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The South Korea vegan ice cream market size reached a value of more than USD 31.3 million in 2022. The South Korea vegan ice cream industry is expected to grow at a CAGR of 4.9% between 2023 and 2028, reaching a value of USD 41.8 million by 2028.
Vegan ice creams are completely plant-based desserts. Just like other vegan food items they don’t contain any animal-derived ingredients in them. Ice creams created from milk derived from non-dairy plant materials are known as vegan ice creams. Any plant-based milk, including almond, soy, and coconut milk, may be used to prepare them.
The preference for low-sugar, low-processed-ingredient desserts among the growing population of health and fitness-conscious consumers is expected to favourably impact the growth of the worldwide plant-based ice cream market in the years to come. The expansion of the ice cream market will also be driven by manufacturers' emphasis on creating and promoting plant-based vegan ice cream products. Additionally, increasing sales of non-dairy ice creams, keto-friendly ice cream cakes, and fruit bars used for a variety of purposes such as getting high protein, energy, and snacking, among others, are boosting demand for and positively impacting the market for vegan ice cream in South Korea.
Furthermore, dairy consumption is significantly lower among Asians in general, and particularly among South Koreans, due to the lack of dairy products in the traditional Korean diet. Also, more than 75% of the South Korean population is lactose intolerant . Therefore, the growing improvement in product quality and the research and development of lactose-free dairy products have recently given customers with lactose intolerance a number of alternatives. By ingesting lactose-hydrolyzed milk and dairy products, lactose intolerance may be readily reduced. The dairy industry's fastest-growing segment at the moment is the production of lactose-free goods.
Moreover, the availability of diverse flavours aids in attracting people of all ages. Natuur , a subsidiary of Lotte Confectionary, launched South Korea’s first vegan plant-based ice cream in 2020. The brand also improvised the packaging material for its vegan ice cream range, the lid is of eco-friendly paper-based material and several brands are now coming up with vegan alternatives to meet the surging demand, which is bolstering the vegan ice cream market in South Korea.
Indulgence is the goal for today's ice cream customers. Consumers of ice cream are prepared to spend extra on rich flavours. A rapidly expanding premium trend is the use of food pieces like cake, chocolate, candy, and nut bits. Intricate patterns like swirls, several coating layers, and complex shapes are also being used. Manufacturers are premiumising their products in response to these market factors, making them richer, creamier, and more appealing. In order to create new exciting experiences and a luxurious eating experience, premiumization today entails the addition of exotic flavours and more sophisticated designs and shapes. The inclusion of these things makes premium ice cream popular among the younger generation and is propelling the growth of the South Korea vegan ice cream market.
Based on source, the South Korea vegan ice cream market is segmented into soy milk, almond milk, cashew milk, and coconut milk. Based on flavour, the ice cream market of South Korea can be segmented into caramel, chocolate, vanilla, coconut, fruit, and coffee. On the basis of sales type, the South Korea ice cream market is divided into artisanal, take home, and impulse. On the basis of distribution channels, the ice cream market is classified into supermarket/hypermarket, convenience stores, and online, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea vegan ice cream market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The vanilla ice cream is usually made from the plant-based milk such as soy milk, cashew milk, almond milk, and coconut milk. The research and development in the plant-based milk industry is majorly propelling the vegan ice cream market growth in South Korea. Several manufacturers are catering to the growing trend of veganism among population. Moreover, the COVID-19 pandemic also altered the preferences of consumers, shifting their focus to more healthier options available in the market which is boosting the vegan ice cream development in South Korea.
The ice cream brands are now adapting to the ‘New retro’ trend by launching flavours that evoke nostalgic feelings for millennials and older generations while also catering to the needs of the younger generation, which looks out for new and exciting experiences. Soymilk-based ice creams have high fibre content, which helps in body weight management, and isoflavones, which provide protection against several types of cancer. According to some experts, almond, coconut, and soy-based ice creams also provide anti-ageing properties. As a result, manufacturers have been coming up with numerous flavour options while also offering health benefits, which are aiding the growth of all the flavour segments in the South Korean vegan ice cream industry.
The growing prevalence of social media and an increased inclination toward high-quality food products are increasing the demand for premium vegan ice creams in the South Korean market. Impulse and take-home segments secure the major share in the market, but artisanal vegan ice cream has grown recently due to increased preference for premium ice cream, high disposable income, and improved living standards. Moreover, the increased importance of including dairy in the diet has increased sales of plant-based milk products, especially vegan ice creams, which are also being boosted by increased lactose intolerance among the South Korean population.
