A new report by USD Analytics has predicted that the vegan ice cream market will grow with a CAGR of 12.8% through to 2032.
The market will be driven by the increased adoption of plant-based lifestyles, along with a shift in consumer values towards more ethical and sustainable products. Furthermore, many consumers now perceive vegan ice cream as healthier than dairy options, and growing awareness of lactose intolerance is also boosting sales. Markets across the Asia Pacific, Europe, and the Americas are all expected to see significant growth.
To capitalize on this market growth, the report suggests that manufacturers should offer a diverse range of flavors and textures, using ingredients such as nut butters, coconut milk, and fruit purees. This will help vegan ice creams to compete with the variety of traditional dairy-based products available.
Previous reports have also predicted growth for the market, with research published last year forecasting a valuation of $1.24 billion by 2030.
US leads the market
Another report from last year found that the US has the “most advanced and dynamic” plant-based ice cream market in the world. Assessing 335 products made by 65 brands, it predicted a promising future for the market, with continued growth and further innovation.
The popularity of dairy-free products has led major international brands such as Unilever-owned Magnum and Ben & Jerry’s to launch plant-based versions of their dairy ice creams. Meanwhile, smaller brands like Italy’s Valsoia and Greece’s Plan(e)t Foods are also seeing rapid growth. Some companies are developing innovative ice creams made with ingredients such as cauliflower and chickpeas.
“As the plant-based ice cream landscape continues to evolve, we anticipate further innovation, flavors, and textures that will captivate consumers and satisfy their desire for healthier, more sustainable frozen treats,” said the researchers behind the US report. “The future of plant-based ice cream looks promising, providing consumers with guilt-free indulgence while contributing to a more compassionate and environmentally friendly food industry.”