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Europe non-dairy ice cream market is anticipated to secure a healthy growth 14% CAGR BY 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-26 

Europe non-dairy ice cream market is expected to witness CAGR at over 14% from 2018 to 2024. Higher vegan products demand owing to rising health consciousness and growing vegan population are primary factors driving the regional industry growth. Large number of products launches among European as well as global brands mainly including Ben & Jerry’s, Swedish Glace, and Booja Booja will support the industry demand.

Shifting consumer preference towards innovative products and flavors due to changing social trends will drive the non-dairy ice cream market size. Technological advancements in machineries and product innovations using avocado and hemp milk will augment the product adoption. Increasing raw material availability along with convenient production process are among major factors supporting the industry growth.

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Rising penetration of renowned brands in non-dairy ice cream segment to gain competitive advantage will propel the industry demand. Innovative fruit-based flavor offerings through new product launches to improve consumer base are among key trends among manufacturers. Expanding distribution networks coupled with attractive packaging will boost the product penetration during the forecast timeframe. However, changing raw material costs along with relatively high product prices may hinder the industry growth.

Coconut milk accounted for over 30% of the global non-dairy ice cream market share in 2017. Significant health benefits, ease in production along with texture compatibility are among key factors driving the product demand. Rising count of brands offering coconut-based products has enhanced the industry demand. However, almond milk is expected to witness higher CAGR owing to changing taste preferences and increasing number of product launches.

Chocolate flavor is projected to witness CAGR at over 14.5% from 2018 to 2024. Extensive product offerings with multiple chocolate flavor variants including dark chocolate and chocolate chips is proliferating the non-dairy ice cream market. However, flavor portfolio largely varies on country level, due to changing taste preferences.  For instance, lemon-based flavors are highly prevalent in specific European countries.

Non-Dairy Ice Cream Market is estimated to surpass USD 1 billion by 2024. Artisanal products are expected to witness significant growth rate during the forecast timeframe. Growing disposable incomes coupled with increasing number of artisanal franchisees particularly in emerging economies is fueling the segment growth. Whereas take home segment dominates the non-dairy ice cream market due to shifting preference for off-premise consumption. High product availability through supermarkets particularly in developed regions along with penetration of online stores will support the industry growth.

Blended flavors are anticipated to register over 20 million liters demand by 2024. Flavor innovations along with rising consumer spending on premium flavors majorly in North America and Europe will supplement the business revenue. Increasing consumer preference for mint choco chip, cookies & cream, neapolitan, and mocha chocolate has stimulated the non-dairy ice cream demand.

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Supermarkets will register sales at over USD 400 million by 2024. Changing shopping trends along with inclination towards one stop shopping has stimulated the supermarket counts globally. Rising demand for take home products is significant factor supporting the segment share. Multiple brand availability along with competitive costs are among key factors positively influencing the industry demand.

Global non-dairy ice cream market share is highly fragmented with presence of both regional and global companies. Notable players include General Mills, Unilever, Talenti, Booja Booja, Danone, Tofutti Brands, Bliss Unlimited LLC, Swedish Glace, and NadaMoo. Merger & acquisitions along with product innovations are among key strategies adopted by manufacturers. For instance, in April 2017, Danone completed acquisition of WhiteWave Foods, an American packaged food manufacturer to expand its industry share.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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