Rise in disposable income majorly drives the growth of the global ice cream market, especially in the developing economies. In addition, increase in number of convenience stores and increased preference for different flavors fuel the ice cream market growth.
The ice cream market was valued at $68,052.20 million in 2020, and is estimated to reach $122.1 Billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
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Ice creams are made up of dairy items such as milk and cream combined with dry fruits, flavors, and other ingredients. Ice cream is a sweetened solidified nourishment made using milk and cream. The preparation of ice cream also involves natural products or different fixings and flavors. It is ordinarily sweetened with sugar or sugar substitutes. The major factors driving the market growth include rise in disposable income in emerging economies and increased preference for niche ice cream flavors. However, the seasonality of the ice cream products and health concerns associated with it act as a major restraint for the global ice cream market size.
The global ice cream industry is segmented on the basis of product type, flavor, distribution channel, and region. On the basis of product type, the ice cream market is categorized into impulse ice cream, take-home ice cream, and artisanal ice cream. On the basis of flavor, the market is segmented into vanilla, chocolate, fruit, and others. On the basis of distribution channel, it is categorized into supermarkets and hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
Consumers have become more conscious about sugar intake and prefer products offering high nutrition value; thus, the demand for sugar-free, organic, and calorie products is on the rise globally. Manufacturers such as Mars are reformulating their products and focusing on development of sugar-free, functional, and organic variants. Introduction of these variants in the market is expected to boost value sales and help manufacturers in delivering products, which support ice cream market trends.
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The key players operating in the global ice cream market are Unilever Group Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill, Mihan Dairy Inc., and Meiji Holdings Co. Ltd. These major market players have adopted various strategies to expand their market reach. The strategies adopted in the market are product launch and acquisition. New market players are also entering the market with new flavors.
KEY FINDINGS OF STUDY
Europe is expected to maintain its dominant position in the ice cream market, in terms of value during the forecast period.
The take-home ice cream segment generated the highest revenue in 2020, and is projected to grow at a CAGR of 4.9% during the forecast period.
In terms of volume, the artisanal ice cream segment is projected to witness the highest CAGR of 5.2% from 2022 to 2031.
LAMEA accounted for approximately one-sixth share of the global ice cream market in 2020.
The Asia-Pacific ice cream market is anticipated to grow at the highest CAGR of 5.8% from 2022 to 2031.
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