Ice Cream Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, New Zealand, Australia, Finland, Sweden - Size and Forecast 2024-2028

Ice Cream Market 2024-2028

The ice cream market size is projected to increase by USD 29.58 billion, at a CAGR of 5.99% between between 2023 and 2028

The ice cream market in North America is experiencing a surge in demand, with the US emerging as the largest market in terms of revenue in 2023. This growth is attributed to various factors, including the increasing number of new product launches and substantial investments by market participants. As consumer demand for ice cream continues to rise, suppliers are strategically expanding their production capacities in North America. Agropur Dairy Cooperative stands out in this dynamic market, offering a diverse range of ice cream products, including soft serve, frozen novelties, and various other frozen dessert options, further contributing to the market's expansion and meeting the evolving preferences of consumers.

Market: Overview

The market shows an Accelerate CAGR during the forecast period.

To get additional information about the market report, Request Free Sample

 Market Growth Analysis Driver 

Increase in number of ice cream parlors is notably driving market growth. Most of the sales of ice cream are through ice cream parlors. The current shift to the organized format from the traditional format has accelerated the growth of different end-user industries. Convenience and value have become important parameters for consumers because of their hectic lifestyles. Many retail sales provide various products such as gelato, ice cream, yogurt, and sorbet under the same brand, enabling customers to save time and providing them with a variety of choices. Customers are increasingly purchasing products from ice cream parlors, which has led to an increase in the demand for organized ice cream parlors.

Moreover, companies such as Havmor by Lotte Confectionery Co. Ltd. are trying to expand their market presence, especially in Delhi (India). The company has 200 exclusive outlets, and its products are also sold across 30,000 retail outlets; it sells 160 flavors of ice cream. On the other hand, London Dairy by Unipex Dairy Products Co. Ltd. (UK) has 2,000 outlets in India at present. The company is focusing on the establishment of direct distribution. With such expansions, the market is expected to grow during the forecast period.

 Market Growth and Trends 

Rising popularity of vegan ice cream among millennials is an emergintg trend shaping marketg growth. Plant-based products are becoming increasingly popular among health-conscious customers and also ethical considerations worldwide. One of the reasons for the shift to a plant-based diet is consumer health and food safety concerns about eating an animal-based diet. This increases customer demand for plant-based foods such as plant-based ice cream. A plant-based diet contains more antioxidants and useful chemicals than an animal-based diet, which provides numerous benefits.

Further, China's millennials' purchasing power is growing, and they are anticipated to constitute a sizable consumer sector during the forecast period. Vegan ice cream is gaining popularity among millennials in the US. The country's millennial generation, with an annual buying power of over USD 200 billion, is an attractive customer sector for market participants. To meet the increasing demand of the millennial demographics, market participants are also developing novel and innovative vegan ice cream flavors. This increasing popularity of vegan ice cream among millennials will drive the growth of the market during the forecast period.

Market Challenge 

Rising number of lactose-intolerant people globally is a significnt challenge hindering market growth. The increase in the number of people who have lactose intolerance is one of the factors that are expected to negatively impact the market during the forecast period. Lactose intolerance refers to the inability of a body to digest lactose, a type of sugar found in milk and other dairy products, including ice cream. This is primarily attributed to the shortage of lactase enzymes in the body, which are needed to break down lactose into simpler forms, such as glucose and galactose. The number of lactose-intolerant people is increasing each year.

As a result, many consumers opt for lactose-free products due to their health benefits. The increasing incidence of lactose intolerance is expected to increase the sales of lactose-free products globally, including lactose-free ice cream. Thus, the increase in the demand for lactose-free foods and nutrients poses a challenge to the growth of the market in focus. Most ice cream products are dairy-based and, thus, contain lactose. Therefore, the rising number of lactose-intolerant people globally can have a negative impact on the growth of the market during the forecast period.

Market Segmentation by Type

Dairy-based ice cream is a significant category in the market, distinguished by its creamy texture and rich flavor profile made from dairy ingredients. These ice creams typically contain milk, cream, sugar, and flavorings as primary ingredients. The use of dairy results in a smooth consistency, which adds to the indulgent and satisfying experience associated with traditional ice cream. Nestle SA and Unilever PLC are two of the most prominent vendors in the dairy-based ice cream segment. Nestle SA, a global food and beverage company, sells a wide variety of dairy-based ice creams under well-known names, such as Haagen-Dazs and Nestle Ice Cream. Haagen-Dazs, in particular, is well-known for its premium quality and indulgent flavors, which combine high-quality ingredients to create a luxurious ice cream experience. These vendors are constantly innovating to meet changing consumer tastes, introducing new flavors and frequently expanding their product lines to include variations such as low-fat and sugar-free options. The newly developed products will propel the growth of the dairy-based segment in the market during the forecast period.

Market Segmentation by Product

The market share growth by the  impulse segment will be significant during the forecast period. Ice cream impulse purchases are intended for immediate consumption. Ice cream bars, ice cream sandwiches, ice lollies, ice cream cones, ice cream cups, and ice cream sticks are examples of these. The desire for indulgence, as well as the growing demand for small-portion snacks, are some of the factors driving consumers to buy ice cream impulsively. 

The impulse sefgmnet was the largest and was vaued at USD 30.56 billion in 2018.

