LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global vegan ice cream market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global vegan ice cream market will grow at a CAGR of close to 9% during the forecast period. The expanding global vegan population base is a major factor driving the market’s growth.
Veganism is a lifestyle choice that pertains to the practice of abstaining from the use of any products sourced from animals, especially food products. The growing global vegan population is positively influencing the growth of the global vegan ice cream market during the forecast period. Health benefits gained from vegan lifestyle is a reason for its high adoption. Over the last decade, the number of people adopting veganism and opting for vegan diets has increased by about 300%. To attract vegan consumers, food service outlets are also adding vegan recipes to their menus.
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In this report, Technavio highlights the rising popularity of vegan ice cream among millennials as one of the key emerging trends driving the global market:
Rising popularity of vegan ice cream among millennials
Countries such as Australia, Germany, the US, and China are influencing the growth of the global vegan ice cream market among millennials. In countries such as China, the purchasing power of the millennial population is increasing, and they are expected to form a large consumer segment during the forecast period. Millennials account for more than 30% of the total Chinese population, which is expected to influence the growth of the market during the forecast period.
“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 USD 200 billion. 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,” says a senior analyst at Technavio for research on food.
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Global vegan ice cream market segmentation
This market research report segments the global vegan ice cream market into the following products (take-home, impulse, and artisanal) and key regions (the Americas, APAC, and EMEA).
The take-home segment held the largest market share in 2017, accounting for nearly 52% of the market. The market share for this product is expected to decrease by 2022. The fastest growing product is artisanal, which will account for nearly 8% of the total market share by 2022.
The Americas was the leading region for the global vegan ice cream market in 2017, accounting for a market share of nearly 45%. By 2022, APAC is expected to witness the highest growth in terms of market share.
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