Posted by The ice cream market, a perennial favorite among dessert enthusiasts worldwide, is poised for significant growth in the forecast period of 2023-2028. Projections indicate a robust compound annual growth rate (CAGR) of 4.3%, culminating in a market value of USD 99.77 billion by 2028. In 2022, the market stood at a value of USD 77.5 billion, reflecting the enduring popularity of ice cream as a sweet and indulgent treat.
Chilling Success: The Global Ice Cream Market’s Growth Trajectory
Ice cream, a timeless and versatile dessert enjoyed in various forms, flavors, and formats, remains a beloved treat for consumers of all ages. The global ice cream market’s anticipated growth highlights the industry’s ability to adapt to changing consumer preferences, innovate in flavors and formulations, and maintain its status as a go-to dessert option.
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Key Market Drivers
The robust growth of the global ice cream market is driven by several key factors:
- Diverse Flavor Offerings: Manufacturers continue to innovate with a wide array of flavors, including exotic and unique combinations, to appeal to diverse consumer tastes.
- Premiumization Trends: The demand for premium and artisanal ice creams, often featuring high-quality ingredients and unique textures, contributes to market expansion.
- Health and Wellness Considerations: The development of healthier and better-for-you ice cream options, including reduced sugar, plant-based, and low-calorie alternatives, aligns with consumer wellness trends.
- Novelty and Innovation: Introduction of novel formats, such as ice cream sandwiches, bars, and cones, as well as collaborations with other food and beverage brands, adds excitement to the market.
- E-commerce Growth: The surge in online shopping and home delivery services enhances accessibility, enabling consumers to explore a wide range of ice cream options from the comfort of their homes.
Market Segmentation
The global ice cream market can be segmented based on various factors, including type of ice cream, distribution channel, and geographic region.
By Type of Ice Cream:
- Artisanal Ice Cream
- Impulse Ice Cream
- Take-Home Ice Cream
- Soft Serve Ice Cream
- Frozen Yogurt
- Others
By Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Retail
- Ice Cream Parlors
- Others
By Geographic Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Market Leaders
Several key players in the global ice cream market have been instrumental in driving innovation and shaping the industry landscape. These market leaders include:
- Unilever plc
- Nestle SA
- General Mills, Inc.
- Lotte Confectionery Co.,Ltd
- Dairy Farmers of America, Inc.
- Danone S.A.
- The Kroger Co.
- Meiji Holdings Co., Ltd.
- Gujarat Cooperative Milk Marketing Federation Ltd.
- Turkey Hill Dairy
- HP Hood LLC.
- Wells Enterprises, Inc.
- Tillamook County Creamery Association
- American Dairy Queen Corporation
- Ashby’s Ice Cream
- Others
These companies continue to invest in product development, sustainability initiatives, and marketing strategies to meet the evolving demands of the global ice cream market.
Future Trends and Opportunities
The global ice cream market is poised for continued growth, with several trends and opportunities expected to shape its future:
- Plant-Based Offerings: The increasing popularity of plant-based diets drives demand for dairy-free and vegan ice cream alternatives.
- Innovative Flavors and Ingredients: Experimentation with unique and exotic flavors, as well as the inclusion of trendy ingredients, keeps consumers excited about new ice cream offerings.
- Sustainable Packaging: Consumer awareness of environmental concerns prompts the adoption of eco-friendly and sustainable packaging solutions.
- Collaborations and Limited Editions: Partnerships with other brands, celebrity collaborations, and limited-edition releases create buzz and drive consumer engagement.
- Regional and Ethnic Flavors: The exploration of regional and ethnic flavors adds diversity to product portfolios, catering to multicultural consumer preferences.
Market Projections
According to recent market research, the global ice cream market is expected to maintain a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2023 to 2028. This growth reflects the enduring appeal of ice cream as a versatile and indulgent dessert.