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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.
A List of Key Manufacturers Operating In this Industry:
Further Report Findings:
Table of Segmentation
Value (USD Billion)
By Distribution Channel