Vegan Ice Cream Market by Product and Geography - Forecast and Analysis 2022-2026

The vegan ice cream market share is expected to increase by USD 1.55 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 11.49%.

This vegan ice cream market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers vegan ice cream market segmentations by product (take home, impulse, and artisanal) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The vegan ice cream market report also offers information on several market vendors, including Aurora Foods, Bliss Unlimited LLC, Compassionate Choices Pvt. Ltd., Coolhaus, Danone SA, General Mills Inc., JENIS SPLENDID ICE CREAMS LLC, Nestle SA, Over The Moo, The Booja Booja Co. Ltd., The Brooklyn Creamery, Tofutti Brands Inc., Unilever PLC, Valsoia Spa, and Wells Enterprises Inc. among others.

What will the Vegan Ice Cream Market Size be During the Forecast Period?

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Vegan Ice Cream Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The expanding global vegan population base is notably driving the vegan ice cream market growth, although factors such as product recalls may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the vegan ice cream industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Vegan Ice Cream Market Driver

The expanding global vegan population base is a major factor driving the global vegan ice cream market share growth. Veganism is a lifestyle choice that pertains to the practice of abstaining from the use of any products sourced from animals, especially food products. The expanding global vegan population base is a trend that can positively influence the growth of the global vegan ice cream market during the forecast period. People are adopting the vegan lifestyle, particularly for the health benefits associated with it and for ethical reasons. The number of people adopting veganism and opting for vegan diets has increased by about 300% over the last decade. Food service outlets are also adding vegan recipes to their menus to attract vegan consumers. Dairy-free cheese, vegetarian burgers, and vegetarian beverages are some food offerings available at various eateries. The number of people, especially the youth, adopting a vegan lifestyle is increasing in the UK. In the US, many food startups have started promoting veganism, many of which are endorsed by celebrities like Bill Gates. Many celebrities support veganism, the most prominent of them being Bill Clinton, Mike Tyson, Carl Lewis, Serena Williams, and Venus Williams. Such factors contribute to the global vegan ice cream market growth during the forecast period.

Key Vegan Ice Cream Market Trend

The business strategies adopted by vendors are another factor supporting the global vegan ice cream market share growth. The increasing number of partnerships and collaborations is likely to drive the growth of the global vegan ice cream market during the forecast period. Vendors are investing in the expansion of their vegan food product portfolio to strengthen their market position in the vegan food industry. Such investments will boost the production of vegan products, including vegan ice creams. Such business strategies will increase the sales revenue of vendors, which will drive the growth of the vegan ice cream market during the forecast period. Vendors are focusing on developing new products with different flavors and packaging styles. They are launching new products to expand their product portfolios and increase their sales. Vendors are opting for diverse business strategies, such as partnerships, M and A, and collaborations, with end-users and distributors to improve their distribution channels and upgrade their product portfolios. For instance, in March 2022, Srikrishna Milks Pvt. Ltd. was acquired by Dodla Dairy Ltd in a move to expand its business. This is expected to drive the growth of the global vegan ice cream market during the forecast period.

Key Vegan Ice Cream Market Challenge

Product recalls are a major challenge for the global vegan ice cream market share growth during the forecast period. Manufacturers can issue product recalls due to various factors, such as product contamination, incorrect labeling, and others. Product recalls affect the growth of the market in a negative way as consumers lose confidence in the products of particular companies. Product recalls also affect the image of the player and can result in additional financial liability to the player in the form of compensation for settling various legal litigations filed against the player. For instance, in December 2021, Aurora Foods ice cream products branded 'It's Vegan' were recalled after they were found to contain milk. The vegan products, namely 'It's Vegan Cookies Coconut dairy-free gelato' and 'It's Vegan Lemon gluten and dairy-free Sorbet.

This vegan ice cream market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global vegan ice cream market as part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the vegan ice cream market during the forecast period.

Who are the Major Vegan Ice Cream Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Aurora Foods
• Bliss Unlimited LLC
• Compassionate Choices Pvt. Ltd.
• Coolhaus
• Danone SA
• General Mills Inc.
• JENIS SPLENDID ICE CREAMS LLC
• Nestle SA
• Over The Moo
• The Booja Booja Co. Ltd.
• The Brooklyn Creamery
• Tofutti Brands Inc.
• Unilever PLC
• Valsoia Spa
• Wells Enterprises Inc.

This statistical study of the vegan ice cream market encompasses successful business strategies deployed by the key vendors. The vegan ice cream market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The vegan ice cream market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Vegan Ice Cream Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the vegan ice cream market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions of Vegan Ice Cream Market?

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43% of the market’s growth will originate from North America during the forecast period. The US is the key market for vegan ice cream market in North America. Market growth in this region will be slower than the growth of the market in APAC regions.

The strong presence of key vendors, growing demand for vegan food, and rising disposable incomes will facilitate the vegan ice cream market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. Governments of countries such as the US, Canada, and Mexico imposed stringent COVID-19-related restrictions, such as nationwide lockdowns and stay-at-home regulations, which resulted in the temporary closure of various industries, including those manufacturing vegan ice cream. This resulted in decreased demand for vegan ice cream from physical retail outlets due to the full or partial closure of these outlets. Additionally, manufacturers faced supply chain disruptions due to labor and raw material shortages.

What are the Revenue-generating Product Segments in the Vegan Ice Cream Market?

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The vegan ice cream market share growth by the take-home segment will be significant during the forecast period. The increasing trend of snacking at home is helping propel the demand for take-home vegan ice creams. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the vegan ice cream market size and actionable market insights on post COVID-19 impact on each segment.

 

Vegan Ice Cream Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 11.49%
Market growth 2022-2026	$ 1.55 billion
Market structure	Concentrated
YoY growth (%)	10.39
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 43%
Key consumer countries	US, China, Germany, Italy, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Aurora Foods, Bliss Unlimited LLC, Compassionate Choices Pvt. Ltd., Coolhaus, Danone SA, General Mills Inc., JENIS SPLENDID ICE CREAMS LLC, Nestle SA, Over The Moo, The Booja Booja Co. Ltd., The Brooklyn Creamery, Tofutti Brands Inc., Unilever PLC, Valsoia Spa, and Wells Enterprises Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis, and future consumer dynamics and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Vegan Ice Cream Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive vegan ice cream market growth during the next five years
• Precise estimation of the vegan ice cream market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the vegan ice cream industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of vegan ice cream market vendors

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