The report also claims this value will climb to $2.45 billion by 2027.
The study says: "The global plant based ice creams market is likely to experience rising growth opportunities due to an increasing lactose intolerant population and rising adoption of veganism.
"These two factors are leading to a dynamic progress of the plant based ice creams market in developed nations."
According to the report's authors, producers are going the 'extra mile' in order to create new dairy-free ice cream bases.
The report says: "Besides, new product variants with different flavours of plant-based ice creams are expected to hit the global market in the years to come.
"Prominent players in the market are also going the extra mile to introduce new dairy-free ice cream bases such as hemp milk, rice milk, avocado puree and other plant-based protein extracts as bases for healthy alternatives in ice creams."
The research highlights which countries are leading the change when it comes to vegan ice cream.
It says: "According to our research, U.S is the leading producer of plant based ice creams followed by Western Europe, APEJ, Japan, MEA and Latin America.
"The U.S and U.K have emerged as major producers of plant based ice creams in the past three years.
"The U.S is a leading producer of plant based ice creams in the world. The U.S. leads in global ice cream consumption with an average per capita consumption of nearly 27 litres per year followed by New Zealand in APEJ at 24 litres per person per year."
The report follows recent news that Haagan-Dazs will be releasing a dairy-free line of flavors.
Ben & Jerry's, which has offered vegan options the US, has announced it will soon be making these available to UK consumers too.