Ice Cream Global Market Opportunities and Strategies to 2034

This report describes and explains the ice cream market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global ice cream market reached a value of nearly $105.83 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.60% since 2019. The market is expected to grow from $105.83 billion in 2024 to $143.38 billion in 2029 at a rate of 6.26%. The market is then expected to grow at a CAGR of 6.85% from 2029 and reach $199.67 billion in 2034.

Growth in the historic period resulted from expansion of the foodservice industry, rising consumer spending on out-of-home convenience foods, rising consumption of confectionery products and demand for processed and packaged products. Factors that negatively affected growth in the historic period were raw-material price volatility and labor shortage.

Going forward, growth in dairy farming and milk production, rising global demand for dairy products consumption, expansion of quick commerce and food delivery apps and enhanced cold-chain and distribution improvements will drive growth. Factors that could hinder the growth of the ice cream market in the future include seasonality of demand, rising consumer health consciousness and impact of trade war and tariffs.

Western Europe was the largest region in the ice cream market, accounting for 42.69% or $45.17 billion of the total in 2024. It was followed by Asia Pacific, North America and then the other regions. Going forward, the fastest-growing regions in the ice cream market will be Middle East and Africa where growth will be at CAGRs of 9.68% and 9.28% respectively. These will be followed by Western Europe and North America where the markets are expected to grow at CAGRs of 7.25% and 6.91% respectively.

The global ice cream market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 34.76% of the total market in 2024. The Magnum Ice Cream Company was the largest competitor with 8.13% share of the market, followed by Nestlé S.A. with 6.16%, Froneri International Limited with 5.20%, Mars Inc. with 5.20%, Ferrero Group (Wells Enterprises Inc.) with 2.82%, Inspire Brands Inc. (Baskin-Robbins, Inc.) with 2.08%, Anand Milk Union Limited (Amul) with 1.36%, Meiji Holdings Company, Ltd. (Meiji Co., Ltd.) with 1.16%, Inner Mongolia Yili Industrial Group Co. Ltd. with 1.15% and Prairie Farms Dairy Inc. with 1.07%.

The ice cream market is segmented by type into impulse ice cream, take-home ice cream and artisanal ice cream. The impulse ice cream market was the largest segment of the ice cream market segmented by type, accounting for 53.90% or $57.04 billion of the total in 2024. Going forward, the artisanal ice cream segment is expected to be the fastest growing segment in the ice cream market segmented by type, at a CAGR of 7.56% during 2024-2029.

The ice cream market is segmented by flavor into vanilla, chocolate, fruit and other flavors. The chocolate market was the largest segment of the ice cream market segmented by flavor, accounting for 34.40% or $36.4 billion of the total in 2024. Going forward, the fruit segment is expected to be the fastest growing segment in the ice cream market segmented by flavor, at a CAGR of 7.89% during 2024-2029.

The ice cream market is segmented by packaging into cup, cone, stick, brick, tub and other packaging. The cup market was the largest segment of the ice cream market segmented by packaging, accounting for 31.38% or $33.2 billion of the total in 2024. Going forward, the cone segment is expected to be the fastest growing segment in the ice cream market segmented by packaging, at a CAGR of 8.54% during 2024-2029.

The ice cream market is segmented by category into dairy and non-dairy. The dairy market was the largest segment of the ice cream market segmented by category, accounting for 83.75% or $88.62 billion of the total in 2024. Going forward, the non-dairy segment is expected to be the fastest growing segment in the ice cream market segmented by category, at a CAGR of 10.33% during 2024-2029.

The ice cream market is segmented by distribution channels into hypermarket or supermarket, ice cream parlor, online retailer and other distribution channels. The hypermarket or supermarket market was the largest segment of the ice cream market segmented by distribution channels, accounting for 39.73% or $42.04 billion of the total in 2024. Going forward, the online retailer segment is expected to be the fastest growing segment in the ice cream market segmented by distribution channels, at a CAGR of 12.99% during 2024-2029.

The top opportunities in the ice cream market segmented by type will arise in the impulse ice cream segment, which will gain $20.88 billion of global annual sales by 2029. The top opportunities in the ice cream market segmented by flavor will arise in the vanilla segment, which will gain $11.38 billion of global annual sales by 2029. The top opportunities in the ice cream market segmented by packaging will arise in the cone segment, which will gain $12.57 billion of global annual sales by 2029. The top opportunities in the ice cream market segmented by category will arise in the dairy segment, which will gain $26.63 billion of global annual sales by 2029. The top opportunities in the ice cream market segmented by distribution channels will arise in the online retailer segment, which will gain $16.39 billion of global annual sales by 2029. The ice cream market size will gain the most in the UK at $6.6 billion.

Market-trend-based strategies for the ice cream market include focus on using artificial intelligence to reimagine their product lines, reduce costs and respond more nimbly to consumer preferences for health, flavors and sustainability, focus on launch of premium boutique tub formats designed to balance value, convenience and indulgence for home consumption, focus on innovation and sustainable ingredient sourcing to meet rising consumer expectations for authenticity, natural products and cultural relevance, focus on advancing process control systems that optimize texture, consistency and energy use and focus on developing mood-inspired and premium mini formats designed to enhance spontaneous treat moments.

Player-adopted strategies in the ice cream market include focus on expanding business capabilities through new launches and focus on strategic partnerships.

To take advantage of the opportunities, the analyst recommends the ice cream market companies to focus on ai-driven product innovation to capture evolving demand, focus on premium boutique tubs for family and home sharing occasions, focus on local flavor innovation and sustainable sourcing, focus on ai-enabled production control to improve consistency and efficiency, focus on mood-led premium mini formats to drive impulse demand, focus on the fast-growing artisanal segment to capture premium demand, focus on the fast-growing fruit segment to align with health-driven demand, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use b2b promotions, focus on the online retailer channel to accelerate growth, focus on the non-dairy segment to capture high-growth demand.