Ice Cream Market Outlook
According to the report by Expert Market Research (EMR), the global ice cream market size attained a value of USD 83.24 billion in 2023. Aided by the increasing consumer demand for indulgent dessert options and the growing trend of premium and artisanal ice cream, the market is projected to further grow at a CAGR of 4.3% between 2024 and 2032 to reach a value of USD 121.94 billion by 2032.
Ice cream, a frozen dairy dessert made primarily from milk, cream, and sugar, remains a beloved treat across various demographics. The product is available in numerous flavors, forms, and textures, ranging from traditional variants like vanilla and chocolate to innovative combinations that include fruits, nuts, and even alcohol. The market’s versatility is driven by constant product development, expanding consumer choices, and the rising global demand for indulgence and comfort food.
The increasing consumption of premium, innovative, and healthier ice cream options is a key driver propelling the global ice cream market. With a shift toward artisanal and handcrafted ice cream, consumers seek unique flavors and high-quality ingredients. This trend is especially prominent among health-conscious consumers who are driving demand for organic, low-calorie, and dairy-free alternatives. In response, manufacturers are innovating with natural and functional ingredients to cater to the diverse needs of the global market.
Market Drivers Of Growth
The rise in disposable incomes, coupled with rapid urbanization, has significantly influenced ice cream consumption patterns globally. In emerging economies, the growing middle class with increasing purchasing power is gravitating towards premium and imported ice cream brands. Moreover, the growth of organized retail and e-commerce platforms has made ice cream more accessible to a wider audience, which in turn fuels market expansion.
A major factor contributing to the growth of the ice cream market is the increasing demand for premium products. Premium ice cream is distinguished by its higher quality ingredients, richer textures, and more intricate flavor profiles. Consumers are increasingly willing to pay a premium for high-end, artisanal ice cream products made from organic or natural ingredients, contributing to an upscale trend in the industry. Brands such as Häagen-Dazs and Ben & Jerry’s have capitalized on this trend by offering luxurious and novel ice cream experiences.
The market is also driven by the rising health consciousness among consumers, leading to the growth of the dairy-free, vegan, and low-sugar ice cream segments. As the popularity of plant-based diets grows, consumers are opting for non-dairy alternatives that mimic the creamy texture and taste of traditional ice cream. Brands are investing in research and development to produce ice creams using ingredients like almond milk, coconut milk, and oat milk, providing health-conscious and lactose-intolerant consumers with a variety of choices.
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Technological Advancements and Innovation
Technological advancements in production processes and freezing techniques have played a crucial role in enhancing the quality, flavor, and texture of ice cream products. These innovations have allowed manufacturers to expand their product portfolios, cater to niche markets, and improve shelf stability without compromising taste.
One such innovation is the development of air infusion technology, which creates light and airy ice cream with a creamy mouthfeel, even in reduced-fat products. This has helped producers cater to consumers who are looking for indulgence but are also mindful of their caloric intake. Additionally, freezing technologies have improved to enhance the freshness and creaminess of ice cream, even in frozen storage over extended periods.
Seasonal Influence and Impact of Climate
While ice cream consumption remains high globally, it is often influenced by seasonal factors, with demand peaking during the summer months. Warmer climates and seasonal trends play a significant role in shaping consumer behavior and sales. Countries with hot and humid climates, such as India and Brazil, represent key growth markets where the demand for cold, refreshing desserts like ice cream continues to rise steadily.
Moreover, climate change has impacted the ice cream market in both positive and negative ways. On one hand, rising global temperatures have increased the demand for cold desserts. On the other hand, fluctuations in agricultural output due to extreme weather conditions have led to price volatility for key ingredients like milk and sugar, which poses challenges to manufacturers in terms of pricing strategies and supply chain management.
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Ice Cream Market Segmentation
The global ice cream market can be divided based on flavour, category, product type, end-use, sales channel, and region.
Market Breakup by Flavour
- Chocolate
- Fruit
- Vanilla
- Others
Market Breakup by Category
- Impulse Ice Cream
- Take-Home Ice Cream
- Artisanal Ice Cream
Market Breakup by Product Type
- Cup
- Stick
- Cone
- Brick
- Tub
- Others
Market Breakup by End-Use
- Food Service
- Retailers
Market Breakup by Sales Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Ice Cream Parlours
- Hotels and Restaurants
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ice cream market. Some of the major players explored in the report by Expert Market Research are as follows:
- Unilever plc
- General Mills, Inc.
- Ashby’s Ice Cream
- Tillamook County Creamery Association
- Gujarat Cooperative Milk Marketing Federation Limited (Amul)
- Turkey Hill Dairy
- HP Hood, LLC
- Wells Enterprises, Inc
- Dairy Farmers of America, Inc.
- Nestlé S.A.
- Lotte Confectionary Co, Ltd
- The Kroger Company
- Meiji Holdings Co, Ltd
- Danone S.A.
- Others
Market Challenges
Despite the promising growth trajectory, the global ice cream market faces several challenges. One of the key challenges is the volatility in raw material prices, particularly dairy and sugar, which can significantly impact production costs. Fluctuations in commodity prices, driven by environmental factors, economic instability, and supply chain disruptions, create pricing pressures for ice cream manufacturers.
In addition, the rising concerns over health and wellness pose a challenge for traditional ice cream producers. With growing awareness of the negative health effects of high sugar and fat consumption, many consumers are shifting towards healthier alternatives. As a result, traditional ice cream brands must innovate and offer healthier, low-fat, and low-sugar options to stay competitive in the market. Additionally, the rise in veganism and lactose intolerance cases globally has led to increased demand for plant-based and dairy-free alternatives, further intensifying competition in the industry.
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