Dublin, March 21, 2022 (GLOBE NEWSWIRE) -- The "Global Ice Cream Market By Category (Take-Home Ice Cream, Impulse Ice Cream, and Artisan Ice Cream), By Product Type (Brick, Tub, Cup, Cone, Stick, and Others (Ice Cream Sandwiches and Jellies)), By Distribution Channel, By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Ice Cream Market is valued at USD113.82 billion in 2021 and is growing at a CAGR of 6.47% in the forecast period to reach USD165.04 billion by 2027.
Increased demand for convenience food products among millennials, rising disposable income of consumers, and the launch of ice cream in different flavors to entice customers to drive the demand for the Global Ice Cream Market in the forecast period.
The rise in the per capita income of consumers is enabling them to afford quality lifestyles and luxury products. Rapid urbanization and globalization are fueling consumer awareness about different ice cream brands, which is acting as a driver for the Global Ice Cream Market. The development of an efficient supply chain and technical innovations in deep freezer technology is aiding ice cream vendors to store ice cream edible for longer durations.
Adopting attractive marketing strategies by the market players by investing in lucrative advertisements, social media campaigns, boardings, and posters boosts brand awareness and visibility among consumers. The surge in health consciousness among consumers makes the market players launch ice creams with high nutritional content and less sugar than conventional ice creams.
The Global Ice Cream Market is segmented on category, product type, distribution channel, company, and regional distribution. Based on category, the Global Ice Cream Market is divided into take-home ice cream, impulse ice cream, and artisan ice cream.
Take-home ice cream is expected to hold the largest market share in the forecast period. The introduction of new flavors by the market players and increased consumption of ice cream as snack options are expected to accelerate the market demand in the forecast period.
The global ice cream market size was valued at USD 79.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030. Factors such as the rising demand for innovative flavors, types, and the rising demand for impulse ice creams such as cones, sandwiches, and pops in developing countries are expected to drive the market growth. The increasing health consciousness among consumers is also expected to fuel the demand for premium ice creams in the upcoming years.
The COVID-19 pandemic had a significant impact on the global ice cream consumption pattern since ice cream is not considered a necessary commodity. With the fear of catching a cold, consumers worldwide tried to reduce their ice cream consumption. However, some consumers were consuming ice creams as comfort food during lockdowns. Many consumers opted for frozen products through the online retailers and local general stores which accommodated high stock along with essential items such as groceries, pharmacies, and toiletries.
Manufacturers are increasing their product range by including functional ingredients, organic, herbal, and exotic flavors in product formulations to meet the changing consumer demand. According to an article published in Food Ingredients First in April 2021, manufacturers have been using functional ingredients to highlight the health benefit of frozen desserts. Plant sterols, lecithin, and Propylene Glycol Monoester (PGME) have been broadly used to replace the synthetic ingredients in the development of ice cream products.
Manufacturers have been focusing on introducing new varieties in the ice cream category. Additionally, new companies are venturing into this segment intending to cater to the increasing demand from consumers as well as food service providers. For instance, in June 2021, Keventers, India’s leading dairy brand, expanded in the dessert category by launching six new ice-cream flavors including Belgian Chocolate, Alphonso Mango, Triple Chocolate, Mocha Almond Fudge Brownie, Exotic Strawberry, and Blueberry Cheesecake.
Similarly, with the increasing trend for natural ingredients, regional brands have been launching new and innovative flavors to cater to the rising consumer consciousness toward synthetic ingredients. For instance, in November 2021, Natural’s Ice Cream launched Orange Chocolate with locally sourced premium and natural orange pulp and chocolate paste. The new flavor is made available through all the retail stores across the country as well as through online distribution partners.
The ice cream products require high storage costs and logistics to maintain the required temperature of the products. Very low freezing temperatures have to be maintained at storage locations, thus, requiring high energy usage. These products have to be transported in specially-designed automotive components equipped with state-of-the-art refrigeration capabilities and these transport requirements involve huge costs. These factors are also anticipated to restrain the market growth over the next few years.
