According to the report, the global ice cream industry generated $68.05 billion in 2020, and is anticipated to generate $122.05 billion by 2031, witnessing a CAGR of 5.0% from 2022 to 2031.
Prime determinants of growth
Expansion of these retail channels and exotic flavors of ice creams drive the growth of the global ice cream market. However, health concerns associated with ice creams hinder the market growth. On the other hand, rise in demand for innovative products and development of lactose-free ice cream presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic led to global lockdown and temporary closure of manufacturing facilities, which hampered the growth of the global ice cream market.
- Moreover, the supply chain was disrupted, which in turn, created several challenges for the manufacturers.
- Nevertheless, the market is steadily recovering in 2022.
The vanilla segment to maintain its leadership status throughout the forecast period
Based on flavor, the vanilla segment held the highest market share in 2020, accounting for one-third of the global ice cream market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 5.6% from 2022 to 2031. This is attributed to surge in demand for vanilla ice creams. It is a traditional form of ice cream liked by people of all age groups.
The specialty stores segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty stores segment accounted for the largest share in 2020, contributing to nearly two-fifths of the global ice cream market, and is projected to maintain its lead position during the forecast period. This is because specialty stores provide wide range of products with discounts. However, the online sales channel segment projected to register a CAGR of 6.3% from 2022 to 2031, due to increase in internet penetration and rise in usage of smartphones.
Europe, followed by Asia-Pacific and North America, to maintain its dominance by 2030
Based on region, Europe, followed by Asia-Pacific and North America, held the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global ice cream market, due to the growing demand for frozen treats among the millennial demographic group. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 5.8% from 2022 to 2031, owing to rise in demand from the emerging economies such as India, China, Indonesia, and others.
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Leading Market Players: –
- Unilever Group
- Nestle S.A.
- General Mills, Inc.
- Mars
- Blue Bell Creameries
- Lotte Confectionery
- Wells Dairy Inc.
- Turkey Hill
- Mihan Dairy Inc.
- Meiji Holdings Co. Ltd
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