Market Overview:
The global ice cream market size was valued at USD 76.11 billion in2023 and is projected to grow from USD 79.08 billion in 2024 to USD 132.32
billion by 2032, exhibiting a CAGR of 6.65% during the forecast period.
Rising consumer spending on fast food, intense research anddevelopment operations for the creation of unique product variants, and the
product's widespread availability are expected to fuel the global market.
Furthermore, market expansion in a number of emerging markets is projected to
be aided in the coming years by greater urbanization and rising disposable
income, says Fortune Business Insights™, in its report titled “IceCream Market, 2024-2032."
List of Key Players Profiled in the Report
- Nestle S.A. (Switzerland)
- Unilever Group (U.K.)
- General Mills (U.S.)
- Amul (India)
- Dunkin Brands (U.S.)
- Blue Bell Creameries (U.S.)
- Dairy Queen (U.S.)
- Dairy Farmers of America, Inc. (U.S.)
- Cold Stone Creamery (U.S.)
- CAMAL Ltd Company (Azerbaijan)
Segments:
By Type, Impulse Segment to Record Fastest CAGR during 2024-2032
Based on type, the market is bifurcated into impulse andtake home. The impulse segment dominated the market share in 2021, owing to
rising popularity of conveniently packaged product among consumers. On the
other hand, the take home segment will record notable growth through 2032.
By Flavor, Vanilla Segment to Capture Maximum Sharethrough 2032
In terms of flavor, the market is divided into vanilla,chocolate, fruit, and others. Among these, the vanilla segment is slated to
dominate the market during 2024-2032 led by increasing popularity of the
product. The chocolate segment is expected to hold the second-largest market
share.
By Packaging, Cup Segment to Exhibit Stellar Growth over 2024-2032
On the basis of packaging, the market is segmented into cup,stick, cone, tub, brick, and others. The cup segment is anticipated to capture
the dominant market share till 2032 led by tremendous popularity of cup ice
creams. Convenience associated with this type of packaging makes it extremely
popular among consumers.
By Distribution Channel, Online Retailer Segment to GainTraction through 2032
According to distribution channel, the market is segregatedinto ice cream parlor, supermarket/hypermarket, online retailer, and others.
Among these, the online retailer segment is projected to grow substantially
owing to the growing trend of home delivery. Ease of convenience of online
ordering will drive the growth of this segment.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential
challenges for the market. - Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and
acquisitions.
Drivers & Restraints:
Increasing Product Innovation to Drive Market Growth
Traditional ice cream is nutrient-dense, yet it has nohealth benefits. As a result, the market players are showing growing interest
in fortification and the addition of beneficial ingredients that may encourage
consumers to select the product as a healthy snack option. Functional foods
have advantages above and beyond basic nutrition, and they may help to reduce
or eliminate the risk of certain diseases. The global consumption of fortified
or functional products is predicted to rise due to increased production,
thereby augmenting the ice cream market growth in the forthcoming years.
However, low shelf life and seasonality could affect theproduct consumption to some extent.
Regional Insights:
Asia Pacific to Dominate Market Share led by IncreasingDisposable Income
Asia Pacific dominated the ice cream market share in 2021and is expected to grow at 5.63% CAGR over the forecast period. Fast food's
growing popularity, increased disposable income, rapid urbanization, and the
influence of western cuisine and culture have all boosted product consumption
throughout Asia Pacific.
North America is expected to capture the second-largestshare in the market. The growing number of fast-food chains in the region and
the widespread use of natural ingredients in the creation of frozen dairy
products are pushing the product consumption.
The European market has evolved as major corporations haveadjusted their product portfolios in response to consumer interest and
demand.
Competitive Landscape:
Market Players Focus on New Product Development andLaunches to Strengthen Position
Leading companies, such as Nestle S.A., Unilever Group, andGeneral Mills, are focusing on new product launches and collaborative ventures
with key stakeholders for portfolio expansion and product marketing. For
example, Unilever Group announced the launch of the Double Red Velvet variation
under its Magnum brand in January 2021.
Key Industry Development:
February 2024: Unilever partnered with leading precision fermentation innovator PerfectDay to launch Breyers Lactose-Free Chocolate, which is composed of Perfect
Day's dairy protein from fermentation in the U.S.
