Cones is the most prominent segment of growth and largely consumed product type in the plant based ice creams market
In 2017, the bars product type segment is estimated to be valued at more than US$ 260 Mn. This is estimated to increase at a CAGR of 8.9% over the forecast period to reach more than US$ 620 Mn by the end of 2027. The cone segment is projected to represent an absolute $ opportunity of close to US$ 450 Mn between 2017 and 2027. Cups/tubs are fast gaining momentum, thereby supporting the market growth for plant based ice creams. The cups/tubs segment in the global plant based ice creams market is estimated to be valued at about US$ 292 Mn in 2017 and is likely to grow at a CAGR of 9.6% over the forecast period to reach a market valuation of more than US$ 700 Mn by the end of 2027.
High processing charges and adverse effects of soy milk may hamper revenue growth of the global plant based ice creams market
High processing charges are associated with the preparation of plant based ice creams, as most of the raw materials are processed and formulated through different high energy consuming machinery. Besides, the most commonly used milk in plant based ice creams is soya milk, which has some adverse effects. For instance, soy milk can cause allergies in some people. Its taste is also not preferred among consumers. According to Cornell University, there is an increased risk of breast cancer in some women who consume soy food and most of the plant based ice creams manufacturers use soy milk as their major creaming ingredient. This particular factor may act against market growth.
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In European countries like France, U.K and Germany, small local plant based ice creams manufacturers are not able to follow the quality and safety guidelines to get their plants organic certified. They are also not able to market their products efficiently across the globe in keeping with the norms prescribed by food regulatory agencies such as European Food Safety Authority (EFSA). There is also a high trade barrier in the import and export of ice creams. High import charges are recorded by European Union food regulatory agencies for the shipment of ice cream products and to maintain their cold storage during the transportation of frozen desserts from one port to another in different countries, which makes it all the more difficult to market their ice creams in other countries.
According to a survey conducted in Russia, a large part of the population is non-vegetarian and still prefer cow milk derived dairy based ice creams over plant based ice creams. The reason behind this is the processing of plant based ice creams is very time-consuming. Moreover, expensive formulation machinery is required for this so not many manufacturers are inclined towards vegan ice cream products in Russia. This factor is acting as a restraint in the global plant based ice creams market.
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Cups/Tubs segment is expected to gain significant market share in North America during the forecast period
With increasing inclination towards dairy free products, consumers are now more inclined towards plant based ice creams. Cups/tubs is a fast growing segment by product type as cups/tubs are easy to handle and are available in different sizes. Cups/tubs also help increase the shelf life of ice creams. North America has witnessed a significant growth in the plant based ice creams market, as manufacturing companies are marketing their products in different types such as ice cream bars, ice cream cones and cups/tubs in the form of quarts (946 gm) and pints (473 gm) that are gaining adoption among consumers.