Non-Dairy Ice Cream Market will surge at 14.7% CAGR to hit 1000 million by 2024

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Asia Pacific Non-Dairy Ice Cream Market accounted for more than USD 150 million revenue in 2017 and expected to achieve strong CAGR in forecast time-frame with strong presence of manufacturing companies catering lactose intolerant consumers.

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.

Global Non-Dairy Ice Cream Market will exceed USD 1 billion by 2024; according to a new research report by Global Market Insights, Inc. Growing vegan population along with inclination towards healthy lifestyles are among key factors propelling the market growth. Increasing consumer spending on desserts, confectionery and other functional food items will support the industry demand. Rising awareness regarding lactose intolerance will further fuel the business development.

Shifting consumer preference towards innovative products and flavors due to changing social trends will drive the non-dairy ice cream market size. Technological advancements in machineries and product innovations using avocado and hemp milk will augment the product adoption. Increasing raw material availability along with convenient production process are among major factors supporting the industry growth.

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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.

Coconut milk accounted for over 30% of the global market share in 2017. Significant health benefits, ease in production along with texture compatibility are among key factors driving the product demand. Rising count of brands offering coconut-based products has enhanced the industry demand. However, almond milk is expected to witness higher CAGR owing to changing taste preferences and increasing number of product launches.

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.

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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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.

Global market share is highly fragmented with presence of both regional and global companies. Notable players include General Mills, Unilever, Talenti, Booja Booja, Danone, Tofutti Brands, Bliss Unlimited LLC, Swedish Glace, and NadaMoo. Merger & acquisitions along with product innovations are among key strategies adopted by manufacturers. For instance, in April 2017, Danone completed acquisition of WhiteWave Foods, an American packaged food manufacturer to expand its industry share.

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Name: Arun Hegde
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Organization: Global Market Insights, Inc.

Release ID: 462617

Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.