The global ice cream market was valued at $68,052.20 million in 2020, and is projected to reach $122,051.10 million by 2031, growing at a CAGR of 5% from 2022 to 2031. Ice cream is a frozen food product, which is made up of dairy items such as milk and cream combined with dry fruits, flavors, and other ingredients. Traditional flavors of ice creams include chocolate, vanilla, and others. However, companies are including other exotic flavors such as tropical fruits, lemons, and coconuts to cater to changing taste of consumers. In addition, for health-conscious customers prefer a low-calorie and low-fat ice cream called Skinny Cow.
Rise in disposable income is the major key factor driving the market. In addition, growth in demand for new variations of ice creams fuels the market growth. Moreover, increase in consumption of take-home ice cream products boosts the growth of the global ice cream market. However, ice cream being a seasonal product is a major restraint for the market. In addition, health concerns associated with ice cream products impede the market growth. Moreover, the market for ice cream products is highly consolidated, thereby restraining its growth. Rise in demand for innovative products and development of lactose-free ice cream provide growth opportunities for market expansion.
The global ice cream industry is segmented on the basis of product type, flavor, distribution channel, and region. On the basis of product type, the ice cream market is categorized into impulse ice cream, take-home ice cream, and artisanal ice cream. On the basis of flavor, the market is segmented into vanilla, chocolate, fruit, and others. On the basis of distribution channel, it is categorized into supermarkets and hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Finland, Sweden, Ireland, Denmark, Italy, UK, and the Rest of Europe), Asia-Pacific (New Zealand, Australia, and the Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, South Africa, and the Rest of LAMEA).
The key players profiled in the ice cream market report include Unilever Group Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill, Mihan Dairy Inc., and Meiji Holdings Co. Ltd. The other key market players (not profiled in this report) in the value chain include United Kaipara Dairies Company, Pure Ice Cream Company, International Foodstuffs Co., Baskin-Robbins, Cold Stone Creamery, and International Dairy Queen, Inc.
Rise in disposable income is the major key factor driving the market. In addition, growth in demand for new variations of ice creams fuels the market growth. Moreover, increase in consumption of take-home ice cream products boosts the growth of the global ice cream market. However, ice cream being a seasonal product is a major restraint for the market. In addition, health concerns associated with ice cream products impede the market growth. Moreover, the market for ice cream products is highly consolidated, thereby restraining its growth. Rise in demand for innovative products and development of lactose-free ice cream provide growth opportunities for market expansion.
The global ice cream industry is segmented on the basis of product type, flavor, distribution channel, and region. On the basis of product type, the ice cream market is categorized into impulse ice cream, take-home ice cream, and artisanal ice cream. On the basis of flavor, the market is segmented into vanilla, chocolate, fruit, and others. On the basis of distribution channel, it is categorized into supermarkets and hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Finland, Sweden, Ireland, Denmark, Italy, UK, and the Rest of Europe), Asia-Pacific (New Zealand, Australia, and the Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, South Africa, and the Rest of LAMEA).
The key players profiled in the ice cream market report include Unilever Group Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill, Mihan Dairy Inc., and Meiji Holdings Co. Ltd. The other key market players (not profiled in this report) in the value chain include United Kaipara Dairies Company, Pure Ice Cream Company, International Foodstuffs Co., Baskin-Robbins, Cold Stone Creamery, and International Dairy Queen, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the current ice cream market trends, estimations, and dynamics from 2022 to 2031 to assist to identify the prevailing ice cream market opportunities.
- Major countries in each region are mapped according to the individual market revenue.
- The region-wise and country-wise market conditions are comprehensively analyzed.
- This study evaluates the competitive landscape and the value chain analysis to understand the competitive environment across geographies.
- An in-depth analysis of each segment of the market is provided to assist the prevailing market opportunities.
Key Market Segments
By Product Type
- Impulse Ice Cream
- Take Home Ice Cream
- Artisanal Ice Cream
By Flavor
- Vanilla
- Chocolate
- Fruit
- Others
By Distribution Channel
- Supermarkets And Hypermarkets
- Convenience Stores
- Specialty Stores
- Online Sales Channel
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Finland
- Sweden
- Ireland
- Denmark
- Italy
- U.K.
- Rest of Europe
- Asia-Pacific
- New Zealand
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- UAE
- Rest of LAMEA
Key Market Players
- Unilever Group
- Nestle S.A.
- General Mills, Inc.
- Mars
- Blue Bell Creameries
- Lotte Confectionery
- Wells Dairy Inc.
- Turkey Hill
- Mihan Dairy Inc.
