The global Ice cream market size is anticipated to reach USD 97.85 billion by 2028 and exhibit a CAGR of 4.58% during the forecast period. The rising innovations in the industry are expected to boost product demand and foster market growth. Fortune Business Insights presented this information in its report titled “Ice cream Market, 2021-2028”. The market size stood at USD 69.79 billion in 2020 and USD 71.52 billion in 2021.
The market growth is also ascribable to the rising premiumization of products. A premium zed product is made using innovative production methods and is made from rare, expensive luxury ingredients. Moreover, the escalating consumer expenditure on high-end products is expected to favor market growth.
The novel coronavirus pandemic has hampered the market. The shutdowns and closures of manufacturing facilities have negatively impacted the market growth. Nevertheless, the market is recovering from the pandemic’s negative impact due to falling cases of coronavirus infections and swift vaccination drives being carried out by countries globally. In the wake of the pandemic, manufacturers are launching immunity-boosting products to capture growth. For instance, Amul launched a new Haldi Ice cream that contains the Haldi (turmeric), pepper, honey, dry fruits, and other healthy ingredients.
Impulse Ice cream Segment to Grow at the Fastest Pace
On the basis of type, the market is bifurcated into take-home and impulse Ice cream. On the basis of flavor, the market is categorized into fruit, chocolate, vanilla, and others. On the basis of packaging, the market is segmented into tub, brick, stick, cone, cup, and others. On the basis of distribution channels, the market is fragmented into online retailers, Ice cream parlors, hypermarket/supermarkets, and others. Geographically, the market is classified into South America, the Middle East & Africa, Asia Pacific, Europe, and North America.
Browse In-depth Summary of This Research Insight
The report covers the market’s competitive landscape and profiles key market players accordingly. It highlights the challenges and restraints to market growth and suggests strategies to overcome them. It showcases the impact of the coronavirus outbreak and its effect on the market growth. It also provides information on the key market trends and latest industry developments.
Drivers & Restraints-
Rising R&D Expenditures & Growing Popularity of Premium Products to Fuel Market Growth
Increasing research and development expenditures by key players are anticipated to bolster the global Ice cream market growth. Additionally, the swift digitization witnessed during the pandemic has enabled major market players to increase their consumer bases. The increasing investments in digitization by major market players are also expected to complement the market growth.
The increasing consumer demand for functional and healthier food is predicted to favor market growth. The rising innovations in the industry are likely to amplify the market growth during the forecast period. The launch of healthy products by adding opulent and functional ingredients is expected to aid the market growth.
Furthermore, the premiumization of products is likely to fuel global market growth. The rising popularity of premium products and the growing numbers of artisanal shops are expected to complement market growth.
However, the low shelf life of the product may hinder the market growth.
Improving Income Levels to Boost Growth in Asia Pacific
Asia Pacific is predicted to attain the largest global Ice cream market share. The escalating disposable income levels, swift urbanization, and the growing popularity of fast food are expected to amplify the regional market growth. Large consumer bases, rising product acceptability, and cutthroat competition are also anticipated to amplify the regional market growth.
North America is expected to rank second in the global market. The rising number of fast-food chains and the high use of natural ingredients to produce frozen dairy products are expected to boost the market growth.
Europe is projected to witness substantial growth due to the growing preference for snacking. The altering consumer interests and product portfolios of key players in the region are expected to influence the region’s market growth.
South America and the Middle East & Africa are expected to exhibit considerable growth. The growing popularity of the product and improving income levels are anticipated to fuel the market growth.
Key Players Launch New Products to Acquire Growth
The market is fairly consolidated and comprises several players operating at domestic and international levels. The key players emphasize new product launches to amplify their global market presence and revenues. They adopt ingenious growth strategies, including joint ventures, mergers, acquisitions, and others, to boost their rankings in the global market. For instance, Eclipse, a U.S.-based brand, launched six Ice cream flavors in June 2021. The new flavors are Caramel Butter Pecan, Strawberry Fields, Dark Side of the Spoon, Mango Passion Fruit, Mint Chip, and Coffee Chip.
- June 2021: Mondelez International entered into a partnership with Hindustan Unilever Ltd. to expand Hindustan Unilever Ltd.’s frozen dessert portfolio with Cadbury Crackle Tub launch by Kwality Wall’s.