South Korea Vegan Ice Cream Market to Reach Around USD 50.61 Million by 2032, Driven by the Growing Consumer Preference for Dairy Free Desserts

The demand for vegan ice cream in South Korea is rising due to factors such as the rising adoption of healthy lifestyles and the growing trend of veganism. One of the key factors aiding the South Korea vegan ice cream market growth is the growing focus on sustainability. As plant-based diets are considered better for animal welfare and the environment, the demand for vegan frozen desserts, including ice cream, is growing.

The high rate of lactose intolerance in the country, coupled with the rising health consciousness, is driving the shift towards vegan ice cream fortified with minerals and vitamins. In the market, eco-friendly packaging is becoming significantly important as environmental concerns develop. Manufacturers are incorporating eco-friendly packaging to attract customers. They are also investing in research and development to create innovative and unique vegan ice cream flavours in an effort to draw in customers.

In May 2020, Lotte Confectionery (KRX: 004990) launched the country's first vegan-certified premium ice cream brand, Natuur, which is made with vegetables or fruit and completely excludes derivatives from animals such as milk and eggs. After more than a year of research, Natuur vegan ice cream was created with the tagline "Delicious vegan ice cream." By employing only pure vegetable ingredients, Natuur vegan ice cream passed the strict animal DNA test required by the Korea vegan certification board to earn the vegan certification. To achieve the same texture and flavour as conventional ice cream, the product employs coconut milk, a vegetable component, cashew nut paste, and natural guar gum in place of milk or eggs. The vegan ice cream comes in two flavours, including savoury "cash vanilla" and fresh "coconut pineapple." Hence, increasing product launches are anticipated to fuel the market in the coming years.

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Market Analysis by Source, Flavour, Sales Type, and Distribution Channels:

• The market, on the basis of source, can be divided into soy milk, almond milk, cashew milk, and coconut milk.

• Based on flavour, the market can be divided into caramel, chocolate, vanilla, coconut, fruit, and coffee.

• The market, on the basis of sales type, can be divided into artisanal, take home, and impulse.

• The various distribution channels for vegan cream include supermarket/ hypermarket, convenience stores, and online, among others.

Key Findings of the Report:

• In South Korea, in 2022, around 2 million Koreans followed vegan or plant-based diets, and the number is rising. As a result, a significant number of consumers are interested in vegan ice cream.

• South Korea has a lactose intolerance rate of 100%, which makes it crucial to replace traditional animal milk with plant-based milk such as coconut milk and almond milk. As a result, the demand for vegan ice cream is growing.

• Manufacturers are capitalising on the trend of vegan ice creams by incorporating unique and exotic flavours. Such flavours include matcha green tea, lavender honey, and black sesame.

• A surge in demand for ice creams with clean label packaging and organic and natural ingredients expands the South Korea vegan ice cream market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea vegan ice cream market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the sources, flavours, sales type, and distribution channels of vegan ice cream in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea vegan ice cream market are Lotte Confectionery Co., Ltd, Unilever Plc, and Beyond Better Foods, LLC, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.