Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Non-Dairy Ice Cream Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Flavor, Source, Distribution Channel, and Geography,” the non-dairy ice cream market is expected to grow from $1.7 billion in 2022 to $4.4 billion by 2030; it is estimated to grow at a CAGR of 12.8% from 2022 to 2030. The report highlights key factors influencing the market and prominent players along with their developments in the market.
Competitive Landscape and Key Companies:
Tofutti Brands, Inc; Danone S.A.; Nestlé S.A.; The Brooklyn Creamery, Unilever; JUDE'S; OATLY, INC; Bliss Unlimited, LLC; General Mills Inc; 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.
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Non-dairy ice cream is often called dairy-free or vegan ice cream, made without traditional ingredients like milk or cream. The non-dairy ice cream uses ingredients such as 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 non-dairy ice cream in the region. For instance, in November 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.
Further, increasing incidences of adults and children suffering from lactose intolerance are expected to propel the demand for non-dairy ice cream. According to the National Institute of Diabetes and Digestive and Kidney Diseases, around 68% of the world’s population is lactose malabsorption. In addition, the key manufacturers are experiencing a rise in demand for non-dairy ice creams and different flavors. Thus, key regional players are engaged in new product launches. For instance, in September 2021, NATO announced the launch of vegan ice cream in five flavors: dark chocolate, mocha almond, pistachio, salted caramel, and mango & raspberry.
Impact of COVID-19 Pandemic on Non-Dairy Ice Cream Market
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.
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Based on flavor, the non-dairy ice cream market is segmented into vanilla, chocolate, and fruit. Based on source, the market is segmented into coconut, almond, and soy milk. Based on the distribution channel, the non-dairy ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
North America's non-dairy ice cream market is further segmented into the US, Canada, and Mexico. The Europe non-dairy ice cream market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The non-dairy ice cream market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, the UAE, Saudi Arabia, and the Rest of MEA. The non-dairy ice cream market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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