cream Market. Consult our analysts, gain crucial insights, and facilitate your business growth.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Global Vegan Ice-cream Market size & forecast. The report promises to provide state-of-the-art technology of the Global Vegan Ice-cream Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.