USD 79 billion
Ice Cream Market Size, Share, Growth Analysis, By Product(Impulse Ice Cream, Take-Home Ice Cream, Artisanal Ice Cream), By Flavor(Vanilla, Chocolate, Fruit, Others), By Distribution Channel(Supermarkets, Hypermarkets, Convenience Stores, Specialty Stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2350 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
93
|Figures:
76
Ice Cream Market Insights
Ice Cream Market size was valued at USD 79 billion in 2019 and is poised to grow from USD 82.32 billion in 2023 to USD 119.21 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
Dairy products like ice cream are sweetened with either real sugar or artificial sweeteners. The businesses operating in the market offer a variety of ice creams, such as hard ice cream, soft ice cream, light ice cream, low-fat ice cream, and others. Ice cream and associated goods are unquestionably best consumed during the summer. The availability of a wide range of flavored ice creams is what is fueling the ice cream industry's expansion. As a result, ice cream buyers pay a higher price for these goods, which raises the market's revenue.
The global market is anticipated to be driven by rising consumer spending on fast food, intensive research & development efforts for the creation of inventive product varieties, and simple product accessibility. Additionally, it is predicted that increased urbanization and rising disposable income will significantly support market expansion in several emerging economies in the ensuing years.
US Ice Cream Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Lasers
Fastest Growth
Lasers
Growth Rate
4.2% CAGR
Global Ice Cream Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
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Ice Cream Market Segmental Analysis
The global ice cream market segmentation is based on product type, flavor, distribution channel, and region. Based on product type, the ice cream market is segmented into impulse ice cream, take-home ice cream, and artisanal ice cream. Based on flavor, the market is segmented into vanilla, chocolate, fruit, and others. Based on the distribution channel, it is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, and online sales channels. Based on region the global ice cream market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Ice Cream Market Analysis by Product Type
Due to its portability and growing global popularity, the impulsive ice cream business is the most lucrative in the whole ice cream industry. This flavor of ice cream is very popular, especially among kids and teenagers. Ice cream bars, sandwiches, ice lollies, cones, cups, and sticks are examples of impulse purchases of ice cream. The majority of the time, these things are bought for immediate consumption.
The take-home ice cream segment is the second-largest category. The rise in house events and parties where ice cream is served as a snack or dessert is the primary cause of the strong demand for take-home ice cream.
Ice Cream Market Analysis by Flavor
With the biggest market share, the vanilla sector dominates the market. The increase in demand for vanilla ice cream is to blame for this. People of all ages like the classic vanilla ice cream variety of ice cream. One of the most well-liked flavors in the world is vanilla. The versatility of vanilla flavor to complement and integrate with the majority of sweets is anticipated to increase demand.
During the forecast period, the others segment is anticipated to have the fastest CAGR. The demand for additional flavors in the ice cream industry is anticipated to increase due to consumers' growing preference for unique and inventive flavors. The producers' interest in releasing novel flavors has increased due to the consumer inclination for testing out new flavors.
Ice Cream Market Analysis by Distribution Channel
The segment of the global ice cream market with the quickest growth is the online sales channel. This is a result of rising smartphone use and increased internet usage. Additionally, incentives like discounts and free home delivery are offered by online shopping channels. The most common flexible buying option is to order online for delivery to one's house. Online retailers with a large selection of nutritious items and advice for clients who want to live healthier lives have a lot of promise.
Global Ice Cream Market By Product Type, 2021 (%)
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Ice Cream Market Regional Insights
In 2021, the Asia Pacific region contributed the most to the global market, with a revenue share of more than 42%. High demand has been seen in the area, particularly from young consumers. To meet the growing demand for premium goods, major manufacturers have been launching a variety of products. Furthermore, it is anticipated that the region's demand for dairy-free, vegan products would increase as people in the area start to favor healthier choices.
North America is probably going to command the second-largest market share. The demand for ice cream in the region is being driven by the expansion of fast-food restaurants throughout the area and the extensive use of natural ingredients in the manufacture of frozen dairy products.
Due to growing ice cream demand from younger demographics and a developing middle class, the Middle East and Africa market is also anticipated to experience respectable development over the projection period. In addition, it is anticipated that the extended summer in the MEA region will increase demand for ice cream in nations like South Africa, Saudi Arabia, and others.
Global Ice Cream Market By Geography, 2022-2028
- Largest
- Fastest
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Ice Cream Market Dynamics
Ice Cream Market Driver
- The demand for the global ice cream market will be driven in the projected period by an increase in millennials' preference for convenience foods, rising consumer disposable income, and the introduction of ice cream in various flavors to attract consumers.
