Vegan Ice Cream Industry to Reach $1 Billion in 2017

Market research predicts plant-based frozen treats to be worth $2.45 billion in the next decade.

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A new report compiled by market research firm Future Market Insights (FMI) predicts that the global plant-based ice cream industry will continue to grow to $2.45 billion by 2027. By the end of 2017, FMI values the dairy-free ice cream industry at $1 billion. Soy milk is predicted to continue its reign as the most popular base, and North America and Europe will account for the most sales of plant-based ice cream in the next decade. “The global plant-based ice creams market is likely to experience rising growth opportunities due to an increasing lactose intolerant population and rising adoption of veganism,” the report stated. “These two factors are leading to a dynamic progress of the plant-based ice creams market in developed nations.” Earlier this month, a separate report released by research firm Mintel found that one billion pints of vegan ice cream were sold in 2016 worldwide. Major brands such as Ben & Jerry’s, Breyers, and Häagen-Dazs have taken advantage of the growth opportunity in the plant-based sector by releasing their own lines of vegan ice cream.

Photo courtesy of Sweet Ritual