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Vegan Dessert Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global vegan dessert products market was valued at USD 116.2 billion in 2022 and is estimated to grow at a CAGR of 7.2% from 2023 to 2030. The increasing awareness about veganism is driving the demand for vegan desserts. Veganism is a lifestyle which involves avoiding all forms of animal exploitation, including consumption of animal-based products. Consumers are increasingly opting for vegan desserts due to the health benefits associated with it. They are free of cholesterol and transfats, making them a healthier option than regular desserts.
In addition, the growing popularity of plant-based dairy alternatives such as almond milk, soy milk, cashew milk, and oat milk is further propelling the growth of the vegan dessert market. The easy availability of these products in supermarkets, retail stores, and online stores is further driving the market. For instance, in November 2021, Oatly launched a range of vegan desserts in the U.S. including ice cream, pints, and bars.
Furthermore, the rising awareness about the health benefits of vegan desserts is driving the demand for these products. The presence of various health benefits such as improved heart health, weight loss, and diabetes management is pushing consumers towards vegan desserts. For instance, in January 2022, PlantFusion launched a new line of vegan desserts, which are gluten-free, dairy-free, and soy-free. The company claims that these desserts are designed to provide a balanced nutrition profile with added fiber, vitamins, and minerals.
The increasing focus on product innovation by key players is also driving the demand for vegan desserts. Companies are launching innovative products to meet the changing preferences of consumers. For instance, in December 2021, The Coconut Collaborative launched a range of vegan desserts made with a blend of coconut cream and coconut milk. The company claims that the new range of desserts offer a creamy texture, making them a healthier alternative to dairy ice creams.
The growing popularity of plant-based desserts due to the rising number of health-conscious consumers is propelling the market growth. Furthermore, the growing trend of veganism is boosting the demand for vegan desserts. The increasing penetration of vegan desserts in the market and the availability of a wide range of flavors is further driving the market. Additionally, the increasing awareness about the benefits of vegan desserts is also driving the demand for these products.
Product Insights
The vegan cakes segment is expected to register the fastest growth in the vegan desserts market during the forecast period. This can be attributed to the increasing demand for vegan cakes from consumers due to their health benefits. According to an article published by Plant Based News, in January 2020, vegan cakes are becoming increasingly popular as more people are looking for vegan-friendly food options. Furthermore, the rise in number of bakeries offering vegan cakes is also contributing to the growth of the market.
The vegan ice cream segment is anticipated to hold the largest market share in terms of revenue by 2022. Growing demand for vegan ice cream from health-conscious consumers is driving the market growth. According to an article published by Forbes, in February 2020, the vegan ice cream industry is on the rise as more manufacturers are offering vegan options of traditional ice cream flavors. Moreover, vegan ice cream is becoming increasingly popular due to its health benefits and animal-friendly nature.
Distribution Channel Insights
The supermarkets and hypermarkets segment dominated the global vegan dessert products market in 2022. Supermarkets and hypermarkets offer a wide variety of vegan desserts that are available in different forms such as cakes, cupcakes, cookies, pastries, etc. Moreover, due to the increasing demand for vegan desserts, supermarkets and hypermarkets are marketing and promoting these products through attractive offers and discounts. This is expected to drive the growth of the segment in the coming years.
The online segment is expected to exhibit the highest CAGR over the forecast period. The convenience of online shopping has been a key factor driving the growth of the segment. In addition, the availability of various vegan dessert products on online platforms has been increasing due to the rising demand from vegan consumers. Furthermore, the increasing number of online retailers offering vegan desserts is likely to boost the segment’s growth in the coming years.
Type Insights
The packaged segment accounted for the largest market share of 54.8% in the year 2022. The increasing demand for vegan desserts in retail stores is driving the growth of the packaged segment. The availability of vegan desserts with improved packaging and labelling is encouraging consumers to purchase vegan desserts from retail stores. For instance, in February 2021, Ben & Jerry’s, a food processing company, launched a vegan dessert range, which includes cookie dough and chocolate fudge brownie flavors. Such activities are expected to boost the demand for vegan desserts from retail stores.