Product Insights
The cups & tubs segment held the largest revenue share of over 73.0% in 2021. The segment is projected to register a CAGR of 4.0% during the forecast period. The growing preference for ice cream as a daily post-meal dessert is expected to fuel the product demand. As brands have become more aware of the growing popularity of tubs, they have expanded their product offerings. For example, in August 2020, Magnum announced the launch of Magnum ice creams in a variety of tubs in the U.K.
The bars & pops segment is expected to register the second-fastest growth of over 3.0% during the forecast period. The increasing product innovations and the rising consumer for convenient product options are the factors expected to fuel the demand for bars & pops. For instance, in January 2020, Magnum launched Magnum Ruby Minis with indulgent velvety ice cream offering the ultimate premium product in the U.S.
Type Insights
The dairy & water-based segment accounted for the largest revenue share of over 95.0% in 2021 and is expected to maintain dominance during the forecast period. With the rapidly growing urbanization and advancement in technology in the European dairy sector, the demand for luxury ice cream and daily ice cream desserts products continues to rise steeply in Europe. The utilization of novel ingredients like whole milk, skim milk, and sweetening & flavoring agent is the main factor driving the annual revenue of the Europe market.
The vegan segment is projected to exhibit the fastest CAGR of over 9.0% from 2022 to 2030. According to data published by Food Allergy Research & Education (FARE), in 2019, 32 million people suffered from food allergies in the U.S. The study revealed that a majority of food allergies come from eggs, fish, and dairy products. A rise in food allergies and the increasing popularity of veganism are the factors expected to drive the demand for vegan products and thereby contribute to the growth of the segment.
Distribution Channel Insights
The retail segment held the largest revenue share of more than 74.4% in 2021 and is expected to maintain dominance over the forecast period. Brands have been offering a wide range of products such as sundaes, fudge, bars, popsicle, and fusions with a combination of two or more flavors in the retail stores owing to increasing consumer curiosity for new flavors. The growing popularity of sundaes, as well as a diverse range of flavors and availability of a wide variety of products in the retail stores, is expected to drive sales through this channel.
The foodservice distribution channel is expected to register the second-fastest CAGR of 3.9% from 2022 to 2030. Foodservice channels include restaurants, cafes, and lounges. Ice cream is one of the most preferred desserts and can be incorporated into a myriad of other products including shakes, cakes, and coffee. Such trends are expected to increase their popularity through the foodservice distribution channels.
Flavor Insights
The vanilla flavor segment held the second-largest revenue share of over 28.0% in 2021. The vanilla flavor is one of the most popular flavors around the world. The ability of vanilla flavor to blend with most desserts and enhance the taste is expected to contribute to the demand. According to a survey published in Dairy Reporter in January 2020, 84% of the consumers in the U.K. preferred the vanilla flavor over all the flavors.
The others segment is anticipated to register the fastest CAGR of 5.0% from 2022 to 2030. The increasing preference for innovative and different flavors is expected to fuel the demand for the other flavors in the ice cream market. The increasing consumer preference for trying new flavors has boosted the manufacturers’ interest in launching innovative flavors. For instance, in May 2021, Eclipse Foods launched seven new flavors including mango passion fruit, strawberry fields, mint chip, caramel butter pecan, cookies n’ cream, and peanut butter cookie dough.
Regional Insights
The Asia Pacific made the largest contribution to the global market with a revenue share of over 42.0% in 2021. The region has been witnessing high demand, especially from young consumers. Key manufacturers have been introducing a range of products to cater to the increasing preference for premium products. For instance, in September 2021, Havmor, a popular brand in India, launched the world cone; the largest ice cream cone in the country with three flavors including Swiss Choco Brownie, Double Belgium Chocolate, and Nutty French Vanilla.
Furthermore, the increasing preference for healthy alternatives is expected to boost the demand for dairy-free, vegan products in the region. According to a report published in The Times of India in May 2020, 60% to 65% of the population in India was lactose intolerant. Such a high prevalence of milk intolerance is expected to contribute to the demand for vegan alternatives to conventional foods, including ice creams.