For a detailed summary of the market segments Request for Sample Report

The companies in the market in focus are also investing in new and innovative marketing campaigns to attract consumers. Effective marketing campaigns can help in the growth of the segment during the forecast period. For instance, Unilever PLC offers a 'Talking Ice Cream' campaign to promote its new range of products in the impulse ice cream segment. The campaign included experiential and sampling activities and online and social media promotions. The increasing popularity of eating in dining establishments will also assist the impulse market to expand. The above-discussed factors are expected to lead to high growth of the impulse ice cream segment in the market during the forecast period.

Key Regions for the Market

North America is estimated to contribute 34% to the growth of the global market during the forecast period

Get a glance at the market share of various regions View PDF Sample

Technavio's analysts have provided  extensive insight into the market forecasting, detailing the regional market trends and analysis, and drivers influencing the market's trajectory throughout the forecast period. North American demand for ice cream is rising, and in 2023, the US became the largest market for ice cream in North America in terms of revenue. Some of the factors that are expected to contribute to the expansion of the market in North America during the forecast period are the rising number of new product launches and the rising investments by market participants. The market's suppliers are also investing in expanding their production capacities in North America to fulfill rising consumer demand for ice cream.

In addition, the increasing health consciousness of customers is raising the demand for low-fat and plant-based ice cream. For instance, Breyers by Unilever PLC has new ice cream bars comprised of an oat milk base encased in a creamy chocolate shell and are offered in four flavors: Chocolate Fudge, Strawberry Swirl, Salted Caramel, and Vanilla. Consumer demand for low-calorie ice cream is increasing, as seen by rising sales of these products. These factors are anticipated to drive the regional market's expansion during the forecast period.

Company Overview

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 forecasting growth and analysis.

• Key Offering- Eclipse : The company offers ice cream such as homemade vanilla, cookies and cream, dutch chocolate, mint chocolate chip, and rocky road.
• Key Offering- Erhard Patissier Glacier : The company offers ice cream under the brand name Friendlys such as ice cream cakes, ice cream cartons, ice cream cups, ice cream bars, cones and more.

The  market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: Agropur Dairy Cooperative, Dairy Farmers of America Inc., Eclipse, Erhard Patissier Glacier, Ferrero International S.A., Froneri International Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., Humphry Slocombe, Inspire Brands Inc., Lotte Corp., Mars Inc., Nestle SA, New Forest Ice Cream Ltd., NIF Pvt Ltd., Perfect Day Inc., Blue Bell Creameries, Danone, McDonald Corp., NADAMOO, Oatly Group AB, Unilever PLC, Unipex Dairy Products Co. Ltd., JENIS SPLENDID ICE CREAMS LLC, Aldi Group, Morinaga and Co. Ltd., and Vadilal Industries Ltd.

The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment, market research and growth 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.

Market Analyst Overview

The market continues to thrive, driven by an array of innovative flavors that captivate consumers' taste buds. Impulse ice creams and pops are gaining popularity, especially in developing countries, reflecting a shift in the traditional ice cream consumption pattern. Once deemed a necessary commodity providing cold and comforting indulgence, ice cream has transformed into a diverse range of frozen products available not only in local general stores but also through online retailers. As consumers increasingly stock up on essential items like groceries, toiletries, and pharmaceuticals, manufacturers are incorporating functional ingredients such as organic, herbal, and exotic flavors, meeting the growing demand for healthier options. The industry is witnessing a surge in plant sterols, lecithin, and Propylene Glycol Monoester (PGME) as well as the use of synthetic ingredients, with a focus on addressing storage costs, logistics, and energy usage. The ice cream category is no longer limited to traditional offerings; instead, new companies are entering the market with innovative product ranges, leveraging natural ingredients and exploring regional brands.

Additionally, distribution channels play a pivotal role, spanning retail stores, online distribution partners, and the foodservice sector encompassing restaurants, cafes, and lounges, each contributing to the market's dominance. The flavor segment, notably the timeless allure of vanilla flavor, continues to influence consumer preferences, as reflected in surveys and the popularity of various offerings in the bars & pops, cups & tubs, and dairy & water-based segments. The ice cream market, characterized by continuous product innovations and the emergence of new companies, stands at the intersection of urbanization, evolving consumer preferences, and technological advancements, promising a sweet future ahead.

Segment Overview

The research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

• Product Outlook
  • Impulse
  • Take home
  • Artisanal

• Type Outlook
  • Dairy
  • Non-dairy

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • South America
    • Chile
    • Brazil
    • Argentina 
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Ice Cream Market Scope
Report Coverage	Details
Page number	165
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 5.99%
Market growth 2024-2028	USD 29.58 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.44
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 34%
Key countries	US, New Zealand, Australia, Finland, and Sweden
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Agropur Dairy Cooperative, Dairy Farmers of America Inc., Eclipse, Erhard Patissier Glacier, Ferrero International S.A., Froneri International Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., Humphry Slocombe, Inspire Brands Inc., Lotte Corp., Mars Inc., Nestle SA, New Forest Ice Cream Ltd., NIF Pvt Ltd., Perfect Day Inc., Blue Bell Creameries, Danone, McDonald Corp., NADAMOO, Oatly Group AB, Unilever PLC, Unipex Dairy Products Co. Ltd., JENIS SPLENDID ICE CREAMS LLC, Aldi Group, Morinaga and Co. Ltd., and Vadilal Industries Ltd.
Market dynamics	Parent market analysis, 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 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.

BUY NOW Full Report and Discover more

What are the Key Data Covered in this Ice Cream Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, APAC, Europe, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch