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The gourmet ice cream market size is forecast to increase by USD 13.95 billion at a CAGR of 18.32% between 2023 and 2028. Market expansion in the gelato industry hinges on several key factors, including the growing recognition of gelato's health advantages and the proliferation of innovative flavors and health-conscious ice cream options. Additionally, a notable surge in disposable income among consumers fuels demand for premium frozen desserts. However, the market encounters obstacles such as mounting difficulties in distributing gourmet ice cream, intensified competition from alternative products, and unpredictable fluctuations in raw material prices. Despite these challenges, strategic adaptation to changing consumer preferences and investment in efficient distribution networks can unlock opportunities for growth in the gelato market, ensuring its continued relevance and appeal in the evolving landscape of frozen desserts.
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The market is witnessing a surge in demand due to the rising popularity of diet-friendly ice creams, aligning with the health-conscious consumer trend. Moreover, the culture of socializing and the convenience of online retailing platforms have contributed to the market's growth. In-depth studies conducted by industry experts and key industry influencers provide quantitative data and qualitative data essential for market analysis. Furthermore, insights from SEC filings, research papers, and industrial magazines shape the market landscape. These are not only available in specialized stores but also in supermarkets and hypermarkets, catering to a wide range of consumers. The market continues to evolve with ongoing commercial development and innovation in flavors and textures. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing health benefits of gelato are driving the growth of the market. Representing a significant portion of the global market, gelato is a healthier alternative to the usual traditional ice cream flavors. Also, Italian-born gelato is very light and fragrant. Growing awareness of the health benefits of consuming ice cream and rising health-conscious consumers in key markets such as North America and Europe have been the major drivers of ice cream growth in the market over the past five years.
The sugar contained in gelato is mainly in the form of sucrose, which does not significantly increase the glycemic index. So even diabetics can consume a moderate amount of gelato. Also, gelato is enriched with B vitamins, calcium, and phosphorus to help strengthen bones. Therefore, increasing the health benefits of gelato is expected to drive the growth of the global market during the forecast period.
The increasing demand for premium products is identified as the key trend shaping the market. Consumers are demanding premium products that are of higher quality and feature specific origins, subtle flavors, and exotic and ethical ingredients. Improving consumer lifestyles due to rising disposable income and increasing health awareness are driving the demand for premium and products.
Many suppliers on the market are launching premium series aimed at elite customers. Ice cream makers are experimenting with new flavors and ethnic ingredients to suit consumer tastes. New premium ice cream products with reduced sugar and fat content are gaining popularity among consumers. Therefore, increasing demand for premium products is expected to drive the growth of the global market during the forecast period.
The fluctuating price of raw materials may impede the growth of the market. The global market faces challenges due to volatility in raw material prices. Skim milk, cream, sherbet, sugar, and fruit are some of the key ingredients required to make gourmet ice cream.
Rising prices for these commodities will affect a company's profitability if it cannot pass on the price increase to consumers. Moreover, the failure of companies to absorb price increases will lead to consumer price increases and affect consumer purchasing behavior. This hampers the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amadora Gourmet Ice creams Pvt. Ltd.: The company offers gourmet ice creams such as Five bean vanilla, Caramelized white chocolate, dark chocolate sorbet, and salted butter caramel.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the gelato segment will be significant during the forecast period. Gelato is based on cream, sugar, milk, flavors, nut purees, and fruit. It contains less fat and more sugar than regular ice cream. Gelato originated in Italy and from there spread all over the world.
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The gelato segment was valued at USD 4.59 billion in 2018. The gelato industry includes artisanal gelato, gourmet gelato, and cake gelato flavors. Growing health-conscious consumers in North America and Europe, increased demand for premium products, and increased availability of the products in online retailers will contribute to the growth of the gourmet gelato-based ice cream segment during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Italy, Germany, the UK, the Netherlands, Spain, France, Sweden, and Belgium are the most important markets for the products in Europe. The growing number of gelaterias and premium ice cream parlors across Europe is fueling the growth of the region's market.
In addition, increasing disposable incomes of people in Eastern European countries such as Hungary, Romania, Turkey, Bulgaria, and Russia are positively impacting the growing demand for the products in the region. The number of parlors in Europe is increasing. In addition, in the UK, the growing vegan population and growing consumer awareness of the benefits of vegan food have led to an increase in demand. All these factors are fueling the growth of the market in Europe.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a dynamic sector driven by extensive study and market research reports that provide insights into accurate market growth. With the rise of online retail and offline retail applications, consumers have access to a wide range of gourmet ice cream options. Cost and product pricing are crucial factors influenced by consumer buying behavior and various economic, political, and social scenarios. Market players analyze end-use industry, product or service type, and market evolution to identify growth drivers and conduct macroeconomic analysis and pricing analysis.
Furthermore, they strategize to enhance their competitive position, considering end consumers, intermediaries, and regulations. Positive changes, such as innovative product service offerings present lucrative opportunities, while negative changes pose threats that necessitate a strategic approach. Companies like Pabrai Fresh, Panaces, and Naturelle Ice Creams cater to diverse tastes with flavors like Japanese green tea, sandalwood, and Kolkata meetha paan. Through research methodology and analysis of economic factors, social factors, and political factors, market players aim to navigate challenges and capitalize on emerging opportunities, ensuring a strong position in the market amidst threats from competition.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.32% |
Market Growth 2024-2028 |
USD 13.95 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.04 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, Germany, Belgium, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amadora Gourmet Ice creams Pvt. Ltd., American Classic Specialities, Amorino, Braums Online L.L.C., Daves Gourmet Ice Cream, Froneri International Ltd., Gelato Italia Ltd., General Mills Inc., Herrells Ice Cream, iSwich Gourmet, Mammino Gourmet Ice Cream, Morellis Gelato, Nestle SA, Numoo, Papacream, Papitto Gelato, R and R Durian, Rons Gourmet Ice Cream, Unilever PLC, and Vadilal Industries Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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