"Market Intelligence that Adds Flavour to Your Success"

Ice Cream Market Size, Share & COVID-19 Impact Analysis, By Type (Impulse and Take Home), By Flavor (Vanilla, Chocolate, Fruit, and Others), By Packaging (Cup, Cone, Stick, Brick, Tub, and Others), By Distribution Channel (Hypermarket/Supermarket, Ice cream Parlor, Online Retailer, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI104847

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global ice cream market size was valued at USD 71.52 billion in 2021. The market is projected to grow from USD 73.61 billion in 2022 to USD 104.96 billion by 2029, exhibiting a CAGR of 5.20% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with ice cream experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of -1.49% in 2020 as compared to 2019.


The increasing consumer expenditure on fast food, extensive research and development activities for the production of innovative product variants, and easy availability of the product are expected to drive the global market. Moreover, rapid urbanization and increasing disposable income are estimated to strongly aid the growth of the market in several emerging economies in the forthcoming years.


COVID-19 IMPACT


Disturbances in Supply Chain Management amid Pandemic Hindered Performance


The global industry is festering due to the novel coronavirus. Labor shortages and logistic restrictions have become top concerns for producers. Many producers had to halt or stop their production, particularly Small & Medium-sized Enterprises (SME). Currently, the situation has improved, with the number of new confirmed cases falling. As the outbreak is well controlled and transportation restrictions are lifted in recent months, the demand will increase in the coming summer season. Some companies are focused on adopting and making the best of the altering market dynamics in the wake of COVID-19.


For instance, although the world is learning to adjust to the challenges that the COVID-19 pandemic has brought, India-based Amul Dairy is endorsing ancient ways of protecting immune systems, with the help of Ayurveda alongside practicing a healthy lifestyle. Amul announced the launch of a new haldi flavored ice cream, which is made with the goodness of haldi (turmeric), honey, pepper, and the richness of dry fruits, including cashews, dates, and almonds. Digitalization and clever marketing solutions can help operating companies sustain growth and revenue generation during the pandemic.


LATEST TRENDS


Request a Free sample to learn more about this report.


Premiumization of Ice Cream Products to Augment Market Growth


Currently, the rising demand from customers for healthier and functional food has led to the production of ice-cream containing special ingredients with recognized nutritional and physiological properties such as probiotics, prebiotics, and natural antioxidants. A premiumized product is usually made from luxury, rare, and expensive ingredients using an innovative production method. Rapid urbanization, rising popularity of the product among millennials, and increasing cafe culture are projected to support the steady growth of premiumized product options. Furthermore, the rising number of artisanal ice cream shops and increasing consumer expenditure on the product from the higher-end with a guarantee of producing a dessert using natural ingredients and traditional methods are predicted to boost the market growth in the coming years.


DRIVING FACTORS


Continuous Innovation in the Industry to Spur Product Demand


Traditional ice cream has nutritional properties but no health benefits. So, the increasing interest of market players in the fortification and addition of functional ingredients can encourage consumers to choose the product as a healthy snack option. Functional foods provide benefits beyond basic nutrition and may play a role in reducing or minimizing the risk of certain diseases. The rising production of fortified or functional products is expected to increase the consumption of the product globally.


Healthy product options, such as fortified, low-fat, and many others, are easily available in the market as the producing companies have adopted proper branding techniques. These companies are reaching out to consumers with local distribution options such as hotels, restaurants, and malls. The easy availability of the product coupled with the rising expenditure on such fast foods is anticipated to drive the global market.


Rising Expenditure on R&D and Digitalization to Drive Growth


The rising expenditure by prominent players on the research and development of innovative products is anticipated to positively impact the market growth. For instance, in January 2022, Unilever Group launched vegan stick bars, magnum vegan classic and magnum vegan almond in mini-sized multi-packs.


Companies are actively investing in digitalization to increase their consumer base. The market players are focusing on digital channels to generate awareness of their brand and products. Major companies are planning to shun traditional media spend and invest their finances into ads on social media platforms, such as Instagram and Facebook, instead. Besides, influencer marketing has been a significant strategy, which is used to reach the target audience. It mostly includes millennial and fitness & health-conscious consumers.


RESTRAINING FACTORS


Low Shelf Life and Seasonality to Impede Performance


Ice cream is a frozen dairy product and is bound to spoil in a limited time (usually in 2-3 months), but if it is not stored properly, it can spoil within a few days. The product stored in a stale storage atmosphere will usually develop a foul smell and microorganisms. It can also pick absorbed volatile flavors from the storage environment such as paint and ammonia. So, the high storage cost of the product is expected to hamper the market growth. Furthermore, the demand for the product is usually at its peak during summer, but in winter and monsoon, market players can notice a sharp decrease in the product demand, which can further hinder the market growth.


SEGMENTATION


By Type Analysis


Impulse Segment to Grow at the Fastest Pace Owing to Increasing Popularity of Convenient Product Packaging


On the basis of type, the market is categorized into impulse and take home. The impulse segment held a dominant ice cream market share in 2021. The rising popularity of convenient product packaging among customers is projected to support the steady growth of the segment. Customers are constantly on the move, demanding products that can serve them on the go. The emergence of take-out or portioned foods has also made it easier for brands to create a range of products which target specific audiences and age groups, ranging from adults to teens to children. Furthermore, innovations in impulse packaging are also contributing to the growing demand for the segment as the new packaging is more convenient to carry and store compared to the old ones.


By Flavor Analysis


To know how our report can help streamline your business, Speak to Analyst


Vanilla Segment to Hold the Major Share Backed by Availability of Premium Quality Products


Vanilla is the most preferred flavor among customers across the globe, followed by chocolate. It is a natural and expensive aroma and is often replaced by artificial vanillin in ice-cream production, which causes different prices of the same-flavored products. The rising expenditure of premium quality vanilla-flavored products due to its great taste is anticipated to support the steady growth of the segment. Moreover, consumers are very attached to traditional flavors and are unwilling to select new, so far unprecedented, often unfamiliar, and innovative flavors of the product. Therefore, prominent key players are embarking on marketing activities, which would encourage consumers to purchase new types and flavors of the product.


By Packaging Analysis


Cup Segment to Emerge as the Most Utilized Packaging Form


Cup is known as the most popular type of product serving as it is a neat, clean, and easy-to-store option. Hence, it is the most convenient way of serving. The majority of the consumers prefer cups due to convenience. However, serving in cups requires a spoon to eat, and disposal is a problem, so the demand for cones is predicted to increase in the forthcoming years as there is no necessity to have a spoon, and they are consumed along with the product, adding a crunchy texture to the product.


By Distribution Channel Analysis


Online Retailers Segment to Exhibit Highest CAGR in the Forthcoming Years


The persistent increase in mobile adoption and broadband penetration, especially in emerging economies, has helped boost online sales. Ordering online for home delivery is the normally preferred flexible buying option across the globe. Henceforth, hyper/supermarket owners are introducing e-commerce models that make it even easier for tech-savvy, time-crunched consumers to get the items they need.


There is a great potential for online merchants that offer consumers a wide variety of good-for-you foods and provide guidance for customers aspiring to healthier lives. But, the obvious in-store benefits of fulfilling immediate shopping needs without paying shipping fees and powerful sensory experiences, such as feeling the vibrant color and texture of the product, which is virtually impossible to replicate online, are expected to support steady growth of hyper/supermarkets.


REGIONAL INSIGHTS


Asia Pacific Ice Cream Market Size, 2021 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The increasing popularity of fast food, rising disposable income, rapid urbanization, and the impact of western cuisine and culture have supported the consumption of the product in Asia Pacific. Presently, the Asia Pacific market holds the major share and is projected to grow at 5.63% CAGR during the forecast period. The growing product acceptability, stiff competition, and large consumer base have pushed operators to strive for competitive advantages through innovations with respect to product offerings and service delivery. Major regional players are rigorously trying to strengthen their footprints in the Asian market through the acquisition of small local players or through the expansion of their business. For instance, in December 2021, China's leading dairy producer, Yili Group, inaugurated its first phase of the Yili Indonesia Dairy Production Base. Upon its second phase, this new production base will become Indonesia's one of the largest factories, with a daily production capacity of more than four million ice-cream products.


North America is likely to hold the second-largest share in the market. The increasing number of fast-food chains across the region and the extensive utilization of natural ingredients in the production of frozen dairy products are driving the consumption of ice cream within the region. Superior quality products have become a popular choice among health-conscious Americans due to the presence of high-quality ingredients and a lesser amount of aeration than regular ones.


