In 2019, the global ice cream market was worth USD 67.04 Billon. It is expected to reach USD 123.06 billion by 2028. This represents a 6.6% increase in the CAGR between 2019-2028.
Ice cream is a dairy product sweetened with artificial sweeteners or natural sugars. Many ice cream options are on the market, including soft, light, low-fat, challenging, and semi-hard icecreams. Summer is the best time to enjoy ice cream and related products. There are many flavors available that have fueled the growth of the ice cream market. Ice cream customers are willing to pay more, which has increased market revenue.
COVID-19, which imposes lockdown restrictions and supply chain disruptions on ice cream manufacturers, has hampered the market’s growth and development.
Market growth is expected to be rapid, with a 6.6% CAGR between 2022-2028. This is due to the growing demand for healthy and dairy-free alternatives, as well as a rising number of innovative product launches. The Asia Pacific region will experience the highest CAGR in the forecast period. In countries like India, Australia, New Zealand, and New Zealand, the consumption of ice cream is expected to rise rapidly. The region’s growing middle-income population and rising purchasing power will drive sales of premium products such as vegan Ice Cream.
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Continual innovation in the sector is necessary to stimulate product demand
Although traditional ice cream has no health benefits, it does have nutritional properties. People are likelier to choose ice cream as a healthy snack because of the increasing demand for functional ingredients. Functional foods can provide more benefits than essential nutrients and may help reduce or minimize certain diseases. Globally, there will be a rise in demand for functional foods.
Traditional ice cream does not have any health benefits but contains nutrients. Because of the increasing availability and willingness to add functional ingredients to the market, people may prefer to snack on them. Functional foods offer many more benefits than essential nutrients. Functional foods can help to reduce or eliminate certain diseases. Functional foods will see a global rise in demand.
Low Shelf Life, Seasonality, or Performance Impede
Ice cream is a frozen dairy product. Ice cream will spoil quickly, usually within 2 to 3 months. It can spoil quickly if it’s not stored correctly. If the product is kept in a humid environment, it can develop an unpleasant odor and microorganisms. The product can also absorb volatile environmental flavors such as paint and ammonia. The product’s high storage costs will limit the market growth. Summer is when the product has the highest demand. Market players tend to notice declining product demand in winter and monsoons. This also hinders the market growth.
Market Key Trends:
The single-serve category has seen steady growth in ice cream demand.
Ice cream manufacturers use different ingredients to satisfy food regulators in each region. Key manufacturers are developing different formulations. Unique combinations of flavors or textures are another way they differentiate their products. This may make it easier to identify candy bars and sticks.
- C3 (Creating Culinary Communities) is an innovative platform for food and beverages. In 2021, it announced that Unilever had become one of its fulfillment partners in The Ice Cream Shop. The Ice Cream Shop sells frozen novelty brands and top-selling Ice Cream directly to customers. C3 has 17 locations that host The Ice Cream Shop in Los Angeles, Orange County, and Oakland. In 2021, the partnership will expand to include digital kitchens.
- Perfect Day launched the Urgent Company in 2021 as a separate CPG company. Sunshine Strategic Partners purchased Coolhaus, a premium ice cream maker. Coolhaus is a premium brand found in over 7,500 US shops. Perfect Day’s dairy-free products are also getting more attention and are often in the spotlight.
- Dairy Day launched Dairy Day Plus in 2020, an assortment of icecreams containing immune-boosting ingredients. This was the beginning of Dairy Day. The company introduced Haldi (turmeric-flavored ice cream) and Chyawanaprash flavors of icecreams.
- Lotte Confectionary
- Dean Foods
- General Mills
- Yili Group
- Turkey Hill
- Blue Bell Creameries
The Key Market Segments
- Soft Ice Cream
- Hard Ice Cream
Frequently Asked Questions (FAQs):
- How big is the Ice Cream market at all levels: national, regional, and global?
- What is the evolution of the global Ice Cream Market in recent years, and what are its prospects for growth?
- What does COVID-19 mean for the Ice Cream Market Forecast?
- What are the most significant driving forces and challenges facing the industry?
- What is the structure of the global Ice Cream Market, and who are the leading players?
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