Ice Cream: Rethinking an All-time Favorite

Regardless of the season, ice cream is a favorite among consumers of all ages. Even more so this year, as previously unseen health measures meant spending a lot more time at home, as pointed out in the latest Frozen Food Dossier.

As it follows a generational trend, ice cream moves towards a more conscious approach, turning to vegan or dairy-free ingredients. Even though it evolves into bold, new directions, ice cream remains one of the most sought-after indulgence products. The global ice cream market had total revenues of USD64.2bn in 2018, growing at a rate of 4.3% between 2014 and 2018, according to a MarketLine report. Europe accounted for the highest share in the global ice cream market at 35.8% in 2018, followed by Asia-pacific with 31.9%. What’s interesting is the evolution of ice cream specialties: 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. 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 mar...

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