The global plant-based ice creams market is expected to reach a valuation of USD1.49bn in 2021. It also is forecast to exhibit a CAGR of 9.3% during the assessment period between 2021 and 2031, according to a study by Future Market Insights (FMI).
The market is expected to register a year on year growth of 11.1% in 2021, despite challenges posed by COVID-19 outbreak. Increasing focus on healthy eating amid pandemic will create lucrative prospects for growth. The North America market is expected to register a CAGR of 9.7%, owing to increasing concerns regarding environmental sustainability and animal welfare during the forecast period. Shift in consumer preference in favor of conscious and healthy lifestyle habits is impacting numerous industries as consumers are trying to choose better alternatives to conventional products. This is mainly influenced by social media influence and proliferation of vegan culture, the report shows.
This trend will continue to rise in the coming years, encouraging market players to focus on product launches. As companies spoil consumer with choices, the sales of plant-based ice creams will pick up in response.