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The global ice cream market was valued at USD 80.36 Billion in 2022, which is anticipated to grow at a CAGR of 5.24% from 2023 to 2032. The market is anticipated to rise due to factors including the growing desire for novel flavours and varieties as well as the rising demand in developing nations for ice cream snacks such cones, sandwiches, and pops. In the approaching years, it is also anticipated that customers' growing health consciousness will increase demand for premium ice creams.
A sweetened, solidified food that is typically consumed as a snack or dessert is called ice cream. It has started to consist of dairy products like drain or cream, and it is flavoured with sweeteners like sugar or sugar substitutes, as well as any flavourings like vanilla or cocoa. It can also be prepared by mixing fluid nitrogen and a flavoured cream base. Stabilisers and colorings are typically included as well. The mixture is blended to include the areas that have been addressed and chilled below the water's softening point to prevent the formation of identifiable ice jewels. The end product is a robust, semi-solid, smooth foam that forms at very low temperatures (below 2 °C or 35 °F). As its temperature rises, it becomes more malleable. Additionally, solidified desserts can be eaten with a spoon from dishes or licked from edible cones. Ice cream can also be served hot, such as heated The Frozen North, or cold, such as pie, or as a topping for frozen dessert drifts, sundaes, milkshakes, and ice cream cakes. The global solidified dessert market is expected to grow at a faster rate during the evaluation period due to the growing demand for lactose-free ice cream. A mixture of high-fat drain or milk, fructose or glucose-based sweeteners, usually syrup, and flavourings such vanilla and chocolate are churned and chilled to create the solidified dessert. Included in the commercial production of ice cream are stabilisers and emulsifiers. Stabilisers help prevent the arrangement of massive precious stones and retain moisture, providing the beat item with the necessary rich surface. Due to supply chain disruptions that impacted the cemented dessert deals and the widespread belief that ice cream can get a cold and become infected with the coronavirus, the ice cream sector suffered during COVID-19. Due to growing health concerns about the consumption of ice cream, consumers are currently gravitating towards ice cream products that are hormone- and GMO-free, free of additional substances and preservatives, dairy-free, low in calories, and naturally low in fat. Demand for high-end ice creams is increasing, which may be one of the main factors influencing display expansion. Because they have better ingredients and less air circulation than regular ice cream, premium ice creams have become popular among consumers who are health-conscious. In an effort to gain a competitive edge and attract more consumers, ice cream manufacturers are creating products with high-quality and creative ingredients. Consequently, this also expands their clientele. Additionally, the positive trends also address the changes in the market that are taken into consideration.
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A rise in the convenience meal preferences of millennials- Over the forecast period, rising consumer disposable income, millennials' growing inclination for convenience foods, and the introduction of ice cream in a variety of flavours to draw in customers will drive demand for the global ice cream market. Their ability to purchase upscale products and live better lifestyles has been made feasible by the increase in consumer per capita income. Rapid urbanisation and globalisation are driving consumer awareness of different ice cream brands, which is driving the global ice cream market. Due to improvements in deep freezer technology and the development of an efficient supply chain, ice cream producers are able to maintain their products appetising for longer periods of time. When market participants use attractive marketing strategies, such as spending money on successful advertisements, social media campaigns, billboards, and posters, brand awareness and visibility among customers are raised. Because consumers are becoming more health conscious, industry players are introducing ice creams that are higher in nutrients and lower in sugar than conventional ice creams.
Higher prices- The higher prices in comparison to competitors will likely hinder market expansion. Strict regulations requiring ingredient standardisation are expected to pose hurdles for the organic ice cream market over the projected period. Ice cream is a frozen dairy product that will ultimately go bad (usually within two to three months), but improper storage can cause it to spoil even faster. Therefore, it is expected that market expansion will be constrained by the product's high storage cost. Furthermore, throughout the winter and monsoon seasons, market players can notice a sharp drop in product demand, which could further obstruct market progress. Summertime is typically the busiest season for the product.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global ice cream market, with a 41.73% market revenue share in 2022. Demand in the area has been strong, particularly from younger customers. To meet the growing demand for premium items, major producers have started launching a variety of products. For example, the world cone, the largest ice cream cone in India, was introduced in September 2021 by the well-known Indian brand Havmor. It comes in three flavours: Swiss Choco Brownie, Double Belgium Chocolate, and Nutty French Vanilla. In addition, it is anticipated that the growing inclination towards healthier substitutes will enhance the market for vegan and dairy-free products in the area. In India, between 60% and 65% of people were lactose intolerant. It is anticipated that the increasing rate of milk intolerance would increase consumer demand for vegan substitutes for traditional dishes, such as ice cream.
Asia Pacific Region Ice Cream Market Share in 2022 - 41.73%
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The product segment is divided into cups & tubs, bars & pops, and others. The cups & tubs segment dominated the market, with a market share of around 36.81% in 2022. The demand for the product is predicted to be fueled by consumers' increased desire for ice cream as a daily treat after meals. Brands have increased the range of products they offer as a result of growing awareness of the growing popularity of tubs. For instance, Magnum announced in August 2020 that its ice cream would be available in the UK in a range of tubs.
The type segment is divided into vegan, and dairy & water-based. The dairy & water-based segment dominated the market, with a market share of around 80.26% in 2022. The dairy industry is experiencing a sharp increase in demand for premium ice cream and everyday ice cream treats due to the region's fast increasing urbanisation and technological advancements. The primary driver of the market's yearly income is the use of innovative components including whole milk, skim milk, and flavouring and sweetening agents.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 80.36 Billion |
| Market size value in 2032 | USD 133.92 Billion |
| CAGR (2023 to 2032) | 5.24% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Product, Type |
As per The Brainy Insights, the size of the ice cream market was valued at USD 80.36 Billion in 2022 & USD 133.92 Billion by 2032.
Global ice cream market is growing at a CAGR of 5.24% during the forecast period 2023-2032.
Asia Pacific region emerged as the largest market for the ice cream.
A rise in the convenience meal preferences of millennials is a significant driving factor for the growth of the ice cream market.
Higher price is a significant restraining factor for the growth of the ice cream market.
Key players are Inspire Brands, Inc., Kwality Wall’s, Nestlé, Cold Stone Creamery, NadaMoo, Unilever, American Dairy Queen Corporation, Danone S.A., General Mills, Inc., and Blue Bell Creameries, among others.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global ice cream market based on below mentioned segments:
Global Ice Cream by Product:
Global Ice Cream by Type:
Global Ice Cream by Region:
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