Market Overview
At what CAGR is the ice cream market projected to grow in the forecast period?
Ice Cream Market is projected to register a CAGR of 5.51% and reach USD 99,133.4 Million during forecast period 2021-2028
The global ice-cream market is ever increasing owing to the popularity this frozen dessert enjoys across the globe. This high-calorie diet is enriched with the fruits, nuts and other health benefitting ingredients which increases its nutritional value. Moreover, the availability of various flavors makes it popular among consumers, suiting their palates. As a result, ice-cream is consumed extensively by the young and adults equally. The high consumption leading to high demand and production, in turn, drives the ice-creams market, globally.
Acknowledging the phenomenal upsurges, the market is witnessing and gauging the potential of the market to go further in the years to come, Market Research Future (MRFR) in its recently published study report asserts that the global ice-cream market will grow exponentially, registering a staggering CAGR during the period.
The burgeoning food industry including, chocolate, bakery & confectionaries is providing impetus to the market growth. The emergence of specialty diet ice-cream has provided huge traction to the market increasing its popularity extensively. Undoubtedly, popularity & consumption are two of the key driving forces pushing up the market growth. Moreover, the expansion of distribution channels is fostering the market growth excellently.
In addition to driving the market growth, increasing consumption and popularity also encourage ice-cream makers to bring novelty to the product in terms of flavors, and exoticness. To do so, these ice-cream formers make substantial investments in R&D activities which, in turn, propels the market growth largely.
On the flip side, factors such as the availability of various low-cost counterfeited products hamper not only the popularity of ice-creams but also its market growth. Simultaneously, high calorie and fat content in ice-cream restrict its uptake especially in the health-conscious populace, further limiting its market growth.
Nevertheless, the increased shelf life of ice-creams and the growing urbanization, industrialization along with the improving economic conditions worldwide are expected to support the market growth over the forecast period.
Global Ice-Cream Global Market - Competitive Analysis
The several large and small players adorn the well-established ice-cream market size; some of them even have a good international presence. Ice-cream producers are striving to create ice-creams with coloration that can approximate natural ingredients.
Key trends of the market players observed during the analysis include acquisition, collaboration, expansion, product launch, and partnership are some of the trends observed among the market players.
Key Players:
Leaders in the global ice-cream market include Unilever (UK), General Mills, Inc. (US), Blue Bell Creameries (US), Nestlé (Switzerland), Lotte Confectionery Co., Ltd (South Korea), Mars, Inc. (US), Amul (India), Amy’s Ice Cream (US).
Global Ice-Cream Market Analysis by Segments
MRFR has segmented its analysis into five key dynamics for the convenience of understanding;
By Product-Forms : Buckets, Sticks, Cones, Sundae, Floats, and others.
By Flavors : Chocolate, Vanilla, Strawberry, Butter Pecan, Cookies, Cream, and others.
By Specialty-Diet : Reduced-Fat, No-Added Sugar, Gluten-Free, Lactose-Free, and others.
By Distribution Channels : Convenience Stores, Retailers, Specialty Stores, and Supermarket & Hypermarket, among others.
By Regions : North America, APAC, Europe, and Rest-of-the-World.
Subsegments - Sundae, Buckets, and Floats are expected to witness higher growth rate by Product-Forms due to their verities & novelties.
The subsegment – Chocolates accounts for the dominating segment by Flavors.
The subsegment – No-Added Sugar/ Sugar-free will register a high growth rate, growing rapidly.
The subsegment – Supermarket & Hypermarket leads the segment - Distribution Channels due to the availability of a range of products & convenience of buying.
Global Geographical Ice-Cream Market Analysis
The European region, heading with the high consumption of desserts, is expected to remain the largest market for ice-cream trends. Besides, the significant ice-cream importing countries such as the UK, France, Germany, Netherlands, Spain, and Belgium foster the growth of the regional market.
The ice-cream market share in the North American region holds the second position due to the enormous contributions from the countries like Canada and the US.
The Asia Pacific region is rapidly emerging as a promising market for ice-creams. Factors such as increasing urbanization and improving economic conditions in the region propel the market growth of ice-creams. Growing market in some of the emerging economies such as India and China are allowing the ice-cream market revenue in the region to witness exponential growth. Increasing consumption of ice-cream is a key driving force behind the growth of the APAC market.
Industry/ Innovation/ Related News:
November 11, 2018– Luigi’s Ice Cream (US), an eminent ice-cream maker and Ani Ramen (US), a leading restaurant chain announced their partnership to bring their customers rich frozen treats AND alcohol in one delicious cup for those who like their vices in pairs. Luigi’s all ice creams are made in small batches at its Red Bank, NJ facility and presented their hand-rolled ice cream, boozy and non-boozy at Ani Ramen.
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