Ice Cream Market to grow at a CAGR of 6.47% through 2027
Increasing new variants and flavors of ice cream with
rising disposable income are driving the growth of ice cream market globally.
According to TechSci Research report, “Ice Cream Market - Global Industry Size,
Share, Trends, Opportunity, Competition and Forecast, 2017-2027”, the global ice cream market stood at USD111.58
billion in 2020 and is anticipated to grow at a CAGR of 6.47% in the forecast
period, 2023-2027. Rising consumer spending on fast food products, ongoing
research and development activities, and widespread availability of ice creams
are key factors accelerating the growth of the global ice cream market in the
forecast period.
A
high number of consumers are shifting towards adopting healthy eating habits
and are willing to spend a significant amount in purchasing quality food products.
Increased demand for premium ice creams made up of rare and expensive
ingredients and the growing use of natural ingredients to make ice creams are
bolstering the demand for ice cream worldwide.
Liquor
flavored ice creams are gaining popularity among consumers, and these ice
creams contain 0.5% alcohol content. Consumers can easily purchase
liquor-flavored ice creams from grocery stores and specialized stores.
Growing
demand for lactose-free ice creams contributes to the market growth in the forecast
period. The increasing prevalence of food allergies and intolerances makes the
market players invest in making ice creams suitable for different needs. Also,
the high demand for vegan products and the availability of vegan flavored ice
creams are expected to influence the global ice cream market positively.
However,
varying demand according to changing seasons and high ice cream storage costs
may restrain the global ice cream market growth for the next five years.
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over 134 market data Figures spread through 174 Pages and an in-depth TOC on
"Global Ice Cream Market"
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The
global ice cream market is segmented based on category, product type,
distribution channel, regional distribution, and company.
On
the basis of product type, the market is divided into brick, tub, cup, cone,
stick, and others. Brick ice cream is expected to dominate the global ice cream
market in the next five years. Consumers prefer to buy family pack ice creams
as they are more prominent in quantity and are affordable rather than buying
different ice creams for every family member. Market players are launching ice
cream bricks in different flavors to make them affordable for middle-class
families.
Based
on distribution channels, the market is divided into supermarkets/hypermarkets,
convenience stores, specialty stores, online, and others.
Supermarkets/hypermarkets are expected to account for the highest market share
in the forecast period. Availability of ice creams belonging to different
brands and flavors under a single roof enhances consumers' shopping experience.
Ease of comparing the products based on price, flavor, ingredients, and brands
and discounts on purchasing the ice creams are the reasons attracting customers
to buy ice screams from supermarkets/hypermarkets.
On
the basis of regional analysis, the North America region is dominating the
market and is expected to maintain its dominance by covering 31.34% market
share in 2027. Rising demand for frozen desserts among the young population and
growing health concerns drive the demand for ice creams in the region. High
demand for plant-based frozen desserts and ice creams containing natural
ingredients are garnering massive customer attraction. Market players are
introducing sugar-free and low-calorie ice creams to lure health-conscious
consumers.
Major
market players operating in the global ice cream market is:
·
Unilever
PLC
·
Inspire
Brands, Inc.
·
Kahala
Franchising, L.L.C.
·
Lotte
Corporation
·
Dairy
Farmers of America, Inc.
·
Gujarat
Cooperative Milk Marketing Federation
·
International
Dairy Queen Inc.
·
Blue
Bell Creameries, L.P.
·
General
Mills Inc.
·
Nestlé
SA
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“High internet
penetration and proliferation of smart devices are bolstering the growth of the
e-commerce industry, especially in developing countries. Online sales channel
provides flexible buying options to customers. Brands are offering lucrative
discounts on the purchase of ice creams to boost their sales and provide a
customized shopping experience to consumers. The rise in investments by market
players to find innovative packaging materials and methods and introduce new
ice cream flavors is influencing the market demand. Increased focus on
improving the product quality and advancements in the logistics sector is
expected to propel the global ice cream market growth till 2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Ice Cream Market - Global Industry Size, Share, Trends,
Opportunity and Forecast, 2017-2027 Segmented 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 (Supermarkets/Hypermarkets, Convenience Stores, Specialty
Stores, Online, and Others (Push Carts, etc.), By Region”,
has evaluated the future growth potential of global ice cream market and
provides statistics and information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global ice cream market.
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