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 indulgent and premium dessert products, as well as the expanding variety of innovative flavors and formats, 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 and sweeteners, has cemented its place in global culture as a go-to treat for various occasions. Its appeal spans all age groups, making it a staple in both household consumption and the food service industry. The market’s growth is driven by evolving consumer preferences, technological advancements in production, and the increasing availability of diverse product offerings.
Market Drivers
The primary driver of the global ice cream market is the rising demand for indulgent food products. As consumers increasingly seek out comfort foods and indulgent treats, ice cream’s position as a preferred dessert has been reinforced. This trend is particularly pronounced in urban areas where lifestyle changes and the proliferation of modern retail outlets make ice cream more accessible.
Additionally, the growing trend of premiumization in the food and beverage industry significantly contributes to the market growth. Consumers are willing to pay more for high-quality, artisanal, and premium ice cream products that offer unique flavors and superior ingredients. This has led to the introduction of a wide array of gourmet and luxury ice creams that cater to discerning tastes.
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Industry Applications
Ice cream products cater to various segments, including retail and food service. In the retail sector, ice cream is available in numerous formats such as tubs, sticks, cones, and cups, providing convenience for at-home consumption. The food service sector, encompassing restaurants, cafes, and ice cream parlors, benefits from the high demand for on-the-go treats and dessert offerings.
The rise of specialty ice cream shops and artisanal brands has added a new dimension to the market. These outlets focus on delivering unique, high-quality experiences, often using locally sourced ingredients and small-batch production methods. This approach not only appeals to quality-conscious consumers but also supports local economies.
Ice Cream Market Trends
Several key trends are shaping the global ice cream market. One notable trend is the increasing demand for healthier and functional ice cream products. Consumers are becoming more health-conscious and are seeking out options that offer nutritional benefits without compromising on taste. This has led to the development of low-fat, low-sugar, and dairy-free alternatives, as well as products fortified with vitamins, minerals, and probiotics.
Another significant trend is the growing popularity of plant-based ice creams. With the rise of veganism and the increasing number of lactose-intolerant consumers, the demand for dairy-free ice cream has surged. Plant-based alternatives made from almond, coconut, soy, and oat milk are becoming mainstream, offering consumers a wide range of choices that align with their dietary preferences.
The market is also witnessing a surge in innovative flavors and formats. Traditional flavors such as vanilla, chocolate, and strawberry remain popular, but there is a growing appetite for unique and exotic flavors like matcha, lavender, and salted caramel. Additionally, the introduction of hybrid products, such as ice cream sandwiches and mochi ice cream, is driving consumer interest and expanding the market.
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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
While the global ice cream market presents numerous growth opportunities, it is not without challenges. One of the primary challenges is the seasonality of ice cream sales. Demand for ice cream typically peaks during the summer months and can decline significantly during colder seasons. This seasonality affects production planning, inventory management, and overall sales performance.
Moreover, the market faces increasing scrutiny over health concerns related to sugar and fat content in traditional ice cream products. As consumers become more health-conscious, there is a growing demand for healthier alternatives, which requires manufacturers to innovate and reformulate their products without sacrificing taste and texture.
However, these challenges also present opportunities for growth and innovation. Companies that invest in research and development to create healthier, low-calorie, and functional ice cream products are likely to gain a competitive edge. The rising demand for plant-based and dairy-free alternatives also offers significant growth potential for manufacturers willing to diversify their product portfolios.
The expanding reach of e-commerce and online delivery services provides another opportunity for the ice cream market. With the convenience of home delivery, consumers can enjoy a wider variety of ice cream products without leaving their homes. This trend is particularly relevant in urban areas where busy lifestyles drive the demand for convenient shopping solutions.
Future Outlook
Looking ahead, the global ice cream market is expected to experience steady growth, driven by the increasing demand for indulgent and innovative dessert products. The market is anticipated to witness continued innovation in flavors, formats, and functional benefits, catering to the evolving preferences of consumers.
As the industry evolves, collaboration between manufacturers, retailers, and technology providers will be crucial in addressing the challenges and harnessing the opportunities in the market. By leveraging advancements in production technology, sustainable practices, and digital marketing strategies, the global ice cream market can navigate the complexities of the evolving landscape and achieve long-term success.
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