[Research Report] The non-dairy ice cream market size is projected to grow from US$ 1.7 billion in 2022 to US$ 4.4 billion by 2030; the market is expected to record a CAGR of 12.8% from 2022 to 2030.
Market Insights and Analyst View:
Non-dairy ice cream is often called dairy-free or vegan as they are manufactured without traditional ingredients like milk or cream. The non-dairy ice cream uses almond, soy, and coconut milk as a base. The non-dairy ice cream market growth is majorly attributed to rising disposable income, rapid urbanization, and increasing living standards. Further, the rising popularity of plant-based products and surging health consciousness among the young population are expected to propel the market growth in the region. Key players in the region are adopting strategic initiatives such as mergers and acquisitions, collaborations, partnerships, and product launches to cater to the growing demand for the non-dairy ice cream market in the region.
Growth Drivers and Challenges:
Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional ones. Further, increasing awareness regarding animal protection and environmental sustainability is adding to the popularity of these food products. The global proliferation of veganism among people is highly influencing innovations in the ice cream market. According to data published by Veganuary, a nonprofit organization encouraging people to become vegan for the whole month of January, ~5.8 million people signed up for the “Veganuary Campaign” in 2021.
Registrations for the Veganuary Campaign have increased dramatically over the past few years. Thus, due to the flourishing trend of veganism, the manufacturers of frozen desserts such as ice cream are launching plant-based products. For instance, in May 2021, Whipped Urban Dessert Lab, a New York-based ice-cream parlor, launched ‘Taste of Freedom’ vegan ice cream. Similarly, in 2022, Unilever's brand Ben & Jerry's launched two plant-based ice creams— "Chocolate Milk and Cookies" and "Dirt Cake". The surging vegan population base is fostering the growth of the ice cream market. Vegan ice creams help improve digestion, strengthen the functioning of the immune system, improve blood pressure, etc. Thus, the growing inclination toward plant-based food products due to the growing popularity of veganism is expected to bring new trends to the ice cream market during the forecast period. However, the high price of non-dairy ice creams compared to dairy-based ice creams may hamper the market's growth.
Report Segmentation and Scope:
The global non-dairy ice cream market is segmented based on flavor, source, distribution channel, and geography. Based on flavor, the non-dairy ice cream market is segmented into vanilla, chocolate, and fruit. Based on the source, the market is segmented into soy, almond, and coconut milk. Based on the distribution channel, the non-dairy ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Geographically, the market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Based on the distribution channel, the non-dairy ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment holds a significant market share, and online retail is expected to grow fastest during the forecast period. Online retail stores offer a wide variety of products with heavy discounts. Also, consumers can conveniently buy desirable products remotely. Additionally, home delivery service attracts many customers to shop through e-commerce platforms. Moreover, shopping websites offer descriptive product information and user reviews, which help buyers compare products and make informed decisions. During the COVID-19 pandemic, online retail channels gained popularity as they offered home delivery services. These factors are expected to boost the online retail segment's future non-dairy ice cream market growth.
The non-dairy ice cream market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. The global non-dairy ice cream market was dominated by North America. Europe is the second major contributor to the market, which holds ~25% of the global market. In North America, many domestic and international players such as Unilever, Danone S.A, General Mills Inc., Nestlé S.A, and The Brooklyn Creamery operate in the non-dairy ice cream market. These players are adopting various strategic initiatives such as product launch, mergers, acquisitions, and collaborations to cater to growing consumer demand. For instance, JD’s Vegan has been developing and distributing plant-based, GMO-free, and lactose-free ice cream flavors containing fresh-cut slices of fruits and nuts. Hence, including fresh fruit pieces, candy, cake particles, and nuts in ice cream is a fast-growing premium trend in the market, which drives the growth of the non-dairy ice cream market.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the non-dairy ice cream market are listed below:
1. In 2022, Unilever announced the launch of a vegan Magnum ice cream range with a caramel salter flavor. The launch was aimed to cater to the growing demand for non-dairy ice cream products.
2. In 2021, NadaMoo announced the launch of coconut ice cream with four sugar-free flavors, including vanilla, strawberry, chocolate, and mint chip varieties. The launch was aimed to expand its product portfolio in the sugar-free segment.
COVID-19 Pandemic Impact:
The COVID-19 pandemic affected industries in various countries, influencing their economic conditions. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. In 2020, various companies announced possible delays in product deliveries and a slump in future sales of their products. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the global non-dairy ice cream market.
In the pre-pandemic period, the non-dairy ice cream market was mainly driven by rising incidences of lactose intolerance and celiac diseases and changing consumer preference towards non-dairy and plant-based products. However, many industries faced unprecedented challenges due to the COVID-19 outbreak in 2020. The food & beverage industry declined due to the shutdown of manufacturing units and supply chain disruption. The pandemic disturbed the manufacturing processes with restrictions imposed by government authorities in various countries. During the initial phase of the pandemic, almost all countries proposed lockdowns in their respective economies, where people were restricted from going outside their houses.
Competitive Landscape and Key Companies:
Unilever; Danone S.A.; General Mills Inc; Nestlé S.A.; JUDE'S; OATLY, INC; Tofutti Brands, Inc; Bliss Unlimited, LLC; The Brooklyn Creamery, and NADAMOO are among the prominent players operating in the global non-dairy ice cream market. These market players are adopting strategic development initiatives to expand, further driving the market growth.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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3.General Mills Inc
7.Tofutti Brands Inc
8.Bliss Unlimited LLC
9.The Brooklyn Creamery
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
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- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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