Ice Cream Market

Ice Cream Market Size, Share, Trends and Industry Analysis | 2032

May 14, 2024 georgebuttler (0) Comments

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 demand for premium and artisanal ice creams and the growing trend of innovative flavors, 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 beloved frozen dessert made primarily from dairy products, sweeteners, and flavorings, has become a staple indulgence across the globe. It is available in a variety of forms, including traditional hard ice cream, soft serve, gelato, and frozen yogurt. Ice cream’s appeal lies not only in its creamy texture and sweet taste but also in its versatility to incorporate a wide range of flavors and inclusions, from fruits and nuts to chocolates and candies.

Key Market Drivers of Growth

The rising consumer preference for premium and artisanal ice creams is a significant driver of the global ice cream market growth. Consumers are increasingly willing to pay a premium for high-quality products that offer unique and indulgent experiences. This trend is reflected in the growing popularity of ice creams that are handcrafted, use organic and natural ingredients, and feature exotic and innovative flavors. Additionally, the emphasis on clean label products, which are free from artificial additives and preservatives, is further propelling the demand for premium ice creams.

The trend of health and wellness is also influencing the ice cream market, leading to a surge in demand for low-calorie, low-sugar, and dairy-free alternatives. With increasing health consciousness, consumers are seeking ice cream options that align with their dietary preferences, such as keto-friendly, plant-based, and protein-enriched variants. This shift has prompted manufacturers to innovate and expand their product portfolios to cater to a broader audience, including those with specific dietary needs and lifestyle choices.

Moreover, the rising disposable incomes and changing lifestyles in emerging economies are contributing to the market expansion. As urbanization progresses and middle-class populations grow, there is an increased propensity for discretionary spending on indulgent food products like ice cream. The convenience of packaged ice creams and the availability of a diverse range of products in supermarkets, hypermarkets, and convenience stores further boost market growth.

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Innovations and Product Development

Innovation and product development play a crucial role in the growth of the global ice cream market. Manufacturers are continuously exploring new flavors, textures, and formats to attract consumers and differentiate their products in a competitive market. The introduction of exotic and unconventional flavors, such as matcha, lavender, and charcoal, has added excitement to the market and broadened the appeal of ice cream.

Furthermore, the trend of premiumization is driving the development of high-end ice cream products. Premium ice creams often feature rich, high-quality ingredients, unique flavor profiles, and artisanal production methods. These products are positioned as indulgent treats and are marketed towards consumers seeking a luxurious ice cream experience.

The rise of plant-based diets has also influenced the ice cream market, leading to the development of dairy-free and vegan ice cream options. These products are made with alternative bases such as almond milk, coconut milk, and oat milk, providing a creamy texture without the use of dairy. The growing demand for plant-based ice creams is driven by both dietary preferences and ethical considerations.

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Ice Cream Market Segmentation

The Ice cream market can be divided based on by flavour, by category, by product type, end-use, sales channel and region.

Breakup by Flavour

  • Chocolate
  • Fruit
  • Vanilla
  • Others

Breakup by Category

  • Impulse Ice Cream
  • Take-Home Ice Cream
  • Artisanal Ice Cream

Breakup by Product Type

  • Cup
  • Stick
  • Cone
  • Brick
  • Tub
  • Others

Breakup by End-Use

  • Food Service
  • Retailers

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

Some of the major key 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

Challenges and Opportunities

Despite the positive growth outlook, the global ice cream market faces several challenges. Seasonal fluctuations in demand, with higher sales during the warmer months, can impact production and inventory management. Additionally, the high caloric content of traditional ice cream products has raised health concerns, prompting some consumers to seek healthier alternatives.

However, these challenges also present opportunities for innovation and market differentiation. Companies that can develop appealing, healthier ice cream options stand to gain a competitive advantage. The incorporation of functional ingredients, such as probiotics and prebiotics, and the emphasis on clean label products with simple, natural ingredients are key trends that can attract health-conscious consumers.

Moreover, sustainability is becoming an increasingly important consideration for both manufacturers and consumers. Sustainable sourcing of ingredients, eco-friendly packaging, and responsible production practices are critical factors that can influence consumer purchasing decisions and build brand loyalty.

Future Outlook

The global ice cream market is poised for significant growth over the forecast period, driven by the rising demand for premium and innovative products, the increasing health consciousness among consumers, and the expanding middle-class population in emerging economies. The ongoing trend of product diversification and innovation will continue to play a crucial role in capturing consumer interest and driving market growth.

Manufacturers are expected to focus on developing new and exciting flavors, incorporating healthier ingredients, and adopting sustainable practices to meet the changing consumer demands. Additionally, the expansion of online retail channels and the increasing use of digital marketing strategies will further enhance the accessibility and visibility of ice cream products, thereby supporting market expansion.

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