Pune, India, Aug. 04, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Ice Cream Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Flavor, Category, Distribution Channel, and Geography,” the ice cream market is expected to grow from $ 90.27 billion in 2021 to $ 121.02 billion by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The ice cream industry growth is attributed to the high demand for frozen dessert and increasing innovation in flavors and loaded indulgence.
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Ice Cream Market: Competitive Landscape
Unilever; Nestlé SA; General Mills Inc.; Mars, Incorporated; LOTTE CONFECTIONERY CO., LTD; Wells Enterprises; Baskin-Robbins; Turkey Hill Dairy; Dairy Farmers of America, Inc.; Blue Bell Creameries are among the major players operating in the global ice cream market. Companies in this market focus on strategies such as investments in research and development activities and new product launches. For instance, in January 2022, Unilever’s Magnum has launched a mini-sized multi-pack of vegan ice creams and a new and improved recipe to its vegan core range. Two great reasons to introduce your tastebuds to non-dairy this Veganuary. Such strategic initiatives have expected to provide strong growth potential to the ice cream manufacturers over the forecast period.
Asia Pacific is projected to grow at the fastest CAGR in the ice cream market from 2021 to 2028. The growth in the region is majorly attributed to the rising disposable income, rapid urbanization, and increasing living standards of the population. The emerging countries are witnessing an upsurge in extreme weather and climate change, which offers ample opportunities for the key players in the ice cream market. Due to extreme summers, consumers in the region extensively consume various desserts after dinner or lunch. Over the past few years, the region has seen a surge of novelty products made by using extrusion technology. Also, manufacturers are adopting such technologies to provide richness and desired tastes to its consumers. For instance, on February 17th, 2015, Gujrat Cooperative Milk Marketing Federation Limited (GCMMF) (Amul) announced that it uses extrusion technology to make premium products and launched ‘EPIC’ as a super-premium range of ice creams.
Rising Popularity of Functional Ice Cream is anticipated to Boosts the Ice Cream Market Growth
Functional ice cream has become a popular product among health-conscious consumers due to the presence of high-quality ingredients, and it fulfills consumers’ nutritional requirements more than regular ice cream. Traditional ice cream contains nutritional properties and various health benefits. So, the increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer’s decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. The COVID-19 pandemic further influenced the demand for functional ice cream, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice cream have become especially popular with athletes and consumers looking for non-staple food and beverage products with better nutritional content. For example, Halo Top offers ice cream made from all-natural ingredients that are low in calories, low in sugar, and high in protein.
Ice Cream Market: Segmental Overview
Based on flavor, the ice cream market is segmented into vanilla, chocolate, fruit, and others. The vanilla ice cream segment held the largest share in the ice cream market in 2021. Vanilla flavor is derived through macerating and percolating vanilla pods in ethanol and water solution. Vanilla has its creamy and delicious taste. It is simple and suitable for any item. Hence, vanilla is a widely used flavoring agent in the ice cream industry and has high demand across the world. Moreover, consumption of vanilla provides a calming effect, helps curb sugar intake, eases toothache, and prevents colds and respiratory infections. It has antioxidant properties as it is a rich source of magnesium, calcium, phosphorous, and potassium.
Based on category, the ice cream market is bifurcated into conventional and sugar free. The conventional segment held the largest share in the ice cream market in 2021. The conventional ice cream is traditionally popular among millennials due to consumers’ indulgence in tastes and flavors. In recent years, consumers have been looking for healthier options. To cater to the consumers’ demand, conventional ice cream producers are introducing new variations, including low-calorie, low-fat, plant-based, and high-protein ice creams. Conventional ice cream is largely available in the market. Also, easy access to the product and preference to the traditional taste of the ice cream drive the growth of the ice cream market for this segment.
Based on form, the ice cream market is segmented into cups & tubs, bars & sticks, and others. The cups & tubs segment is projected to register the fastest CAGR from 202 to 2028. The bars & sticks segment is expected to grow in the forecast period. Bars and sticks are often made of soft wood, such as birchwood, or plastics. Ice-cream sticks come individually in flowpack bags. The bars and sticks are durable, tasteless, food-safe, and biodegradable. However, the possibility of splinters of woods and plastics part may harm the consumer, which can hinder the growth of the ice cream market share for the bars and sticks segment.
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Impact of COVID-19 Pandemic on Ice Cream Market
The COVID-19 pandemic affected industries in various countries, influencing their economic conditions. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products. In 2020, various companies announced possible delays in product deliveries and a slump in future sales of their products. In addition, the bans imposed by various governments in Europe, Asia, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the global ice-cream market.
In the pre-pandemic period, the ice cream market was mainly driven by high demand for frozen desserts, such as ice cream, owing to people's changing lifestyles and seasonal demand for products. However, many industries faced unprecedented challenges due to the COVID-19 outbreak in 2020. The food & beverage industry declined due to the shutdown of manufacturing units and supply chain disruption. The pandemic disturbed the manufacturing processes with restrictions imposed by government authorities in various countries. During the initial phase of the pandemic, almost all countries in the world proposed lockdowns in their respective economies, where people were restricted from going outside their houses.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Chocolate Ice Cream Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Vegan Ice Cream Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Dairy-Free Ice Cream Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Ice Cream and Frozen Dessert Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Vanilla Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Frozen Fruits Market Forecast to 2027 - COVID-19 Impact and Global Analysis
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