Global Vegan Ice-cream Market to witness a surge in its valuation with a CAGR by 2027
Published | 05 November 2020
According to BlueWeaveConsulting, Global Vegan Ice-cream Market is estimated to be USD by 2027 from
USD in 2017, at a CAGR of from 2021 to 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.
Growth Drivers
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.
Increasing Urbanization
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.
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