The global vegan ice cream industry was estimated at USD520.9m in 2019, and is expected to hit USD805.3m by 2027, registering a CAGR of 13.7% from 2020 to 2027 according to a report titled “Vegan Ice Cream Market: Global Opportunity Analysis and Industry Forecast, 2020–2027” published by Allied Market Research.
Based on geography, Europe, followed by Asia-Pacific and North America, held the major share in 2019, garnering more than one-third of the global vegan ice cream market, owing to prevalence of highest level of obesity in the region. At the same time, Asia-Pacific would manifest the fastest CAGR of 14.9% during the study period.
By source, the almond milk segment contributed to nearly one-third of the global vegan ice cream market share in 2019 and is expected to retain its dominance by the end of 2027. This is because almond milk is the most popular milk source in the vegan ice cream market. The coconut milk segment, on the other hand, would register the fastest CAGR of 15.2% throughout the forecast period. Various health benefits of coconut based vegan ice creams drive the growth of the segment. Based on flavor, the caramel segment accounted for nearly one-fourth of the global vegan ice cream market revenue in 2019 and is anticipated to maintain the top status till 2027. The unique taste of caramel makes it a popular flavor for vegan ice creams, thereby propelling the growth of the segment. Simultaneously, the fruits segment would portray the finest CAGR of 15.6% from 2020 to 2027. There are no known hazards for consumption of fruit essence as mainly they are manufactured from natural fruits, and this factor has propelled the segment growth.