Market Size
The Global Ice Cream Market reached USD 73.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 108.9 billion by 2030. The market is growing at a CAGR of 5.1% during the forecast period 2024-2031. Ice cream is a popular frozen dessert enjoyed by people worldwide. It comes in various forms, such as dairy ice cream, non-dairy ice cream, gelato, sorbet and soft-serve ice cream.
The manufacturing process of ice cream involves several steps, including blending the ingredients, pasteurization, homogenization and freezing. Ice cream flavors and varieties are abundant, ranging from classic favorites like vanilla and chocolate to unique combinations like cookie dough or mango swirls.
The ingredients used in ice cream typically include milk or non-dairy alternatives, sugar, flavorings and sometimes emulsifiers and stabilizers. These additives help maintain the smooth texture and prevent ice crystals from forming, ensuring a delightful and creamy ice cream experience. Developing countries are experiencing a rising demand for innovative flavors and types of ice cream, as well as an increased desire for impulse ice cream products like cones and sandwiches, which are expected to drive the ice cream market size.
Market Summary
| Metrics | Details |
| CAGR | 5.1% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Product, Category, Distribution Channel and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Rising Investment in R&D and Digitalization is Expected to Drive Market Growth.
Increased expenditure by leading industry players on research and development to create innovative products is expected to have a positive impact on market growth. For instance, on January 18, 2022, Unilever Group introduced mini-sized multi-packs of vegan stick bars, including magnum vegan classic and magnum vegan almond ice creams.
Moreover, companies are actively investing in digitalization to expand their consumer base. They are prioritizing digital channels to raise awareness about their brands and products. Major companies are shifting away from traditional media spending and redirecting their financial resources towards advertising on social media platforms like Instagram and Facebook. Influencer marketing has emerged as a significant strategy for reaching the target audience, particularly millennials and health-conscious consumers.
Increasing Awareness Regarding the Consumption of High-Calorie and Sugary Foods.
The increasing health concerns and growing awareness surrounding the consumption of high-calorie and sugary foods have had a negative impact on the ice cream market. Consumers are becoming more mindful of their dietary choices and are actively seeking healthier alternatives. This shift in consumer preferences towards healthier options has resulted in a decline in the demand for traditional ice cream products.
Market Segment Analysis
The global ice cream market is segmented based on type, product, category distribution channel and region.
Artisanal Ice Cream Accounts Highest Share in Global Ice Cream Market
Artisanal ice cream refers to high-quality ice cream that is made by hand using traditional methods and premium ingredients. It typically involves small-batch production, attention to detail and a focus on creating unique flavors and textures.
Artisanal ice cream makers often prioritize using locally sourced or organic ingredients and may experiment with innovative flavor combinations and drives the segment revenue in the global ice cream market size. For instance, on January 21, 2021, Havmor launched artisanal ice creams in India.
Market Geographical Share
North America is Expected to be the Dominating Region During Forecast Period.
By region, the global ice cream market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and Africa.
North America holds the highest market share due to a wide variety of flavors and brands. Ice cream consumption is popular across the region, with a range of options available to cater to different tastes and dietary preferences. Traditional flavors like vanilla, chocolate and strawberry remain popular, while innovative and unique flavors continue to gain traction.
Additionally, North American ice cream manufacturers often emphasize quality, using premium ingredients and production techniques to create indulgent and flavorful frozen treats. For instance, on April 26, 2023, Entenmann's launched delicious ice cream novelty treats. The crave-worthy lineup of ice cream sandwiches is developed by all-time favorite Entenmann's products such as Rich Frosted Donuts and Original Recipe Chocolate Chip Cookies.
Market Companies
The major global players include Unilever PLC, Nestle SA, Lotte Corporation, General Mills Inc., Dunkin Brands, Blue Bell Creameries, L.P., Dairy Farmers of America, Inc., Ben & Jerry's Homemade, Inc., Amul and Amy’s Ice Cream.
Covid Impact on Market
The COVID-19 pandemic brought both adversity and opportunity to the ice cream industry. Initially, ice cream shops and retail outlets faced significant challenges due to lockdown measures and reduced customer visits.
However, as people sought solace and indulgence while staying at home, there was a notable increase in the retail sales of ice cream products. To meet the changing consumer demand, ice cream brands quickly adapted by introducing online ordering systems, contactless delivery options and promoting individual-sized portions for safety and convenience.
Furthermore, some manufacturers used covid time as an opportunity to innovate, introducing new and unique flavors to captivate customers' taste buds and exploring healthier alternatives to cater to health-conscious consumers.
While the industry experienced a decline in sales during the early stages of the pandemic, the resilient nature of ice cream as a beloved treat led to a rebound in demand as consumers sought moments of pleasure and enjoyment during challenging times.
The ability of ice cream brands to adapt and cater to evolving consumer needs played a crucial role in navigating the impact of the pandemic and maintaining consumer loyalty.
By Type
- Impulse Ice Cream
- Take-home Ice Cream
- Artisanal Ice Cream
- Others
By Product
- Cup
- Stick
- Cone
- Brick
- Tub
- Others
By Category
- Dairy
- Non-Dairy
By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Stores
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- On May 21, 2023, Publix, an employee-owned American supermarket chain launched 8 new limited-edition ice cream flavors. These products are available in quart-size containers.
- On April 18, 2023, Milky Mist, one of India's largest manufacturers of dairy products, launched premium ice creams. The new ice cream range offers a wide variety of flavors, including classic and exotic options.
Made with high-quality ingredients, each scoop is creamy and bursting with flavor. The ice creams are available in different sizes, such as 750ml, 1L and 1.75L and come in convenient formats like cones, sticks and sandwiches.
- On April 12, 2023, Baskin Robbins, an American multinational chain of ice cream and cake specialty shops, launched Ice Cream Rocks and Ice Cream Pizzas. Ice Cream Rocks are small, bite-sized ice creams available in two popular flavors Mississippi Mud and Cotton Candy. For those craving a unique treat, Ice Cream Pizzas are an indulgent delight featuring a rich Belgian chocolate brownie base topped with delicious Pralines and Cream or Cookies n Cream ice cream.
Why Purchase the Report?
- To visualize the global ice cream market segmentation based on type, product, category, distribution channel and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of ice cream market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global ice cream market report would provide approximately 77 tables, 82 figures and 195 Pages.
Target Audience 2024
- Manufacturers / Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