- The rise in consumer per capita income has made it possible for them to afford luxury goods and high-quality lifestyles. The worldwide ice cream market is being driven by consumer awareness of various ice cream brands, which is being fueled by rapid urbanization and globalization. Ice cream providers are now able to keep their products edible for extended periods because of the creation of an effective supply chain and technological advancements in deep freezer technology.
- Brand awareness and visibility among customers are increased when market participants adopt alluring marketing tactics by investing in profitable commercials, social media campaigns, billboards, and posters. The industry participants are launching ice creams with high nutritional content and less sugar than traditional ice creams due to the rise in health consciousness among customers.
Ice Cream Market Restraint
- It is anticipated that the higher prices compared to competitors will hamper market expansion. During the forecast period, the market for organic ice cream is anticipated to face challenges from strict rules for ingredient standardization.
- Ice cream is a frozen dairy product that will eventually go bad (often in 2-3 months), but if it is not stored properly, it may go bad even sooner. Therefore, it is anticipated that the product's high storage cost will restrain market expansion. Additionally, market participants may observe a steep decline in product demand throughout the winter and monsoon seasons, which can further impede market expansion. The demand for the product is often at its height during the summer.
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Ice Cream Market Competitive Landscape
The ice cream industry is highly fragmented and competitive, with many domestic and foreign rivals including Unilever, Nestle, Blue Bell, Herdez, and Inspire Brands Inc. To acquire a competitive edge in the market, these firms are competing on a variety of aspects, such as product offerings, quality, taste, flavor, pricing, functionality, size, packaging, and marketing initiatives. The market's most active businesses are primarily concerned with launching new items to meet consumer demand. For instance, Starbucks announced the release of a new line of ice creams in April 2021 that are inspired by consumers' preferred beverages. Starbucks's newest category offers decadent tastes, styles, and customized choices.
Ice Cream Market Top Player’s Company Profiles
- Nestle S.A.
- Unilever Group
- General Mills, Inc.
- Mars, Incorporated
- Lotte Confectionery Co., Ltd.
- Blue Bell Creameries L.P.
- Turkey Hill Dairy, Inc.
- The Hershey Company
- Froneri International Limited
- Wells Enterprises, Inc.
- Grupo LALA, S.A.B. de C.V.
- Graeter's Inc.
- Amul
- Rich Products Corporation
- Agropur Cooperative
- Britannia Industries Limited
- Dean Foods Company
- Yili Group
- Meiji Co., Ltd.
- Gujarat Cooperative Milk Marketing Federation Ltd.
Ice Cream Market Recent Development
- In January 2022, with almond milk and a variety of toppings, Cold Stone Creamery introduced its first vegan ice cream across the nation.
- In January 2022, in Germany, Unilever announced the introduction of new vegan ice cream under the magnum brand. The recently added vegan classic, vegan almond, and vegan hazelnut crunch bars are on sale in grocery and convenience stores all around the nation.
- In January 2022, the family-run US ice cream manufacturer The Ice Cream Factory increased its manufacturing space by acquiring an 86,000-square-foot facility in Missouri. It is predicted that 130 new employees will be created over the next five years thanks to the company's approximately $9 million investment.
- In June 2021, to expand its production facility in Fort Wayne, Dreyer's Grand Ice Cream, Inc., a California-based ice cream manufacturer, and a subsidiary of Nestle S.A., invested close to US$145 million.
Ice Cream Key Market Trends
- Ice cream producers are developing goods with functional components, organic herbal fillings, and exotic flavors in product formulations to acquire a competitive advantage and appeal to more consumers. To adapt to shifting consumer tastes, businesses are introducing new exotic flavors like coconut, lemon, and tropical fruits. Additionally, consumers who are concerned about their health favor Skinny Cow, a low-calorie and low-fat ice cream. Their consumer base is growing as a result of this. Additionally, the benevolent regulations support the market innovations that were examined.
Ice Cream Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the impulsive ice cream business is the most profitable in the entire ice cream industry because of its portability and rising global popularity. The vanilla industry controls the market with the largest market share. The online sales channel is the area of the global ice cream market that is growing the fastest. The segment called "others" is predicted to have the fastest CAGR during the projected period. Most likely, North America will have the second-largest market share.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 79 billion |
| Market size value in 2031 | USD 119.21 billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ice Cream Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ice Cream Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ice Cream Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ice Cream Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ice Cream Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ice Cream Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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