Ice cream Market to Reach $91.90 Billion by 2027; Rising Expenditure on Research and Digitalization to Augment Growth

The global ice cream market size is anticipated to reach USD 91.90 billion by 2027 due to the increasing expenditure from key players on research and marketing, observes Fortune Business Insights™ in its report, titled, “Ice cream Market Size, Share & COVID-19 Impact Analysis, By Type (Impulse Ice cream and Take Home), Flavor (Vanilla, Chocolate, Fruit, and Others), Packaging (Cup, Cone, Stick, Brick, Tub, and Others), Distribution Channel (Hypermarket/Supermarket, Ice cream Parlor, Online Retailer, and Others), and Regional Forecast, 2020-2027.” As per our findings, the market value stood at USD 70.85 billion in 2019 and is expected to register a CAGR of 4.01% from 2020 to 2027.

Unilever Group Acquires Local Ice Cream Producer Betty Ice in Romania

In February 2018, Unilever Group acquired Betty Ice, a local ice cream producer in Romania. This acquisition will help the company strengthen its footprint in Romania’s market. Betty Ice was founded in 1994. The company operates more than 180 ice-cream kiosks in Romania. In addition, it owns a factory in the country in Suceava. Under the acquisition agreement, Betty Ice and Unilever’s South Central Europe Ice Cream division are estimated to operate as a standalone unit. The total turnover value of Betty Ice was EUR 30 million at the time of acquisition.

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Increasing Investment on Digital Branding to Drive Ice Cream Market Growth

Increasing investment in research and development activities and aggressive expenditure on digital marketing by prominent enterprises are anticipated to drive the growth. For instance, in May 2020, Ben & Jerry, one of the leading brands of Unilever Group, announced the launch of its new ice cream. The product was launched in partnership with a baking show called Nailed it on Netflix. However, the low shelf life of ice creams is estimated to hinder its growth.

Offering Innovative Products to Aid Key Players Gain Prominence

Key players operating in the market are focusing on research and development in order to come up with more innovative products. This helps them gain prominence over other players. For instance, in October 2020, Amul announced the launch of a new camel milk ice-cream. The new product is made wholly of camel milk and is said to be good for health-conscious consumers as it contains less fat compared to cow milk.

Industry Developments-

• In June 2020, Food Union, a global dairy production and distribution group, introduced over 100 new dairy frozen products during the fiscal year 2020.


• In December 2019, Nestle S.A. announced its agreement with Froneri. Under this agreement, the company sold its business in the U.S. to Froneri, an ice cream-focused joint venture Nestle created with PAI Partners.

A List of Key Manufacturers Operating In this Industry:

• Nestle S.A. (Vevey, Switzerland)


• Unilever Group (London, United Kingdom)


• General Mills (Minnesota, United States)


• Dunkin Brands (Canton, United States)


• Blue Bell Creameries (Texas, United States)


• Dairy Queen (Edina, United States)


• Cold Stone Creamery (Arizona, United States)


• Amul (Gujarat, India)


• Ben & Jerry (Vermont, United States)


• Dairy Farmers of America, Inc. (Kansas, United States)


• Others

Further Report Findings:

• On the basis of flavor, the vanilla segment dominated with a total market share of 30.22% in 2019. The Increasing expenditure on premium quality vanilla flavored products from various companies due to the high demand for the flavor is predicted to drive the segment growth.


• On the basis of region, Asia Pacific is set to lead with a market value USD 15.43 billion in 2019. The increasing disposable income and rapid urbanization in leading countries are the major factors driving growth in the region.

Table of Segmentation