The plant-based ice cream market is undergoing rapid expansion, fueled by the increasing consumer demand for healthier and more sustainable food choices. Projections indicate that the global plant-based ice cream market will reach USD 12.19 billion by 2027, exhibiting a robust Compound Annual Growth Rate (CAGR) of 18.4% from 2022 to 2027.
Key Trends Driving Growth
- Rising Awareness of Health Benefits: Consumers are embracing plant-based diets due to perceived health advantages, such as a reduced risk of heart disease, type 2 diabetes, and obesity. Plant-based ice cream serves as a convenient and delightful means to incorporate more plant-based foods into daily diets.
- Concerns for Animal Welfare and the Environment: Increasing concerns about ethical treatment of animals and the environmental impact of animal agriculture are propelling the demand for plant-based foods. Plant-based ice cream, not reliant on milk production or dairy farming, emerges as a more sustainable option.
- Innovation in Flavors and Textures: Recent years have witnessed significant improvements in the quality of plant-based ice cream. Brands now offer high-quality products closely resembling traditional dairy ice cream in terms of flavor, texture, and mouthfeel, expanding the appeal to a broader consumer base.
- Mainstream Retail Expansion: Plant-based ice cream is now readily available in major grocery and convenience stores worldwide, making it more accessible for consumers and further driving market growth.