Ice Cream Market to Hit USD 104.96 Billion by 2029; Growing Consumer Spending on Fast Food to Augment Growth

The global ice cream market size was estimated to be worth USD 71.52 billion in 2021. The market value is slated to rise from USD 73.61 billion in 2022 to USD 104.96 billion by 2029 at 5.20% CAGR during 2022-2029.

The global ice cream market size was estimated to be worth USD 71.52 billion in 2021. The market value is slated to rise from USD 73.61 billion in 2022 to USD 104.96 billion by 2029 at 5.20% CAGR during 2022-2029. Fortune Business Insights™ presents this information in its report titled “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”.

The global market is predicted to be driven by rising consumer spending on fast food, intensive research and development operations for the manufacturing of unique product versions, and the product's widespread availability. Furthermore, increased urbanization and rising disposable income are expected to bolster the market expansion in a number of emerging markets in the future.

Following Slight Disruption during COVID-19, Market Poised to Garner Momentum

The novel COVID-19 pandemic wreaked havoc on the global market. For producers, labor shortages and logistical constraints have become major worries. Many companies, notably small and medium-sized businesses, were forced to cease or terminate production. The situation is slated to improve with the number of new confirmed cases decreasing. Demand will rise in the coming summer season as the extent of the outbreak diminishes and transportation restrictions are relaxed. Some businesses are focusing on the changing market dynamics and declining product demand caused by COVID-19.

Yuengling’s Corporation Expands its Product Portfolio with Softomotive Acquisition

In March 2022, Yuengling’s Corporation, an American ice-cream manufacturing company, acquired Revolution Desserts, LLC, an Atlanta-based company that owns Gelato Fiasco, Sweet Scoops, Art Cream, and SoCo Creamery brands. Revolution Desserts has over 600 retail locations across the U.S. The acquisition would help Yuengling’s Corporation expand its product portfolio across the country and garner new opportunities.

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Premiumization of Ice Cream Products to Spur New Growth Opportunities

Increasing customer demand for healthier and more functional foods has led to the development of ice cream with specific ingredients that have been scientifically proven to have nutritional and physiological benefits, such as probiotics, prebiotics, and natural antioxidants. A premiumized product is frequently manufactured from luxury, rare, and expensive ingredients, employing inventive production method. Rapid urbanization, increased product appeal among millennials, and growing cafe culture are all expected to contribute to the steady rise of premiumized product possibilities. Furthermore, the growing number of artisanal ice cream shops and increased consumer spending on the product from the upper end with the assurance of manufacturing a dessert using natural ingredients and traditional processes are expected to drive the ice cream market growth in the coming years.

Market Players Emphasize Product Innovation and New Product Launches to Strengthen Position    

Leading companies, such as Nestle S.A., Unilever Group, and General Mills, are focusing on new product launches and collaborative ventures with key stakeholders for portfolio expansion and product marketing, Unilever Group, for example, announced the launch of the Double Red Velvet variation under its Magnum brand in January 2021.

Notable Industry Development:

• January 2022: Casper's Ice Cream, a Utah-based company that owns brands such as FatBoy, Jolly Llama, and Churn Baby, was acquired by MidOcean Partners, a New York-based private equity firm.

List of Key Players Profiled in the Report

• Nestle S.A. (Switzerland)


• Unilever Group (U.K.)


• General Mills (U.S.)


• Amul (India)


• Dunkin Brands (U.S.)


• Blue Bell Creameries (U.S.)


• Dairy Queen (U.S.)


• Dairy Farmers of America, Inc. (U.S.)


• Cold Stone Creamery (U.S.)


• CAMAL Ltd Company (Azerbaijan)

Further Report Findings

• Asia Pacific held the dominant ice cream market share and is expected to grow at 5.63% CAGR throughout the forecast period. Fast food's increased popularity, rising disposable income, rapid urbanization, and the influence of western cuisine and culture have all boosted product consumption in Asia Pacific.


• North America is expected to have the second-largest market share. The growing number of fast-food chains in the region and the broad use of natural ingredients in the creation of frozen dairy products, are pushing the product consumption.


• The European market has evolved as well-known corporations have adjusted their product portfolios in response to consumer interest and demand.

Table of Segmentation