The global ice cream market value was USD 67.04 Billon in 2019. It is projected to rise to USD 123.06 Billion by 2028. This will represent a 6% increase in CAGR from 2019-2028.
Ice cream can be described as a dairy product sweetened either with natural sugars or artificial sweeteners. The market offers a variety of ice creams, including soft ice creams, light ice creams, low-fat ice creams, hard ice creams, and more. Summer is the best season to consume ice cream and other related products. Many flavors are available, which has driven the growth in the ice cream market. This has increased the market’s revenue as ice cream customers pay more for these products.
Because of supply chain disruptions and lockdown restrictions, COVID-19 hurt the growth and development of the ice cream market.
The market is expected to witness rapid growth with a CAGR of 8.9% between 2022 and 2028. This growth is expected due to increasing demand for dairy-free and healthy alternatives and a growing number of new product launches that feature innovative flavors.
The Asia Pacific region is predicted to experience the fastest CAGR in the forecast period. The consumption of ice cream will increase rapidly in countries such as India, Australia, and New Zealand. Additionally, the growing middle-income population in the region and the rising purchasing power are expected to drive up sales of premium products like vegan Ice Cream.
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Continuous innovation in the sector to stimulate product demand
Traditional ice cream does not have any health benefits, but it has nutritional properties. The increasing demand for functional ingredients and the market’s willingness to add them can encourage people to choose the product as a healthy snack. Functional foods offer benefits beyond the essential nutrients and can help reduce or minimize certain diseases. Globally, the demand for functional foods and fortified products will rise.
While traditional ice cream doesn’t have any health benefits, it does contain nutritional properties. People may choose to snack on functional ingredients because of their increasing availability and willingness to include them in the market. Functional foods have many other benefits than essential nutrients. They can reduce or even eliminate certain diseases. Globally, there will be a rise in demand for functional foods
Low Shelf Life, Seasonality, and Performance Impede
Ice cream is a frozen dairy product. It will likely spoil quickly (usually within 2-3 months). However, it could spoil within days if it isn’t stored correctly. A product stored in a moist environment will often develop a foul odor and microorganisms. It can also pick up volatile flavorings from the storage environment, such as paint or ammonia. The product’s high storage cost is expected to limit the market growth. In summer, the highest demand for the product occurs. However, there is a tendency for market players to notice a sharp decline in product demand during winter and monsoon. This further hampers market growth.
Market Key Trends:
Ice cream demand has been increasing steadily in the single-serve category.
Ice cream companies are using different ingredients to meet the approval of food regulators in their respective regions. Key manufacturers are developing different formulations. They also differentiate their products through unique combinations of flavors and textures. This might make it easier for consumers to identify confectionery bars or sticks.
- C3 (Creating Culinary Communities), an innovative food and beverage platform, announced in 2021 that it had partnered with Unilever as one of its fulfillment partners for The Ice Cream Shop. The Ice Cream Shop offers frozen novelty brands and top-selling Ice Cream to consumers on-demand. C3 hosts The Ice Cream Shop at 17 locations in Los Angeles, Orange County, Oakland, Chicago, and Chicago. The partnership will be expanded to its digital kitchens throughout 2021.
- The Urgent Company was a standalone CPG company that Perfect Day started in 2021. This year, Sunshine Strategic Partners acquired Coolhaus premium ice cream maker Coolhaus. Coolhaus is a premium brand currently found in more than 7,500 US stores. Perfect Day’s animal-free dairy protein products also get more attention and are in a giant spotlight.
- Dairy Day’s 2020 launch of Dairy Day Plus, an assortment of icecreams that contains immune-boosting ingredients, was the start of the Dairy Day ice cream brand. The company launched Haldi (turmeric-flavored) ice cream and Chyawanaprash flavors icecreams.
- Lotte Confectionary
- Dean Foods
- General Mills
- Yili Group
- Turkey Hill
- Blue Bell Creameries
Key Market Segments:
- Soft Ice Cream
- Hard Ice Cream
Frequently Asked Questions (FAQ):
- What is the current market size for Ice Cream at national, regional, and global levels?
- What has been the global Ice Cream market evolution in recent years, and what is its potential for growth in the future?
- How does COVID-19 affect the Ice Cream Market Forecast?
- What are the most critical driving factors and challenges for the industry?
- What are the structure and the major players in the global Ice Cream Market?
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