Millennials Driving Vegan Ice Cream Industry Boom
The demographic’s $200 billion spending power is fueling the global growth of the vegan ice cream industry—which is predicted to reach $2.45 billion by 2027.
April 10, 2018
Market research firm Technavio released a report this month that highlights the trajectory of the vegan ice cream market from 2018 to 2022. Researchers predict that the segment will continue to grow during the forecast period by a compounded annual growth rate (CAGR) of nearly 9 percent, with consumers in the United States accounting for 45 percent of the global market share. Technavio analysts revealed that the growth of the global vegan population, particularly the millennial demographic, is driving the projected growth in the vegan ice cream sector. “In countries such as the US, vegan ice cream is becoming popular as the country’s millennial population forms an attractive consumer segment for the players in the global vegan ice cream market with an annual spending power of about $200 billion,” a Technavio senior research analyst said. “To cater to the rising demand from the millennial population base, players in the market are also coming up with new and innovative flavors of vegan ice creams.” Non-vegan brands such as Ben & Jerry’s, Breyers, Häagen-Dazs, and Halo Top have introduced dairy-free ice cream lines to capitalize on the growing vegan ice cream industry—which is predicted to be worth $2.45 billion by 2027.
Photo courtesy of Sweet Ritual