Ice Cream Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation

Ice Cream Market Definition:

 

Ice cream is a dairy product sweetened with either natural sugar or artificial sweeteners. A variety of ice creams are offered by companies in the market, including hard ice cream, soft ice cream, light ice cream, and low-fat ice cream. Summer is an indisputable season for consuming ice cream and related products. Further, the Ice Cream market is segmented by Type, Flavour, Distribution Channel, and geography. On the basis of type, the Ice Cream market is segmented under impulse ice cream, take-home ice cream, and artisanal ice cream. Based on the flavour, the Ice Cream market is segmented under vanilla, chocolate, fruit, and others. Based on the Distribution Channel, the Ice Cream market is segmented under the channels Online, supermarkets, convenience stores, and specialty stores. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

 

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Ice Cream Market Covid-19 Insight:

 

During COVID-19, the ice cream market suffered from supply chain disruptions that affected ice cream sales, primarily due to transportation and logistical restrictions on transportation. In addition, labor shortages in the manufacturing department and the turmoil in local sales of specialty stores, supermarkets, and convenience stores due to subsequent lockdowns and closures of retail stores further affected market sales. Despite the major pandemic slump, some companies have reported a significant increase in the market in the takeaway consumer segment by the end of 2021. Many manufacturers, especially small and medium-sized enterprises (SMEs), had to stop or stop production. Currently, the situation is improving and the number of newly confirmed cases is decreasing. Outbreaks are well controlled and shipping restrictions have been lifted in the last few months

 

Ice Cream Market Dynamics:

 

Increasing demand for healthy ice cream: With increasing consumer demand for healthier and more functional foods, ice cream containing certain ingredients with recognized nutritional properties such as probiotics, prebiotics, and natural antioxidants has been created. Premium products are usually made from luxurious, rare, and expensive raw materials with innovative manufacturing methods. Rapid urbanization, growing product popularity among millennials, and growing cafe culture are expected to support the steady growth of premium product options. In addition, an increase in the number of craft ice cream parlors and increased consumer spending on high-end products guaranteed to produce desserts using natural ingredients and traditional methods are expected to boost the future market growth.

 

Demand for innovative ice cream products: Traditional ice cream is nutritious but has no health benefits. Therefore, the growing interest of market participants in enhancing and adding functional ingredients may encourage consumers to choose their products as healthy. Snack options. Functional foods offer benefits that go beyond basic nutrition and may play a role in reducing or minimizing the risk of certain illnesses. Increased production of enhanced or functional products is expected to increase product consumption international. Healthy product options such as B. Concentrated low fat and many others are readily available on the market as the manufacturer implements the appropriate branding techniques. These companies reach consumers with regional distribution options such as hotels, restaurants, and shopping malls. The easy availability of products, coupled with increased spending on fast food, is expected to drive the international market.

 

Increase in R&D activities and digital marketing: Increased spending by prominent players on the research and development of innovative products is expected to have a positive impact on market growth. For example, in January 2022, the Unilever Group launched the Vegan Bar, Magnum Vegan Classic and Magnum Vegan Almonds in mini-multipacks. Companies are actively investing in digitalization to expand their customer base. Market participants rely on digital channels to attract the attention of brands and products. Large companies are planning to avoid traditional media spending and instead invest money in advertising on social media platforms such as Instagram and Facebook. Influencer marketing is also an important strategy for reaching your target audience. This mainly includes millennials and fitness and health-conscious consumers.

 

Low Shelf Life and Seasonal demand:Ice cream is a frozen dairy product that spoils in a limited amount of time (usually 2-3 months), but spoils within a few days if not stored properly. Products stored in an old storage atmosphere usually generate smell and microbes. It can also absorb volatile flavors absorbed from storage environments such as paints and ammonia. Therefore, the high cost of storing products is expected to hinder market growth.

 

 In addition, product demand is usually highest in summer, but during winter and monsoon market players can experience a sharp decline in product demand, which can further impede the market growth.

 

Ice Cream Market Segment Analysis:

 

By Type, based on the type the market is segmented to impulse ice cream, take-home ice cream, and artisanal ice cream.   The Impulse segment has a dominant ice cream market share in 2023. The growing popularity of convenient product packages among customers is expected to support the steady growth of the segment. Customers are always on the go and want products that can be used on the go. With the advent of takeaways and small meals, brands have become able to easily create a variety of products targeted to specific audiences and age groups, from adults to teens to children. In addition, the innovation of impulse packages has also contributed to the increased demand in this segment, as new packages are more convenient to carry and store than older packages.

 

By Flavours:  based on the flavour the market is segmented into vanilla, chocolate, fruit, and others. Vanilla is the most popular flavor among customers around the world, followed by chocolate. It is a natural and expensive flavor that often replaces artificial vanillin in the production of ice cream, with different prices for products of the same taste. High-quality vanilla-flavored products are expected to support the steady growth of this segment by increasing spending due to their good taste. In addition, consumers are very attached to traditional flavors and are not ready to choose new, unprecedented, often unfamiliar, and innovative flavors of their products. Therefore, prominent key players launch marketing activities that encourage consumers to buy new types and flavors of their products.

 

 

Ice Cream Market Regional Insights:

The Asia Pacific region has the highest growth rates due to increased demand from emerging markets such as India, China, and Indonesia. In addition, higher disposable income and higher living standards are driving the market growth. Significant growth is expected in India and China during the forecast period for the ice cream market.

 

 Australia is the most attractive market for ice cream makers. The Australian ice cream market accounts for about 10% of the country's total food market. Sweden and the United Kingdom are attractive markets for ice cream in Europe due to growing regional demand.

 

A 3.5% CAGR is expected in North America from 2024 to 2030. People in North America have become more health-conscious and as a result, their preference for healthier alternatives than the traditional products has changed.

 

Ice Cream Market Key Players Insights:

 

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Ice Cream market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Ice Cream market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Ice Cream Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Ice Cream market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Ice Cream market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Global Ice Cream market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Ice Cream market. The report also analyses if the Global Ice Cream market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Ice Cream market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Ice Cream market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Ice Cream market is aided by legal factors.

 

Ice Cream Market Scope:

Ice Cream Market
Market Size in 2023	USD 87.13 Bn.
Market Size in 2030	USD 131.01 Bn.
CAGR (2024-2030)	6%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Type Impulse Ice cream Take-home Ice cream
	By Flavour Vanilla Chocolate Fruit
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ice Cream Market Key Players: 

• Unilever Group (UK)
• Nestle SA (Switzerland)
• General Mills Inc (US)
• Mars (US)
• Blue Bell Creameries (US)
• Lotte Confectionery (South Korea)
• Wells Dairy Inc (US)
• Turkey Hill (US)
• Mihan Dairy (Iran)
• Meiji Holdings Co. Ltd (Japan)
• Amul (India)
• Vadilal (India)