With the growing demand, the availability of vegan ice creams via online and offline channels is gradually expanding in South Korea. Furthermore, with the increased usage of e-commerce platforms, especially after the COVID-19 pandemic, sales via online channels have drastically increased. However, offline retail stores are the major distribution channels for vegan ice cream in South Korea. Supermarkets and hypermarkets, convenience stores, and cafes, among others, are the most preferred offline stores of vegan ice cream in the country.
Lotte Confectionery- Lotte Confectionery was founded in 1967 and is the third biggest chewing hum manufacturer worldwide. Apart from chewing gum the company also produces bakery and confectionary items, and ice creams, among others. The company has sales and production subsidiaries in Vietnam, China, Thailand, the United States of America, and the Philippines. Lotte, one of Asia's top manufacturers of confectionery and associated items, is based in both Korea and Japan and is registered as Lotte Co. in Japan and Lotte Confectionery Company Ltd. in Korea. The headquarters of Lotte Confectionery is situated in Seoul, South Korea.
Unilever Plc - Founded in 1929, Unilever Plc (Unilever) is a fast-moving consumer products producer and provider. The three primary divisions of Unilever are Foods and Refreshments, Home Care, and Beauty & Personal Care. The company's product line includes a variety of foods, drinks, home care items, cosmetics, personal care items, and vitamins, minerals, and dietary supplements. The firm has operations throughout the Middle East, Africa, the Americas, Europe, and Asia-Pacific. The UK city of London is home to Unilever's headquarters.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Source||
|Breakup by Flavour||
|Breakup by Sales Type||
|Breakup by Distribution Channels||
*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.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Vegan Ice Cream Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Vegan Ice Cream Historical Market (2018-2022)
8.3 South Korea Vegan Ice Cream Market Forecast (2023-2028)
8.4 South Korea Vegan Ice Cream Market by Source
8.4.1 Soy Milk
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.2 Almond Milk
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.4.3 Cashew Milk
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.4.4 Coconut Milk
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.5 South Korea Vegan Ice Cream Market by Flavour
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6 South Korea Vegan Ice Cream Market by Sales Type
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6.2 Take Home
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.7 South Korea Vegan Ice Cream Market by Distribution Channels
8.7.1 Supermarket/ Hypermarket
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.7.2 Convenience Stores
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Value Chain Analysis
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Lotte Confectionery Co.,Ltd
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
11.2.2 Unilever Plc
126.96.36.199 Company Overview
188.8.131.52 Product Portfolio
184.108.40.206 Demographic Reach and Achievements
11.2.3 Beyond Better Foods, LLC
220.127.116.11 Company Overview
18.104.22.168 Product Portfolio
22.214.171.124 Demographic Reach and Achievements
12 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Vegan Ice Cream Market: Key Industry Highlights, 2018 and 2028
2. South Korea Vegan Ice Cream Historical Market: Breakup by Source (USD Million), 2018-2022
3. South Korea Vegan Ice Cream Market Forecast: Breakup by Source (USD Million), 2023-2028
4. South Korea Vegan Ice Cream Historical Market: Breakup by Flavour (USD Million), 2018-2022
5. South Korea Vegan Ice Cream Market Forecast: Breakup by Flavour (USD Million), 2023-2028
6. South Korea Vegan Ice Cream Historical Market: Breakup by Sales Type (USD Million), 2018-2022
7. South Korea Vegan Ice Cream Market Forecast: Breakup by Sales Type (USD Million), 2023-2028
8. South Korea Vegan Ice Cream Historical Market: Breakup by Distribution Channels (USD Million), 2018-2022
9. South Korea Vegan Ice Cream Market Forecast: Breakup by Distribution Channels (USD Million), 2023-2028
10. South Korea Vegan Ice Cream Market Structure
In 2022, the South Korea vegan ice cream market attained a value of nearly USD 31.3 million.
The market is projected to grow at a CAGR of 4.9% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 41.8 million by 2028.
Premiumisation, health benefits, increased social media usage and awareness regarding veganism, growth of R&D work, increased disposable income and high living standards are the major trends of the vegan ice cream industry in South Korea.
The growing popularity of ‘New Retro’ trend and the growing preference for low-sugar and low-processed food products and growing lactose intolerance among the South Korean population are the key trends in the vegan ice cream market in South Korea.
The dominant type of vegan ice cream in the industry are artisanal, take home, and impulse.
The leading distribution channels in the market are supermarket/hypermarket, convenience stores, and online, among others.
The major players in the industry are Lotte Confectionery Co.,Ltd, Unilever Plc, and Beyond Better Foods, LLC, among others.
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