Ice Cream Market Is Expected To Expand At A CAGR Of 4.2% From 2022 To 2030
Ice Cream Industry Overview
The global ice cream market size was valued at USD 79.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2022 to 2030. Factors such as the rising demand for innovative flavors, types, and the rising demand for impulse ice creams such as cones, sandwiches, and pops in developing countries are expected to drive the market growth. The increasing health consciousness among consumers is also expected to fuel the demand for premium ice creams in the upcoming years.
The COVID-19 pandemic had a significant impact on the global ice cream consumption pattern since ice cream is not considered a necessary commodity. With the fear of catching a cold, consumers worldwide tried to reduce their ice cream consumption. However, some consumers were consuming ice creams as comfort food during lockdowns. Many consumers opted for frozen products through the online retailers and local general stores which accommodated high stock along with essential items such as groceries, pharmacies, and toiletries.
Gather more insights about the market drivers, restrains and growth of the Global Ice Cream market
Manufacturers are increasing their product range by including functional ingredients, organic, herbal, and exotic flavors in product formulations to meet the changing consumer demand. According to an article published in Food Ingredients First in April 2021, manufacturers have been using functional ingredients to highlight the health benefit of frozen desserts. Plant sterols, lecithin, and Propylene Glycol Monoester (PGME) have been broadly used to replace the synthetic ingredients in the development of ice cream products.
Manufacturers have been focusing on introducing new varieties in the ice cream category. Additionally, new companies are venturing into this segment intending to cater to the increasing demand from consumers as well as food service providers. For instance, in June 2021, Keventers, India’s leading dairy brand, expanded in the dessert category by launching six new ice-cream flavors including Belgian Chocolate, Alphonso Mango, Triple Chocolate, Mocha Almond Fudge Brownie, Exotic Strawberry, and Blueberry Cheesecake.
Similarly, with the increasing trend for natural ingredients, regional brands have been launching new and innovative flavors to cater to the rising consumer consciousness toward synthetic ingredients. For instance, in November 2021, Natural’s Ice Cream launched Orange Chocolate with locally sourced premium and natural orange pulp and chocolate paste. The new flavor is made available through all the retail stores across the country as well as through online distribution partners.
The ice cream products require high storage costs and logistics to maintain the required temperature of the products. Very low freezing temperatures have to be maintained at storage locations, thus, requiring high energy usage. These products have to be transported in specially-designed automotive components equipped with state-of-the-art refrigeration capabilities and these transport requirements involve huge costs. These factors are also anticipated to restrain the market growth over the next few years.
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Ice Cream Market Segmentation
Grand View Research has segmented the global ice cream market based on product, type, flavor, distribution channel, and region:
Ice Cream Product Outlook (Revenue, USD Million, 2017 - 2030)
- Bars & Pops
- Cups & Tubs
- Others
Ice Cream Type Outlook (Revenue, USD Million, 2017 - 2030)
- Dairy & Water-based
- Vegan
Ice Cream Flavor Outlook (Revenue, USD Million; 2017 - 2030)
- Chocolate
- Vanilla
- Fruit
- Others
Ice Cream Distribution Channel Outlook (Revenue, USD Million; 2017 - 2030)
- Foodservice
- Retail
Ice Cream Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- January 2021: Unilever launched a variety of frozen dessert treats under the brand name Breyers, Good Humor, Klondike, Magnum, Popsicle, and Talenti Brands
- January 2021: Northern Bloc, a leading manufacturer of plant-based desserts, secured an investment of USD 1.7 million. Northern Bloc will invest the funding in increasing its production capacity, strengthening the team, and focusing on brand experience across retail.
Key Companies profiled:
Some prominent players operating in the global ice cream market include:
- Unilever
- Inspire Brands, Inc.
- General Mills, Inc.
- Kwality Wall’s
- American Dairy Queen Corporation
- Nestlé
- Blue Bell Creameries
- Cold Stone Creamery
- Danone S.A.
- NadaMoo
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