Europe non-dairy ice cream market is expected to witness CAGR at over 14% from 2018 to 2024. Higher vegan products demand owing to rising health consciousness and growing vegan population are primary factors driving the regional industry growth. Large number of products launches among European as well as global brands mainly including Ben & Jerry’s, Swedish Glace, and Booja Booja will support the industry demand. —
Asia Pacific market accounted for more than USD 150 million revenue in 2017. Improved demand for vegan products owing to growing awareness among the huge population supporting sales growth across the region. Strong presence of manufacturing companies catering lactose intolerant consumers mainly boosting market expansion in emerging countries. Increasing population across China, India, Japan, and Australia stimulating non-dairy ice cream industry growth.
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Coconut milk segment is projected to witness more than 14% CAGR from 2018 to 2024. Improved usage of coconut milk owing to cost-effective benefits are fostering product landscape. It provides similar properties as compared to dairy milk especially the presence of fats components stimulating industrial usage. Coconut milk is highly compatible with several flavors that enhances textures are key benefits are propelling non-dairy ice cream market share.
Vanilla segment captured over 23% market share in 2017. Rising demand for vanilla flavor owing to its pleasant taste in conventional and non-diary ice-creams are propelling industry share. Premium segment widely uses flavors including vanilla & hazelnut chocolate flavors, bourbon vanilla extract in the products. Non-dairy ice-cream products have captured strong attention from young generation due to the availability of numerous fruitful flavor options stimulating market penetration.
Singles form segment generated over USD 270 million in 2017. Rising demand for tangy flavors including strawberry, vanilla, and chocolate are primarily driving market growth. Manufacturing companies are providing attractive fruity flavors in different variants positively stimulating market penetration in several countries. Strong consumer preferences in among kids and young generation are supporting industry expansion for non-diary ice-cream.
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Take home segment is expected to experience more than 13.5% CAGR up to 2024. Rapid urbanization primarily boosting product demand, especially for take-home choices. Increasing product consumption in off-premise owing to higher convenience advantages boosting revenue share. Shifting trends toward online purchase along with home delivery options by major manufacturing companies driving non-dairy ice cream market.
Supermarket is estimated to show more than 14.4% CAGR up to 2024. Increasing the expansion of supermarket and hypermarkets offering attractive schemes & offers strongly supporting market growth. Cost effective benefits along with the easy availability of multiple brands under one roof are key factors bolstering segment growth. Different flavor variants, size and pricing benefits are mainly driving sales channel of non-dairy ice cream market.
Non-dairy ice cream market is highly competitive in nature owing to the large presence of manufacturing companies in the market. Key industry players are Bliss Unlimited LLC, Unilever. Danone, General Mills, Booja Booja, NadaMoo, and Swedish Glace. Companies are focusing on new product development by adding nutritional ingredients to cater to health-conscious consumer base and enhance product sales.
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Manufacturers are anticipated to enhanced nutritional value and product quality by usage of fruits, nuts, peanut butter and beans with add on flavors. Vegan milk such as coconut milk, soy milk, and almond milk are extensively used as raw material in the manufacturing of non-diary ice cream. Effective health benefits owing to the presence of nutritional elements in the products will boost market share during the forecast period..
Fluctuating trends towards healthy lifestyle owing to increasing awareness across North America and Europe instigating sales growth. Factors such as low calories content and high protein benefits propelling dairy-free products demand. Increasing daily milk allergies are mainly stimulating rapid commercialization of plant-based milk products strongly supporting industry share.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 518671