- Meiji Holdings Co. Ltd
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ICE CREAM MARKET, BY PRODUCT TYPE
CHAPTER 5: ICE CREAM MARKET, BY FLAVOR
CHAPTER 6: ICE CREAM MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: ICE CREAM MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Ice Cream Market,' the ice cream market was valued at $68,052.20 million in 2020, and is estimated to reach $122.1 Billion by 2031, growing at a CAGR of 5% from 2022 to 2031.Ice creams are made up of dairy items such as milk and cream combined with dry fruits, flavors, and other ingredients. Ice cream is a sweetened solidified nourishment made using milk and cream. The preparation of ice cream also involves natural products or different fixings and flavors. It is ordinarily sweetened with sugar or sugar substitutes. The major factors driving the market growth include rise in disposable income in emerging economies and increased preference for niche ice cream flavors. However, the seasonality of the ice cream products and health concerns associated with it act as a major restraint for the global ice cream market size.
The global ice cream industry is segmented on the basis of product type, flavor, distribution channel, and region. On the basis of product type, the ice cream market is categorized into impulse ice cream, take-home ice cream, and artisanal ice cream. On the basis of flavor, the market is segmented into vanilla, chocolate, fruit, and others. On the basis of distribution channel, it is categorized into supermarkets and hypermarkets, convenience stores, specialty stores, and online sales channel. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2020, the take-home segment accounted for the highest ice cream market share in the ice cream market, and is expected to maintain its dominance during the ice cream market forecast. However, the artisanal ice cream segment is projected to register the highest growth during the forecast period as it is manufactured both in dairy and water-based small producers for sale on premises. It also includes branded gourmet ice cream both on and off trade.
The vanilla ice cream registered as a dominating segment in 2020. This was attributed to surge in demand for traditional flavors such as vanilla ice cream. In addition, online sales channel is the fastest growing segment due to digitalization and increase in internet penetration. Asia-Pacific and LAMEA collectively contributed about 40% share of the global ice cream market analysis, in terms of revenue, in 2020.
Porter's five forces analysis for the ice creams market highlights market competition in terms of the power of buyers, suppliers, manufacturers, and new entrants. Furthermore, shift in living standards of the consumers, as well as an increase in per capita income of the consumers has resulted in launch of new products and the entry of new players in the market during the forecast period.
The impact of the COVID-19 pandemic on the global ice cream market was negative, due to supply chain disruption. All manufacturing and production units were halted during the outbreak. Thus, the market is expected to recover from the pandemic in the upcoming years.
Consumers have become more conscious about sugar intake and prefer products offering high nutrition value; thus, the demand for sugar-free, organic, and calorie products is on the rise globally. Manufacturers such as Mars are reformulating their products and focusing on development of sugar-free, functional, and organic variants. Introduction of these variants in the market is expected to boost value sales and help manufacturers in delivering products, which support ice cream market trends.
Introduction of slimming properties, combination of liquid & solid flavors, odor sensations, and energy boosts in ice cream products drive growth and development of ice cream market size globally.
Economic growth in emerging and advanced economies supports ice cream market growth as it increases purchasing power of the customers. There is high popularity of premium products in the middle-class customers, especially in emerging economies and thus, rising disposable income encourages consumers to shift towards premium products. Growth in purchasing power also creates a demand for high-quality products.
The key players operating in the global ice cream market are Unilever Group Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill, Mihan Dairy Inc., and Meiji Holdings Co. Ltd. These major market players have adopted various strategies to expand their market reach. The strategies adopted in the market are product launch and acquisition. New market players are also entering the market with new flavors.
KEY FINDINGS OF STUDY
- Europe is expected to maintain its dominant position in the ice cream market, in terms of value during the forecast period.
- The take-home ice cream segment generated the highest revenue in 2020, and is projected to grow at a CAGR of 4.9% during the forecast period.
- In terms of volume, the artisanal ice cream segment is projected to witness the highest CAGR of 5.2% from 2022 to 2031.
- LAMEA accounted for approximately $ one-sixth share of the global ice cream market in 2020.
- The Asia-Pacific ice cream market is anticipated to grow at the highest CAGR of 5.8% from 2022 to 2031.
Companies Mentioned
- Unilever Group
- Nestle S.A.
- General Mills, Inc.
- Mars
- Blue Bell Creameries
- Lotte Confectionery
- Wells Dairy Inc.
- Turkey Hill
- Mihan Dairy Inc.
- Meiji Holdings Co. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | March 2022 |
| Forecast Period | 2020 - 2031 |
| Estimated Market Value ( USD | $ 68052.2 million |
| Forecasted Market Value ( USD | $ 122051.1 million |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