North America is expected to witness a CAGR of 3.5% from 2022 to 2030. People in North America have become more conscious about their health and thus have been changing their preference for healthy food alternatives over conventional products. According to a survey published in Food Insights in May 2021, 60% of the population of the region preferred healthy alternatives for popular food products, such as confectionery, desserts, and ice creams.
Such market trends are expected to fuel the demand for vegan products in North America. Manufacturers have been launching multiple product options to cater to the large consumer base in the region. For instance, in January 2022, Cold Stone Creamery launched its first vegan ice cream with almond milk and multiple add-ons across the country.
Key Companies & Market Share Insights
Numerous small and mid-size players operating in various countries contribute to the overall growth of the market. The manufacturers are introducing new flavors and formats to enhance their sales volume which has been decreasing especially in developed regions such as North America and Western Europe. Nowadays, ice creams with natural ingredients, low calories, and health claims appeal the most to consumers, thus, manufacturers are focused on launching products with these attributes.
In January 2021, Unilever launched a variety of frozen dessert treats under the brand name Breyers, Good Humor, Klondike, Magnum, Popsicle, and Talenti Brands
In January 2021, Northern Bloc, a leading manufacturer of plant-based desserts, secured an investment of USD 1.7 million. Northern Bloc will invest the funding in increasing its production capacity, strengthening the team, and focusing on brand experience across retail
In January 2020, Northern Bloc introduced plastic-free ice-cream packaging to reduce plastic use and increase sustainability. The new paper packaging is 100% biodegradable, compostable, and recyclable
Some prominent players operating in the global ice cream market include:
Unilever
Inspire Brands, Inc.
General Mills, Inc.
Kwality Wall’s
American Dairy Queen Corporation
Nestlé
Blue Bell Creameries
Cold Stone Creamery
Danone S.A.
NadaMoo
Ice Cream Market Report Scope
Report Attribute
Details
Market size value in 2022
USD 81.8 billion
Revenue forecast in 2030
USD 114.7 billion
Growth Rate
CAGR of 4.2% from 2022 to 2030
Base year for estimation
2021
Historical data
2017 - 2020
Forecast period
2022 - 2030
Quantitative units
Revenue in USD million/billion and CAGR from 2022 to 2030
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Product, type, flavor, distribution channel, region.
Regional scope
North America; Europe; Asia Pacific; Central & South America, Middle East & Africa
Country scope
U.S.; Germany; U.K.; France; China; Japan; India; Brazil; South Africa
Key companies profiled
Unilever; Inspire Brands, Inc.; General Mills, Inc.; Kwality Wall’s; American Dairy Queen Corporation;
Nestlé; Blue Bell Creameries; Cold Stone Creamery; Danone S.A.; NadaMoo
Customization scope
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs. Explore purchase options
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global ice cream market report based on product, type, flavor, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2017 - 2030)
Type Outlook (Revenue, USD Million, 2017 - 2030)
Flavor Outlook (Revenue, USD Million, 2017 - 2030)
Chocolate
Vanilla
Fruit
Others
Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa
Frequently Asked Questions About This Report
b. The global ice cream market size was estimated at USD 79.0 billion in 2021 and is expected to reach USD 81.8 billion in 2022
b. The global ice cream market is expected to grow at a compound annual growth rate of 4.2% from 2022 to 2030 to reach USD 114.7 billion by 2030
b. The Asia Pacific dominated the ice cream market with a share of 42.4% in 2021. This is attributable to the high consumption of ice cream in the region and the wide availability of products from key manufacturers, which have also been adding a range of premium products to cater to the increasing demand.
b. Some key players operating in the ice cream market include Unilever; Inspire Brands, Inc.; General Mills, Inc.; Kwality Wall’s; American Dairy Queen Corporation; Nestlé; Blue Bell Creameries; Cold Stone Creamery; Danone S.A.; NadaMoo!
b. Key factors that are driving the ice cream market growth include rising demand for innovative flavors, formats, and growing demand for impulsiveness to consume the product in developing countries.