The Asia-Pacific vegan ice cream market is anticipated to grow at a CAGR of 9.8% during the forecast period. The increasing vegetarian and vegan population, disposable income, growing economy, among others are some of the key factors that have contributed to remarkable growth in the Asia-Pacific vegan ice cream market in the last few years. A widespread move away from meat is witnessed not only in the US and the UK but in Asia-Pacific countries as well. While still in the early stages, the trend is infiltrating almost every country in the region, including meat-loving China. The outburst of the vegan population in developing economies has been a major factor in upsurging the vegan ice cream market in the region.
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The effects of the COVID-19 pandemic on the vegan ice cream sector in the Asia-Pacific have been mixed. Due to the pandemic, a large portion of the population has moved away from meat, however, the lockdown norms and regulations have caused a severe decline in the sales of vegan ice cream. Although, it can be estimated that the long-term effects of the pandemic will be positive for the Asia-Pacific vegan ice cream market.
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The Asia-Pacific vegan ice cream market is segmented based on source, flavor, and distribution channel. Based on the source, the vegan ice cream market is segmented into almond milk, cashew milk, coconut milk, soy milk, and others (oat milk, rice milk). Based on flavor, the market is classified into caramel, chocolate, coconut, coffee, fruit, vanilla, and others. Based on the distribution channel, the market is segmented into convenience stores, supermarkets/hypermarkets, and online stores. Due to the increasing internet penetration, the exposure of relevant data, promoting veganism and vegetarianism have been vital for the growth of all the distribution channels. The online stores category is significantly trivial at present and is not expected to witness much change during the forecast period.
Country-wise, the market is segmented into China, Japan, India, ASEAN, South Korea, and the Rest of Asia-Pacific. China is anticipated to lead the way with increasing veganism and vegetarianism. The consumption of meat in China is abundant due to agricultural inadequacy, which creates a headwind for the market. India is expected to record quite a fast CAGR during the forecast period as an increasing number of individuals are turning vegan. However, the nation is predominantly a dairy consuming nation, which could see fewer individuals going for vegan ice cream in the country.
Ben & Jerry's Homemade Holdings Inc (Unilever), DREAM, Hangyo Ice Creams Pvt. Ltd.; Papacream, Sugalight, Urban Platter, and WaHiki Limited are some of the major vendors running the Asia-Pacific vegan ice cream market. Ice cream giants such as Magnum, Breyers, and more are expected to make moves in this tremendously growing segment during the forecast period.
Market Segmentation
Asia-Pacific Vegan Ice Cream Industry Market by Source
• Almond Milk
• Cashew Milk
• Coconut Milk
• Soy Milk
• Others (Oat Milk, Rice Milk)
Asia-Pacific Vegan Ice Cream Market by Flavor
• Caramel
• Chocolate
• Coconut
• Coffee
• Fruit
• Vanilla
• Others
Asia-Pacific Vegan Ice Cream Market by Distribution Channel
• Convenience Stores
• Supermarkets/Hypermarkets
• Online Stores
Regional Analysis
• China
• India
• Japan
• Rest of Asia-Pacific
Company Profiles
• Hangyo Ice Creams Pvt. Ltd.
• Happy Cow, Ltd.
• NADAMOO! (Little Red Rooster Ice Cream Company)
• NOMOU
• Oatly AB
• Over The Moo Pty, Ltd.
• Papacream
• The Hain Celestial Group
• Urban Platter
• WaHiki Limited
• WhiteCub
• Unilever Group
• Veganarke Enterprises Pvt. Ltd.
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