NEWARK, NJ, May 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Ice Cream market is expected to grow from USD 69.79 billion in 2020 and to reach USD 95.5 billion by 2028, growing at a CAGR of 4% during the forecast period 2021-2028.
The ice cream market has witnessed signify cant growth in the past years. This growth is attributed to the increasing awareness and shifting of consumer preference and interests towards ice cream products that are free from preservatives, hormones, free from genetically modified organisms, free from dairy, low in calories, fat-free and organic in nature. The customers prefer healthy snacks; hence the increased research and development in the market by the key players also boosted the market. Increasing fast-food chain, urbanization and increased disposable income in developing countries further boosting the growth of the market.
An Ice Cream is a sweetened frozen food generally eaten as a dessert or snack. Ice cream is made from cream or dairy milk. It can also be made by whisking liquid nitrogen with a flavored cream base. In addition to stabilizers, colorings are usually added. Ice cream is served in dishes with a spoon to eat or in edible cones. It is flavored with a sweetener, like sugar or sucrose or fructose, with any spice like vanilla or cocoa. It is served with many other desserts like an apple pie, milkshakes, sundaes, ice cakes and on baked items too.
The factors that are driving the market are brisk urbanization, increased consumer expenditure on fast food, increasing disposable income, huge investments in research and development to produce innovative products, and healthy product option like low-fat, fortified and organic raw materials. Increasing awareness and shifting of consumer preference and interests towards the ice cream products which are free from preservatives, hormones, free from genetically modified organisms, free from dairy, low in calories, fat-free and organic in nature. The factors that are restraining the ice cream market are seasonality variation, storage problems and low shelf life of the product.
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Key players operating in the global ice cream market include Amul, Unilever Group, Ben & Jerry, Nestle S.A., Cold Stone Creamery, General Mills, Blue Bell Creameries, Dairy Farmers of America, Inc., Dunkin Brands, Dairy Queen and others. To gain a striking market share in the global ice cream market, the key players are now focusing on adopting strategies such as mergers and acquisitions, joint venture, product innovation, product development, partnership and collaborations.
- In October 2020, Amul launched a new camel milk ice cream for health-conscious customers as it contains less fat when compared to cow milk.
- In June 2020, Dairy Day Plus, a range of ice cream products with immunity-boosting ingredients launched by Dairy Day.
The impulse ice cream segment dominated the market and held the largest market share of 60% in the year 2020.
On the basis of type, the global ice cream market is segmented into take-home and impulse ice cream. The impulse ice cream segment dominated the market and held the largest market share of 60% in the year 2020. The growth of this market is attributed to the customers' preferences on the products that can be served to them on the go and also due to the innovations in impulse packaging.
The vanilla-flavored ice cream segment dominated the market and held the largest market share of 30.2% in the year 2020.
On the basis of flavor, the global ice cream market is segmented into chocolate, vanilla, fruits and others. The vanilla-flavored ice cream segment dominated the market and held the largest market share of 30.2% in the year 2020. The growth of this segment is attributed to the customer's preferences and interest in the traditional flavors due to their natural and expensive aroma and taste.
The online retailer's segment dominated the market and held the largest market share of 45% in the year 2020.
On the basis of distribution channels, the global ice cream market is segmented into online retailers, ice cream parlor, and supermarket/hypermarket. The online retailer's segment dominated the market and held the largest market share of 45% in the year 2020. The growth of this market is attributed to the increasing digitization, flexible buying options, online delivery and adoption of e-commerce models by supermarket owners.
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Regional Segment of Ice Cream Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global ice cream market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific region holds the largest market share. Asia-Pacific held a market size of USD 15.43 billion in the year 2020. The growth of this market is attributed to rapid urbanization, rising disposable income, increasing popularity of fast food, and the impact of western culture. North America is the fastest-growing region, and it holds the second largest market share owing to the increasing fast-food chain, preferences for less amount aeration products. Europe is anticipated to witness significant growth owing to change in consumer interests and demands.
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About the report:
The global ice cream market is analyzed on the basis of value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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