South Korea Vegan Ice Cream Market Report and Forecast 2024-2032

South Korea Vegan Ice Cream Market Outlook

The South Korea vegan ice cream market size reached a value of more than USD 32.83 million in 2023. The South Korea vegan ice cream industry is expected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of USD 50.61 million by 2032.

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Key Trends in the South Korea Vegan Ice Cream Market

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 Emergence of Low-Sugar Healthy Ice cream to Boost the South Korea Vegan Ice Cream Market

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.

Lactose Intolerance and Continuous R&D in the Vegan Ice Cream Industry are Driving the Market Growth

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.

Premiumisation of Ice cream to Augment the Vegan Ice Cream Industry 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.

Market Analysis

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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. 

• Lotte Confectionery Co.,Ltd

• Unilever Plc

• Beyond Better Foods, LLC

• Others

Market Share by Source

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. 

Market Share by Flavour

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.

Market Share by Type

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.

Market Share by Distribution Channel

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. 

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Competitive Landscape

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.

Key Highlights of the Report