The market in Europe has been through an evolution as the prominent companies have changed their product portfolio according to consumers’ interest and demand. Ice cream, which was widely considered as an indulgent type in the past, has now changed to a stage where it is largely and happily perceived as a snacking option by consumers. With more money in their pockets, European consumers are increasingly allowing themselves to indulge, thereby supporting the steady growth of the regional market.


To know how our report can help streamline your business, Speak to Analyst


The developing regions, such as the Middle East & Africa and South America, together accounted for a lower share of the global market in 2021. However, increasing disposable income, the rising popularity of ice cream within these regions, and the greater presence of key companies are anticipated to lead to favorable growth rates in the coming years.


KEY INDUSTRY PLAYERS


Focusing on Novel Product Launches to Help Companies Expand their Product Lines


The global market is moderately consolidated with the presence of several prominent global players. The increasing popularity of the product and easy availability of health variants, such as fat-free and sugar-free products, have significantly increased demand. Companies, such as Nestle S.A., Unilever Group, and General Mills, are concentrating on new product launches and joint ventures with relevant stakeholders for portfolio broadening and product marketing. For instance, in January 2021, Unilever Group announced the launch of the Double Red Velvet variant under its Magnum brand.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • March 2022: Yuengling’s Corporation, an American ice-cream manufacturing company, acquired Revolution Desserts, LLC, an Atlanta-based ice cream manufacturing company that owns Gelato Fiasco, Sweet Scoops, Art Cream, and SoCo Creamery brands. Revolution Desserts operates in more than 600 retail stores nationwide.

  • January 2022: Unilever announced the launch of a new vegan ice cream under its magnum brand in Germany. The newly added vegan classic, vegan almond, and vegan hazelnut crunch bars are available in the retail shelves across the country.

  • January 2022: The Ice Cream Factory, a family-owned ice cream manufacturing company in the U.S., expanded its manufacturing footprint by purchasing an 86,000-square-foot factory in Missouri. The company invested nearly USD 9 million and is anticipated to create about 130 new jobs over the next five years.

  • April 2021: Starbucks has announced the launch of a new range of ice creams inspired by customers’ favorite beverages. The new category of Starbucks includes indulgent flavors, formats, and personalized options.

  • June 2021: Dreyer’s Grand Ice Cream, Inc., a California-based ice cream manufacturing company and part of Nestle S.A, invested nearly USD 145 million to expand its production plant in Fort Wayne.


REPORT COVERAGE


An Infographic Representation of Ice cream Market

To get information on various segments, share your queries with us



The report includes quantitative and qualitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key ice cream industry trends analysis.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



By Type




  • Impulse

  • Take Home



By Flavor




  • Vanilla

  • Chocolate

  • Fruit

  • Others



By Packaging




  • Cup

  • Cone

  • Stick

  • Brick

  • Tub

  • Others



By Distribution Channel




  • Hypermarket/Supermarket

  • Ice cream Parlor

  • Online Retailer

  • Others



 By Geography




  • North America (By Type, Flavor, Packaging, Distribution Channel, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, Flavor, Packaging, Distribution Channel, and Country)

    • Germany (By Type)

    • France (By Type)

    • U.K. (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Netherlands (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Flavor, Packaging, Distribution Channel, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • New Zealand (By Type)

    • Rest of Asia Pacific (By Type)



  • South America (By Type, Flavor, Packaging, Distribution Channel, and Country)

    • Brazil (By Type)

    • Chile (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)



  • Middle East & Africa (By Type, Flavor, Packaging, Distribution Channel, and Country)

    • UAE (By Type)

    • South Africa (By Type)

    • Rest of MEA (By Type)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 71.52 billion in 2021 and is projected to reach USD 104.96 billion by 2029.

Increasing at a CAGR of 5.20%, the market will exhibit promising growth in the forecast period (2022-2029).

The impulse segment is expected to be the leading segment based on product type during the forecast period.

Continuous innovation in the industry is the key factor driving the market growth.

Nestle S.A., Unilever Group, General Mills, Dunkin Brands, Dairy Queen, and Blue Bell Creameries are a few of the leading players in the market.

Asia Pacific dominated the market in terms of share in 2021.

The hypermarket/supermarket segment holds the major share in the global market.

Premiumization of products is the key market trend.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Jun, 2022
  • 2021
  • 2018-2020
  • 240

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X