Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- The global ice cream market size to reach USD 71.52 billion in 2021 and is anticipated to increase from USD 73.61 billion in 2022 to USD 104.96 billion by 2029 at a 5.20% CAGR during 2022-2029. Rising consumer spending on fast food, intense research and development operations for the creation of unique product variants, and the product's widespread availability is expected to fuel the global market. Furthermore, market expansion in a number of emerging markets is projected to be aided in the coming years by greater urbanization and rising disposable income, says Fortune Business Insights™, in its report titled “Ice Cream Market, 2022-2029."
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The ice cream market has experienced consistent growth and widespread popularity as a beloved frozen treat across the globe. With a wide array of flavors, textures, and formats, ice cream appeals to people of all ages and backgrounds. The market is driven by factors such as changing consumer preferences, innovative product offerings, and increased indulgence and snacking habits.
Ice cream manufacturers continuously introduce new and exciting flavors and variations, catering to diverse tastes and dietary preferences, including vegan and lactose-free options. Additionally, the market has witnessed a surge in demand for premium and artisanal ice creams, as consumers seek high-quality, natural ingredients and unique flavor combinations. As a result, the ice cream market remains a dynamic and competitive landscape, where companies strive to captivate consumers with delightful frozen delights.
List of Key Players Profiled in the Ice Cream Market Report:
- Nestle S.A. (Switzerland)
- Unilever Group (U.K.)
- General Mills (U.S.)
- Amul (India)
- Dunkin Brands (U.S.)
- Blue Bell Creameries (U.S.)
- Dairy Queen (U.S.)
- Dairy Farmers of America, Inc. (U.S.)
- Cold Stone Creamery (U.S.)
- CAMAL Ltd Company (Azerbaijan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 5.20 % |
| 2029 Value Projection | USD 104.96 Billion |
| Ice Cream Market Size in 2022 | USD 73.61 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 240 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Ice Cream Market Growth Drivers | Continuous Innovation in the Industry to Spur Product Demand |
| Rising Expenditure on R&D and Digitalization to Drive Growth |
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Segments:
By Type, Impulse Segment to Record Fastest CAGR during 2022-2029
Based on type, the market is bifurcated into impulse and take-home. The impulse segment dominated the market share in 2021, owing to the rising popularity of conveniently packaged product among consumers. On the other hand, the take-home segment will record notable growth through 2029.
By Flavor, Vanilla Segment to Capture Maximum Share through 2029
In terms of flavor, the market is divided into vanilla, chocolate, fruit, and others. Among these, the vanilla segment is slated to dominate the market during 2022-2029 led by the increasing popularity of the product. The chocolate segment is expected to hold the second-largest market share.
By Packaging, Cup Segment to Exhibit Stellar Growth over 2022-2029
On the basis of packaging, the market is segmented into cup, stick, cone, tub, brick, and others. The cup segment is anticipated to capture the dominant market share till 2029 led by the tremendous popularity of cup ice creams. The convenience associated with this type of packaging makes it extremely popular among consumers.
By Distribution Channel, Online Retailer Segment to Gain Traction through 2029
According to the distribution channel, the market is segregated into ice cream parlor, supermarket/hypermarket, online retailer, and others. Among these, the online retailer segment is projected to grow substantially owing to the growing trend of home delivery. Ease of convenience of online ordering will drive the growth of this segment.
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COVID-19 Impact:
Despite Slight Disruption, the Market to Witness Strong Recovery
The global COVID-19 pandemic disrupted the industry around the world. Labor shortages and logistical constraints have become important concerns for companies. Many firms, particularly small and medium-sized ones, were forced to stop or stop producing. With the number of new confirmed cases on the decline, the situation is expected to improve. As the impact of the pandemic reduce and transportation restrictions are eased, the demand will soar in the coming summer season. Some businesses are concentrating on capitalizing on shifting market dynamics to make up for the drop in product demand brought on by COVID-19.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Increasing Product Innovation to Drive Market Growth
Traditional ice cream is nutrient-dense, yet it has no health benefits. As a result, the market players are showing a growing interest in fortification and the addition of beneficial ingredients that may encourage consumers to select the product as a healthy snack option. Functional foods have advantages above and beyond basic nutrition, and they may help to reduce or eliminate the risk of certain diseases. The global consumption of fortified or functional products is predicted to rise due to increased production, thereby augmenting the ice cream market growth in the forthcoming years.
However, low shelf life and seasonality could affect product consumption to some extent.
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Regional Insights:
Asia Pacific to Dominate Market Share Led by Increasing Disposable Income
Asia Pacific dominated the ice cream market share in 2021 and is expected to grow at 5.63% CAGR over the forecast period. Fast food's growing popularity, increased disposable income, rapid urbanization, and the influence of Western cuisine and culture have all boosted product consumption throughout Asia Pacific.
North America is expected to capture the second-largest share of the market. The growing number of fast-food chains in the region and the widespread use of natural ingredients in the creation of frozen dairy products are pushing product consumption.
The European market has evolved as major corporations have adjusted their product portfolios in response to consumer interest and demand.
Competitive Landscape:
Market Players Focus on New Product Development and Launches to Strengthen Position
Leading companies, such as Nestle S.A., Unilever Group, and General Mills, are focusing on new product launches and collaborative ventures with key stakeholders for portfolio expansion and product marketing. For example, Unilever Group announced the launch of the Double Red Velvet variation under its Magnum brand in January 2021.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Porter's Five Forces Analysis
- PESTEL Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and New Product Launches
- Regulatory Analysis
- Market Entry Strategies
- Supply Chain Analysis
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Ice Cream Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Impulse Ice-cream
- Take Home
- By Flavor (Value)
- Vanilla
- Chocolate
- Fruit
- Others
- By Packaging (Value)
- Cup
- Cone
- Stick
- Brick
- Tub
- Others
- By Distribution Channel (Value)
- Hypermarket/Supermarket
- Ice-cream Parlor
- Online Retailer
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
- North America Ice Cream Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Impulse Ice-cream
- Take Home
- By Flavor (Value)
- Vanilla
- Chocolate
- Fruit
- Others
- By Packaging (Value)
- Cup
- Cone
- Stick
- Brick
- Tub
- Others
- By Distribution Channel (Value)
- Hypermarket/Supermarket
- Ice-cream Parlor
- Online Retailer
- Others
- By Country (Value)
- U.S.
- By Type (Value)
- Impulse ice-cream
- Take Home
- By Type (Value)
- Canada
- By Type (Value)
- Impulse ice-cream
- Take Home
- By Type (Value)
- Mexico
- By Type (Value)
- Impulse ice-cream
- Take Home
- By Type (Value)
- U.S.
- By Type (Value)
TOC Continued...!
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Key Industry Development:
January 2022: Casper's Ice Cream, a Utah-based company that owns brands such as FatBoy, Jolly Llama, and Churn Baby, was acquired by MidOcean Partners, a New York-based private equity firm.
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