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Demand for Plant Based Ice-Creams Market to Rise at CAGR of 9.3% Driven by Proliferation of Vegan Food Trends: Future Market Insights Finds in Latest Survey
The global plant based ice-creams market is expected to register a year on year growth of 11.1% in 2021, despite challenges posed by COVID-19 outbreak. Increasing focus on healthy eating amid pandemic will create lucrative prospects for growth. The North America market is expected to register a CAGR of 9.7%, owing to increasing concerns regarding environmental sustainability and animal welfare during the forecast period.
Shift in consumer preference in favor of conscious and healthy lifestyle habits is impacting numerous industries as consumers are trying to choose better alternatives to conventional products. This is mainly influenced by social media influence and proliferation of vegan culture.
Besides this, focus on healthy eating and cutting down dairy consumption will create opportunities for sales of plant-based ice cream in the coming years. While ethical reasons remain at the fore of paradigm shift in consumer preference, soaring health concerns are not to be ignored.
Incidence of diabetes and obesity is increasing, which are often common underlying causes of various chronic ailments. Adoption of a healthier living altogether is seen as a preferred lifestyle choice among an increasing number of consumers.
This trend will continue to rise in the coming years, encouraging market players to focus on product launches. As companies spoil consumer with choices, the sales of plant based ice creams will pick up in response.
Coupled with this, increasing cases of lactose intolerance is creating a large clientele in the field of non-dairy products. Sedentary lifestyle also can cause lactose intolerance. Rising prevalence of this health concern is encouraging consumers to adopt alternative choices for a healthier living. This will bode well for the market in the coming years.
The key players operating in the global plant based ice-creams market are heavily investing in research and development activities to innovate novel products and expand their product portfolio.
For instance, Hindustan Unilever bought Adityaa, Karnataka based ice cream brand from Vijaykant Dairy and Food Products Limited (VDFPL) to seek more market shares and sell local brands internationally.
Froneri, a U.K. based ice-cream joint venture owned by R&R and Nestle has launched a new herbal ice-cream brand called Roar. This ice-cream brand concentrates on saving endangered federal cats. The new brand has formed a long term partnership with Panthera to financially sponsor and support Tigers Forever fund.
The key players operating in the global plant based ice-creams market as profiled by FMI are:
FMI provides an unbiased analysis of the plant based ice-creams market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights on the global plant based ice-creams market with a detailed segmentation on the basis of
https://www.futuremarketinsights.com/get-market-alerts/rep-gb-2461
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