Non-dairy ice cream market valuation to hit the coveted billion-dollar mark by 2024, Europe to witness fastest growth over 2018-2024
Publisher : Fractovia | Published Date : 2018-10-25Request Sample
Ben & Jerry’s recent launch of dairy-free ice cream mini cup packages, chiefly underlines the developments in non-dairy ice cream market across the globe. Popularly known for its unique dairy ice-cream flavors, the American giant in the recent years has subsequently widened its options by offering vegan and non-dairy flavors. The company, for the record, has introduced its first non-dairy flavors in UK in 2017 with flavors ranging from Chocolate Fudge Brownie, Peanut Butter & Cookies, and Chunky Monkey and boasts nine unique dairy-free options in the U.S. non-dairy ice cream market.
U.S. Non-Dairy Ice Cream Market, By Product, 2017 & 2024, (USD Million)
This American brand is however not the only major frozen dessert & ice cream company that’s capturing the growing demand from the global non-dairy ice cream market. The Unilever-owned brand Magnum, has also recently announced the launch of its first-ever range of non-dairy ice creams with the popular chocolate and almond flavors. An Australian vegan chocolate brand Pana Chocolate is another in line that has introduced a new range of dairy-free ice cream in flavors including Vanilla Bean, Chocolate Chip, and Salted Caramel. Häagen-Dazs is another popular non-dairy ice cream industry player who has already launched its vegan ice-cream ranges with almond milk bases in 2017. Other notable players include Booja Booja, General Mills, Inc., Danone, Swedish Glace, NadaMoo, and Bliss Unlimited LLC.
Thanks to these ever-increasing number of mainstream brands, who are now offering variety of heavenly flavors for consumers with a range of dietary requirements and preferences, non-dairy ice cream industry share is expected to escalate in the years to come. In fact, the innovative product-range marketing strategies are significantly favoring the non-dairy ice cream industry players in strengthening their position. By 2024, the global ice cream market is estimated to be a 75 billion-dollar business vertical, and quite unsurprisingly a big spike in this growth will be coming from the expanding organic as well as non-dairy ice cream market size.
A report compiled by Global Market Insights, further sheds light on the growth prospects of the global non-dairy ice cream market and forecasts it to enter the coveted billion-dollar business mark by 2024 from a mere industry valuation of USD 400 million in 2017. The reports claim that the comprehensive product variations offered by the industry majors have significantly supported the commercialization matrix of this business sphere. The rapid adoption of vegan lifestyles, given the shifting trends toward animal welfare, socialization, and health consciousness, has also been a key driver enhancing the dairy-free ice cream product demand in the recent years.
Taking into account the robust growth in the non-dairy ice cream products the report claims that chocolate is the flavor of choice of the industry manufacturers as it is very compatible with other sources and the dark chocolate & Choco chips versions are generally preferred by the global population. The cocoa is further considered to have health benefits and prevent cardiac diseases, which in turn has positively impacted the growth of chocolate blended flavors. Estimates claim that the chocolate flavor non-dairy ice cream market is expected to witness a CAGR of 14.5% from 2018-2024. Vanilla, strawberry, cookie & cream, caramel, peanut butter, lemon, and mint Choco chip are some of the other popular flavors which are highly prevalent and varies according to regional levels because of changing tastes and preferences.
For example, the lemon-based flavors are highly preferred by some of the European countries, where the vegan ice cream industry has already taken a prominent shape. Larger number of product launches in the region coupled with governmental initiatives supporting the vegan trend have paved the Europe non-dairy ice cream market to garner lucrative proceeds over the past few years. Speaking of the organizational initiatives, a vegan ice cream van was ran across the UK by the animal rights organization Viva!, giving vegan ice creams for free. The van was a part of a popular campaign to raise awareness of the inherent cruelty in the dairy industry and show the British public how delicious non-dairy ice creams are. Backed by such popular trends, the Europe non-dairy ice cream market is expected to be the fastest growing region depicting a CAGR of 14% over 2018-2024.
The dairy-free ice cream trend is further gaining immense traction across the Asia Pacific belt, where recently an India-based dairy brand, Hangyo, has launched two new vegan ice cream products prepared out of cocoa and coconut flavors.
Quite undeniably, the companies across myriad geographies are increasingly seen responding to the consumer trend toward non-dairy and nutritious ice cream flavors. All in all, it wouldn’t be wrong to say that driven by the increasing rate of consumers seeing the value of organic, vegan, and simple ingredients, the global non-dairy ice cream market is certain to carve a profitable roadmap in the years ahead.
