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What Will Be the Size of the Vegan Ice Cream Market by 2029?
In the past few years, there has been a significant increase in the size of the vegan ice cream market. Its growth is predicted to rise from $0.72 billion in 2024 to $0.78 billion in 2025, with a compound annual growth rate (CAGR) of 7.8%.
Reasons for the growth during the historic period can be linked to demographic shifts, cultural variety and food choices, endorsements from celebrities and influencers, and the inclusion of vegan ice cream in restaurant and dessert menus.
In the upcoming years, the vegan ice cream market is anticipated to experience robust expansion, escalating to a value of "$1.04 billion by 2029, with a compound annual growth rate (CAGR) of 7.6%. This promising growth in the forecasted period can be credited to factors such as government regulations, competitive pricing, availability of allergen-free options, strategic investments, effective marketing, and an assortment of flavors.
The prediction for this period also underlines key trends including ingredient innovation, product development, alliances and partnerships, offering of premium products, incorporation of functional ingredients, and novel packaging solutions.
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What Are the Major Drivers of the Vegan Ice Cream Market in 2025?
The rise in health consciousness is anticipated to stimulate the expansion of the vegan ice cream market in the future. The increased focus on health stems from an enhanced understanding of critical health concerns such as obesity, smoking, psychological health, and infectious diseases.
Vegan ice cream contributes to health consciousness by providing a dairy-free alternative with potentially lower cholesterol and fat content. The component of plant-based ingredients is seen as a healthier choice, attracting those who pay attention to their dietary preferences and seeking solutions that are in line with their health objectives.
For example, in an online survey conducted by the International Food Information Council, a non-profit organization based in the United States, in May 2022, involving 1,005 American participants aged between 18 and 80, it was found that 52% of food and health survey participants were following a specific diet or eating pattern, which is a rise from 39% in 2021. In the current year, the most popular diets or eating patterns comprised clean eating (16%), mindful eating (14%), calorie counting (13%), and plant-based eating (12%).
Therefore, the increasing awareness regarding health is propelling the growth of the vegan ice cream market.
What Are the Growth Trends Across Key Vegan Ice Cream Market Segments?
The vegan ice creammarket covered in this report is segmented -
1) By Source: Coconut Milk, Almond Milk, Cashew Milk, Soy Milk
2) By Product: Impulse, Artisanal, Take Home
3) By Form: Singles, Blends
4) By Flavor: Vanilla, Chocolate, Butter Pecan, Strawberry, Neapolitan, Cookies And Cream, Mint Chocolate Chip, Caramel
5) By Distribution Channel: Supermarkets, Convenience Stores, Food And Drink Specialists, Restaurants, Online Stores
Subsegments:
1) By Coconut Milk: Full-Fat Coconut Milk, Light Coconut Milk, Coconut Cream
2) By Almond Milk: Sweetened Almond Milk, Unsweetened Almond Milk, Flavored Almond Milk
3) By Cashew Milk: Sweetened Cashew Milk, Unsweetened Cashew Milk, Flavored Cashew Milk
4) By Soy Milk: Organic Soy Milk, Non-Organic Soy Milk, Flavored Soy Milk
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What Are the Fastest-Growing Trends in the Vegan Ice Cream Market Ecosystem?
Larger corporations involved in the vegan ice cream industry are focusing on creative products with sorbet centers to enhance their offerings and broaden their product range. A sorbet center in an ice cream is a delicious, frozen, fruit-based concoction encased in a creamy outer layer of ice cream.
For instance, in February 2024, Magnum, own by Unilever PLC, a consumer goods company from the UK, introduced their vegan blueberry cookie ice cream complete with a sorbet center. This vegan treat includes a vanilla biscuit-flavored ice cream encased in a vegan chocolate shell with crunchy cookie pieces and a luscious blueberry sorbet nucleus, which makes it an apt choice for those adhering to a vegan lifestyle.
Which Regional and Global Companies Are Dominating the Vegan Ice Cream Industry?
Major companies operating in the vegan ice cream market are Nestlé S.A., McDonald's Corporation, The Hain Celestial Group Inc., Wells Enterprises, Ben & Jerry's Homemade Holdings Inc., Oatly Group AB, Jeni's Splendid Ice Creams, Perfect Day Inc., Perry's Ice Cream, Van Leeuwen Ice Cream, Tofutti Brands Inc., So Delicious Dairy Free, Coolhaus, Happy Cow Limited, NadaMoo, Bliss Unlimited LLC, Booja-Booja Company Ltd., Over The Moo, Frankie & Jo's LLC, Three Twins Organic Inc., Oat & Mill, McConnell's Fine Ice Creams
Which Regions Are Poised for Long-Term Vegan Ice Cream Market Growth?
North America was the largest region in the vegan ice cream market in 2024. Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in the vegan ice cream market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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