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The Ice Cream Market size is projected to increase by USD 26,308.74 million and the market size is estimated to grow at a CAGR of 5.93% between 2022 and 2027.This report extensively covers market segmentation by product (impulse, take home, and artisanal), type (dairy and non-dairy), and geography (North America, APAC, Europe, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The increasing popularity of plant-based ice cream is notably driving the market growth. Products made from plants are becoming more well-liked among consumers globally. Consumer concerns about eating an animal-based diet and food safety are one of the causes of the change to a plant-based diet. This raises consumer desire for plant-based foods like ice cream.A diet based on plants has many advantages over one based on animals because it includes more antioxidants and beneficial chemicals. Additionally, plant-based meals are rich in folate, magnesium, potassium, and vitamins A, C, and E. Furthermore, a plant-based diet reduces the chance of metabolic diseases like cardiovascular disease. Moreover, market vendors are also developing new plant-based ice cream products to meet consumer demand. Hence, all these factors are expected to boost the growth of the market during the forecast period. It also includes an in-depth analysis of drivers, trends, and challenges.
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The rising popularity of vegan ice cream among millennials is an emerging trend driving market growth. Millennials are the major consumers of vegan products, especially in nations like China and the US, where their population size and purchasing power are significant. Market players are creating unique flavors to meet the growing demand from millennials. This trend is expected to fuel the global market's growth during the forecast period.
The rising number of lactose-intolerant people across the globe is a major challenge impeding the market growth. The inability of a body to digest lactose, a form of sugar present in milk and other dairy products, including ice cream, is referred to as lactose intolerance. The lack of lactase enzymes in the body, which are required to convert lactose into simpler forms like glucose and galactose, is mainly to blame for this. With each year, the number of individuals who are lactose intolerant is increasing.Owing to the health advantages of lactose-free products, many consumers in recent times are choosing to purchase them. Global sales of lactose-free products, including lactose-free ice cream, are predicted to rise as lactose intolerance rates rise. Thus, the focus market's expansion is threatened by the rise in demand for lactose-free products. Therefore, the growth of the global market may be adversely affected by the increasing number of lactose-intolerant people around the world during the forecast period.
Dairy ice cream is a frozen dessert made from milk, cream, fruits, and either natural or artificial flavors. In some variations like frozen custard and French ice creams, eggs are also used. It is a rich source of carbohydrates, phosphorus, calcium, thiamine, niacin, riboflavin, folate, and vitamins A, C, D, E, K, B-6, and B-12, providing various health benefits such as bone strengthening, energy production, blood pressure reduction, brain function stimulation, and muscle tissue repair.
The market for ice cream is expected to grow due to increasing demand for innovative flavors and types, especially in developing countries where impulse ice creams like cones, sandwiches, and pops are popular. Product innovations, particularly in flavor profiles and the use of natural ingredients, are the primary drivers of the global ice cream market. Companies like Unilever PLC and Vadilal Industries Ltd. have introduced new frozen dessert treats and gourmet ice cream flavors to cater to this growing demand. During the forecast period, new product launches and the introduction of unique flavors in the dairy ice cream segment are expected to further drive the expansion of the global ice cream market.
The market share growth by the impulse segment will be significant during the forecast period. Impulsive ice cream purchases are meant to be consumed right away. Examples of these include ice cream bars, ice cream sandwiches, ice lollies, ice cream cones, ice cream cups, and ice cream sticks. Indulgence cravings and the rising demand for small-portion snacks are the major factors pushing people to make impulsive ice cream purchases during the forecast period.
The Impulse Segment was valued at USD 27,592.2 million in 2017.
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Vendors in the target market are launching new products and expanding their current product lines with new flavors to meet the rising demand for ice cream purchases made on the spur of the moment by consumers. In order to draw customers, the vendors in the target market are also investing in new and creative marketing strategies. 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. Furthermore, the increasing popularity of eating in dining establishments will also assist the impulse ice cream market in expanding. Therefore, the abovementioned factors are expected to lead to high growth of the impulse ice cream segment during the forecast period.
North America is estimated to contribute 48% to the growth of the global market during the forecast period
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The demand for ice cream in North America is growing, and in terms of revenue, the United States was the largest market in 2022. The increasing number of new product launches and rising investments by market participants are two factors that are anticipated to support the growth of the market in North America. Moreover, to meet the growing consumer demand for ice cream, the market's suppliers are also investing in boosting their production capacities in North America.
The growing health consciousness of consumers in North America is driving up demand for low-fat and plant-based ice cream. These new ice cream bars come in four flavors including Chocolate Fudge, Strawberry Swirl, Salted Caramel, and Vanilla. They are made of an oat milk base that is encased in a creamy chocolate shell. As evidenced by rising sales of these goods, there is an increase in consumer demand for low-calorie ice cream. Hence, these factors are anticipated to drive regional market expansion during the forecast period.
During the COVID-19 pandemic in 2020, the demand for ice cream from physical retail outlets decreased. However, there was an increase in online sales. Moreover, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. This increased the demand for ice creams in 2021. As a result, the regional market is expected to grow during the forecast period.
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.
The ice cream market report also includes detailed analyses of the competitive landscape of the market and information about 15 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 ice cream market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Ice Cream Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.93% |
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Market growth 2023-2027 |
USD 26308.74 million |
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Market structure |
USD Fragmented |
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YoY growth 2022-2023(%) |
5.34 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 48% |
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Key countries |
US, Canada, China, Germany, and Belgium |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Agropur Dairy Cooperative, Blue Bell Creameries LP, Dairy Farmers of America Inc., Eclipse Foods, Erhard Patissier Glacier, Froneri International Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., Humphry Slocombe Group LLC, Inspire Brands Inc., Lotte Confectionery Co. Ltd., Morinaga and Co. Ltd., Nestle SA, New Forest Ice Cream Ltd., Nightfood Holdings Inc., Oatly Group AB, Perfect Day Inc., Unilever PLC, Vadilal Industries Ltd., Wells Enterprises Inc., and Mars Inc. |
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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 forecast period |
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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. |
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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 Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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