In terms of distribution channel, it is differentiated into supermarket/hypermarket, convenience stores, and online. Depending on sales type, it is fragmented into impulse, take home, and artisanal. By flavor, it is classified into caramel, chocolate, coconut, coffee, vanilla, and fruit. On the basis of source, the market is categorized into coconut milk, soy milk, almond milk, and cashew milk. The global vegan ice cream market is segmented into source, flavor, sales type, distribution channel, and region. On the contrary, surge in demand for dairy-free products by vegan population and introduction of new flavors & varieties of vegan ice cream are anticipated to provide lucrative opportunities for the expansion of the global vegan ice cream market. However, fluctuation in prices of raw materials and high cost of plant-based milk extraction act as the major restraints of the global market. Moreover, introduction of additional healthy ingredients by different market players such as Wells Enterprises, Inc., NadaMoo! Booja, Happy Cow Limited, Over The Moo, and Swedish Glace significantly drives the market growth. Furthermore, growth in health awareness and increase in disposable income has augmented the growth of the vegan ice cream market. This can be attributed to rise in number of people allergic to dairy products. Vegan ice cream has been gaining increased popularity in the mature and emerging market. Furthermore, rise in concern of lactose intolerance, owing to the deficiency of the intestinal enzyme lactase fuels the demand for dairy-free or vegan food products. The vegan ice cream market growth is driven by increase in number of vegan and diet-conscious consumers across the globe. Vegan ice cream is made from various natural sources such as almonds milk, soy milk, coconut milk, cashew milk, and rice milk. Europe was the highest contributor to the global vegan ice cream market with $188.6 million in 2019.
The global vegan ice cream market was valued at $520.9 million in 2019, and is expected to grow at a CAGR of 13.7 to reach $805.3 million by 2027.
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