Ice Cream Market

The global ice cream market size was valued USD 62.20 million in 2020 and is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed the rising preference for ice cream and soft serve across global customers.

Ice cream is a dairy product that is flavored with organic or synthetic refined sugar. Companies in the market provide a variety of ice creams, such as soft ice cream, hard ice cream, light ice cream, limited edition ice cream, and others. The availability of numerous flavored ice creams drives the expansion of the ice cream industry. As a result, ice cream buyers pay a higher price for these goods, increasing the market share.

Manufacturers are expanding their product line by including useful additives, organic herbal fillings, and exotic tastes in product formulations to suit evolving customer requirements.  Firms are integrating exotic flavors such as tropical fruits, lemons, and coconuts to respond to evolving customer tastes. For instance, Skinny Cow, a low-calorie and low-fat ice cream, is preferred by health-conscious customers.

However, the ice cream business suffered during COVID-19 outbreak as a result of supply chain interruption, which reduced ice cream sales. Additionally, many individuals avoided ice cream as they believed it would make them more susceptible to COVID-19 virus.

Market Trends, Drivers, Restraints and Opportunities

• Developments in cold chain facilities, such as temperature-controlled storage spaces, the acquisition of skilled operating personnel, and the implementation of efficient management processes are driving the market expansion.
• Steady economic growth has encouraged customers to buy high-quality ice creams, prompting numerous multinational ice cream manufacturers to extend their operations globally.
• Growing health awareness and lactose sensitivity among the population has pushed producers to offer preservative-free, genetically modified organism, dairy-free, fat-free, and organic product variations, which is leading to the global market growth.
• Health concerns such as obesity and diabetes can create challenges for the market growth.
• Increasing development of lactose-free ice cream products is estimated to provide opportunities for the ice cream market.

Scope of Ice Cream Market Report

The report on the global ice cream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Ice Cream Market Segment Insights

Dairy segment is expected to grow at a rapid pace

Based on categories, the ice cream market is bifurcated into dairy and non-dairy. The dairy segment is expected to grow at a rapid pace during the forecast period due to significant development in the food & beverage sector, as well as the presence of a strong dairy industry.

However, the non-dairy segment is anticipated to hold a key share of the market in the coming years due to presence of premium items to people with both unique flavors and rich pleasure. Moreover, rising disposable income of consumers and increasing spending on non-dairy products are expected to boost the segment growth.

Take-home ice segment is projected to expand at a considerable CAGR

On the basis of types, the market is segregated into impulse ice cream, take-home ice cream, and artisanal ice cream. The take-home ice cream segment is projected to expand at a considerable CAGR during the forecast period. The ice cream industry is anticipated to increase significantly due to growing demand for frozen treats among the younger generation.

On the other hand, the impulse ice cream segment is anticipated to account for a major market share during the forecast period. Premium and creative ingredients are being used by ice cream manufacturers to provide high-quality products.

Off trade segment predicted to account for a significant market share.

On the basis of distribution channels, the market is segregated into on-trade and off-trade. The off-trade segment is categorized as convenience stores, supermarkets/hypermarkets, specialist stores, and others. The off-trade segment is projected to expand at a considerable CAGR during the forecast period. The expansion of these distribution stores is driving the growth of the ice cream market.

Moreover, distribution channels such as hypermarkets, supermarkets, convenience shops, discounters, forecourt merchants, and grocery stores work as a worldwide marketing tools, contributing to the development of an attractive premium image and increasing brand exposure for a wide range of ice cream goods.

Europe is anticipated to constitute a key market share

In terms of regions, the global ice cream market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period. A growing demand for natural, less processed, and convenient food, as well as a growing emphasis on low-calorie ice creams, are allowing firms to capitalize on the market's development potential.

However, the market of Asia Pacific is anticipated to expand at a robust rate owing to increasing demand from emerging nations such as India, China, and Indonesia. Furthermore, rising disposable income and living standards are driving market expansion in the region.

Segments

The global ice cream market has been segmented on the basis of

Categories

• Dairy
• Non-dairy

Types

• Impulse ice cream
• Take-home ice cream
• Artisanal ice cream

Distribution Channels

• On-trade
• Off-trade
  • Convenience Stores
  • Supermarkets/Hypermarkets
  • Specialist Stores

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Unilever
• Nestle SA
• Inspire Brands, Inc.
• General Mills Inc.
• Lotte Corporation

Competitive Landscape

The ice cream market is very competitive in nature owing to the presence of many major players. Some of the major players competing in the middle east and Africa proximity sensors market are Unilever; Nestle SA; Inspire Brands, Inc.; General Mills Inc.; and Lotte Corporation.