The Plant-based Ice-creams Market Is Predicted To Reach USD 2.45 Billion With A CAGR Of 9.10% According To Market Data Forecast Report.

The Plant-based Ice-creams Market Is Predicted To Reach USD 2.45 Billion With A CAGR Of 9.10% According To Market Data Forecast Report.

ID: 6533 | October 2018 | Region: Global

The Plant-based ice-creams Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Plant-based ice-creams Market is estimated to be USD 1.59 billion in 2016 and predicted to rise to USD 2.45 billion by 2021 with a CAGR of 9.10%. The market is segmented by Product Source (Soy Milk Based, Coconut Milk Based, Almond Milk Based, Cashew Milk, Rice Milk Based, Others), Packaging (Tub, Bag/Sachet), and Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialist Stores, Health Food Stores, Others). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.

Growing number of lactose intolerant consumers is a key factor driving the market growth. In addition, higher protein content in plant-based ice-creams makes them a healthier option among ice-creams. Due to the increasing demand for these ice creams, the producers of plant-based ice-creams are focused on improving the taste of these ice-creams by introducing the consumers to a wide variety of flavors. High processing charges are associated with the preparation of plant-based ice creams, as most of the raw materials are processed and formulated through different high energy consuming machinery. Moreover, the most frequently used milk in plant-based ice creams is soya milk, which has some adverse effects. For instance, soy milk can cause allergies in some people. Its taste is also not preferred among consumers. According to Cornell University, there is an increased risk of breast cancer in some women who consume soy food and most of the plant-based ice creams manufacturers use soy milk as their major creaming ingredient. This particular factor may act against market growth.

The global Plant-based ice-creams market is segmented into product source, packaging and distribution channel. On the basis of the product source plant-based ice-creams market is segmented into Soy milk based, coconut milk based, almond milk based, cashew milk, rice milk based and others. Soymilk based ice-cream is the largest segment followed by almond milk ice-creams. As soy milk based ice cream is easily available and has cheaper prices as compared to almond, coconut, and other raw material based ice-cream. Almond based ice-creams are expected to witness the highest CAGR in the coming years. On the basis of package type, organic ice market is segmented into tub and bag/sachet. On the basis of the distribution channel, the plant-based ice-cream market is segmented into supermarkets/hypermarkets, convenience stores, specialist stores, health food stores and others such as independent retailers, e-retailers. Supermarket/hypermarket accounts for the major share of this markets segment.

On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia Pacific and Middle East and Africa. Asia-pacific region accounts for the largest share and is also expected to witness the highest CAGR in the coming years due to an increase in the population who are lactose intolerance. The consumers are shifting their preferences towards almond based ice- cream as it consists of high nutritional values and tastes better than soy milk ice-cream. The Demand of lactose-free ice-cream is rising in U.S., UK, and Germany is expected to rise in future. However, In European countries like France, U.K, and Germany, small local plant-based ice creams manufacturers are not able to follow the quality and safety guidelines to get their plants organic certified. According to a survey conducted in Russia, a large part of the population is non-vegetarian and still prefer cow milk derived dairy-based ice creams over plant-based ice creams.

The market is dominated by companies like The Coconut Collaborative, Swedish Glace, Perfect World, Almond Drea, Booja-Booja, Turtle Mountain’s, Frankie & Jo’s, Smooze, So Delicious and Luna & Larry’s.

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