Pune, India, May 26, 2021 (GLOBE NEWSWIRE) -- The global ice cream market size is expected to reach USD 91.90 billion by 2027, exhibiting a CAGR of 4.01% during the forecast period. The rapid urbanization and demand for savory ice-creams will have an outstanding impact on the ice cream market, states Fortune Business Insights, in a report, titled “Ice Cream Market Size, 2020-2027.” The market size stood at USD 70.85 billion in 2019.
COVID-19 Impact:
Changing Consumer Demands to Elevate Market amid COVID-19
The novel coronavirus is wreaking havoc on the global ice cream market. Producers are increasingly concerned about logistical constraints and labor shortages. Many manufacturers, especially small and medium-sized businesses, have had to reduce or stop production (SME). The condition has changed recently, with the number of new confirmed cases decreasing.
The demand will rise in the coming summer season as the epidemic is well contained, and transportation restrictions have been relaxed in recent months. Some businesses are focusing on adopting and making the most of changing consumer conditions and reducing commodity demand as a result of the COVID-19.
For instance, India's Amul Dairy promotes ancient methods of protecting immune systems through Ayurveda and a balanced lifestyle. The brand has announced the release of a new Haldi ice cream made with the goodness of Haldi (turmeric), pepper, and honey and the richness of dates, almonds, and cashews.
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Market Segments:
On the basis of type, the ice-cream market is categorized into impulse and take-home. The impulse segment is expected to hold the largest ice cream market share. The increasing popularity of convenient product packaging among consumers is predicted to bolster healthy growth of the segment. Vanilla segment is expected to hold a high share in terms of flavor. Cup is expected to account for the highest share during the forecast period, based on packaging analysis.
Online retailers’ segment is expected to rise exponentially during the forecast period due to their flexible buying option. Online retailers who sell a wide range of healthy foods and offer guidance to buyers to live healthier lives will spur opportunities for the market.
The ice cream market report incorporates:
- Comprehensive assessment of the market
- Valuable insights into the segments
- Latest trends and important drivers
- Leading regions
- Key Development
Driving Factor:
Launch of Ben & Jerry's New Ice Cream to Incite Development
Traditional ice cream is nutrient-dense, even though it has no health benefits. As a result, market participants' growing interest in fortification and functional ingredients can encourage customers to choose the product as a healthier snack choice. Functional foods have advantages over and above basic nutrition, and they can help reduce or eliminate the risk of certain diseases. The infusion of functional ingredients by companies will influence the healthy growth of the ice cream market share.
Moreover, the easy availability of the product coupled with the rising expenditure on fast foods is expected to drive the market growth. The increased spending by major players on research and development of new goods is expected to significantly affect business growth. For example, the Unilever Group's Ben & Jerry's brand confirmed the launch of new ice cream in May 2020. The food made of cookies, fudge, and potato chips was created in collaboration with Netflix's baking show “Nailed It”.
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Regional Insights:
Rising number of Fast-food Chains to Boost Market in North America
The Asia Pacific market has the largest share and is expected to expand at a 4.28 percent compound annual growth rate (CAGR) over the forecast period. Growing product acceptance, fierce competition, and a vast customer base have driven operators to seek strategic advantages through product offers and service delivery technologies. Major companies are working hard to expand their footprints in the Asian market by acquiring small local companies.
In September 2018, for example, the Unilever group agreed to buy Adityaa milk and an ice cream company in India. North America is expected to have the second-largest market share. The growing number of fast-food chains in the area and the widespread use of natural ingredients in the manufacture of frozen dairy products are pushing up demand for the commodity. Premium products have become a popular choice among health-conscious Americans due to high-quality ingredients and a lesser amount of aeration compared to regular ones.
Competitive Landscape:
Introduction of Novel Products by Prominent Companies to Strengthen Market
Companies are spending heavily on digitalization in order to expand their customer base. To raise awareness of their brand and brands, industry leaders are relying on digital platforms. Major corporations are preparing to forego conventional marketing spending in favor of advertising on social media sites such as Instagram and Facebook.
Furthermore, influencer marketing has proven to be a successful strategy. For portfolio broadening and product marketing, companies like Nestle S.A., Unilever Group, and General Mills are focusing on new product releases and joint partnerships with related stakeholders. Unilever Group, for example, announced the introduction of the Double Red Velvet version under the Magnum brand in January 2021.
The Report Lists the Key Players in the Ice Cream Market:
- Nestle S.A. (Vevey, Switzerland)
- Unilever Group (London, United Kingdom)
- General Mills (Minnesota, United States)
- Dunkin Brands (Canton, United States)
- Blue Bell Creameries (Texas, United States)
- Dairy Queen (Edina, United States)
- Cold Stone Creamery (Arizona, United States)
- Amul (Gujarat, India)
- Ben & Jerry (Vermont, United States)
- Dairy Farmers of America, Inc. (Kansas, United States)
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Key Development:
October 2020: Amul introduced a new camel milk ice cream. The new product is made from 100 percent camel milk.
June 2020: Food Union, a global dairy production and distribution group, launched more than 100 novel dairy frozen products during the fiscal year 2020.
June 2020: Dairy Day launched Dairy Day Plus — a range of ice-cream products with immunity-boosting ingredients.
Have a Look at Related Research Insights:
Artisanal Ice Creams Market Size, Share & Industry Analysis, By Flavour (Chocolate, Fruits, Others (Herbal, Caramel)), By Distribution Channel (Mass Merchandisers, Speciality Stores, Convenience Stores, e-Commerce) Others and Regional Forecast, 2021-2028
Frozen Food Market Size, Share & COVID-19 Impact Analysis, By Type (Frozen Vegetables and Fruits, Frozen Ready Meals, Frozen Pizza, Frozen Seafood, Frozen Meat Products, Frozen Potato Products, Frozen Baked Products, and Others), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027
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