The unpackaged segment is anticipated to expand at the highest CAGR of 9.4% during the forecast period. The increasing demand for vegan desserts from bakery shops and vegan cafes is driving the growth of the unpackaged segment. Furthermore, the increasing number of vegan cafes and bakeries is also driving the growth of the segment. For instance, in March 2021, Sugarsin, a vegan bakery based in London, U.K., opened its first store with a wide range of vegan desserts. Thus, such activities are likely to drive the growth of the unpackaged segment.
Regional Insights
Europe dominated the market in terms of revenue and accounted for the largest market share of over 33.2% in 2022. Increasing awareness regarding veganism and environmental concerns are the primary factors driving the regional market. Moreover, rising health consciousness among consumers and growing focus on reducing animal exploitation are also expected to fuel the growth of the market. Furthermore, the presence of several prominent vegan dessert companies, such as The Vegan Society in the UK, Livia’s Kitchen in France and Vego in Germany, are further propelling the growth of the vegan dessert market in the region.
North America is expected to witness the second-fastest growth in the coming years. Increasing demand for vegan products among health-conscious consumers and rising adoption of plant-based diets are the primary factors driving the regional market. Moreover, the presence of prominent players, such as Enjoy Life Foods, Better Bites Bakery, and Sweet Loren’s, is another major factor driving the growth of the market in this region. For instance, in June 2021, Sweet Loren’s launched a new line of vegan cake mixes in the U.S.
Financial Projections
In this part of the vegan dessert products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your vegan dessert products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a vegan dessert products business come from direct sales, wholesale orders, subscription-based services, and catering services. Here you will find a list with a description of each of them and other possible sources of profit such as fundraisers, social media campaigns, and collaborations with other vegan businesses.
Projecting Expenses
In this section, all the regular expenses related to keeping the vegan dessert products business running will be described. The list of operating expenses includes ingredients, packaging materials, marketing and advertising, staff wages, utilities, insurance policies, taxes, and others.
Key companies & market share insights
Some of the major companies operating in the vegan dessert market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Ben & Jerry’s launched its first vegan ice cream line, featuring six vegan flavors.
– In August 2022, Unilever launched its vegan ice cream range, which includes four vegan flavors.
– In October 2022, Nestle launched its vegan dessert range, which includes five vegan flavors.
Some of the prominent players in the vegan dessert market include:
– Unilever
– Ben & Jerry’s
– Nestle
– Mars Incorporated
– General Mills, Inc.
– Hain Celestial Group
– Mondelez International
– The Hershey Company
– Kellogg Company
– Tofutti Brands Inc.
Global Vegan Dessert Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vegan dessert products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Cakes
– Cookies
– Pies & Tarts
– Pastries
– Ice Creams & Sorbets
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Vegan Dessert Products Market?
[A]: The increasing demand for plant-based and healthy food options, growing awareness among consumers regarding the health benefits of vegan diets, and increasing product availability are some of the key drivers of the vegan dessert products market. Additionally, the rise in the trend of veganism, particularly among millennials, is driving the demand for vegan desserts.
[Q]: What are the Most Popular Vegan Dessert Products?
[A]: The most popular vegan dessert products include cakes, cookies, cupcakes, doughnuts, ice cream, pies, and brownies.
[Q]: What is the Potential of Product Innovation?
[A]: Manufacturers are introducing innovative products to meet the changing needs of consumers. Plant-based ingredients, such as coconut milk, almond milk, and oat milk, are being used in vegan desserts to add flavor and texture. There is an increased focus on developing nutritionally-dense vegan desserts with lower sugar content.
[Q]: Who are the Key Players in the Vegan Dessert Products Market?
[A]: Major players in the vegan dessert products market include Ben & Jerry’s, Häagen-Dazs, Mars Inc., Unilever Group, Nestlé SA, Pinnacle Foods Group LLC, and General Mills Inc.
[Q]: What are the Factors Restraining the Vegan Dessert Products Market?
[A]: The higher cost of vegan dessert products, limited availability of vegan desserts, and the lack of awareness among consumers about vegan desserts are some of the factors restraining the vegan dessert products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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