Ice Cream Market

Market Synopsis:

The global Ice Cream Market is valued at USD 71.06 Billion in 2022 and is projected to reach a value of USD 101.04 Billion by 2030 at a CAGR of 4.50% over the forecast period.

Ice Cream is a dairy product sweetened with natural or artificial sweeteners. Companies in the market offer hard ice cream, soft ice cream, light ice cream, low-fat ice cream, and various ice creams. Ice Cream and related goods are consumed in greater quantities throughout the summer. The availability of diverse flavored ice creams is fueling the Ice Cream industry's expansion. As a result, Ice Cream customers pay a higher price for these items, increasing market revenue.

Moreover, product advancements, particularly in terms of taste profile and nutritional content, are driving the global Ice Cream industry. Dairy Day, for example, debuted Dairy Day Plus, a line of ice creams containing immune-boosting components. The company has introduced Haldi (turmeric) flavor Ice Cream and Chyawanaprash ice creams during the debut phase. Additionally, increased demand for non-dairy Ice Cream was driven by a shift in consumer inclination toward a vegan diet and a growing population of lactose sensitivity.

Market Segmentation:

The Ice Cream Market is segmented on the basis of Product Outlook into Bars & Pops, Cups & Tubs and Others. On the basis of Type Outlook, the market is segmented into Dairy & Water-based and Vegan. On the basis of Flavour Outlook, the market is segmented into Chocolate, Vanilla, Fruit and Others. On the basis of Distribution Channel Outlook, the market is segmented into Foodservice and Retail.

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Based on Type Outlook-

Based on Type Outlook, the market is divided into Dairy & Water-based and Vegan segments. In 2021, the dairy & water-based segment had the highest revenue share, and this dominance is predicted to continue throughout the projection period. With Europe's rapidly rising urbanization and technological advancements in the dairy sector, demand for luxury Ice Cream and everyday Ice Cream desserts continues to climb sharply. The use of innovative components such as whole milk, skim milk, and sweetening and flavoring agents is the key driver of the Europe market's annual sales.

The vegan segment is expected to grow at the quickest rate. According to data published by Food Allergy Research & Education (FARE), Food allergies affected 32 Million people in the United States. The majority of food allergies, according to the report, are caused by eggs, fish, and dairy products. Food allergies are on the rise, and veganism is becoming more fashionable, therefore demand for vegan products is likely to ascend, contributing to the segment's growth.

Based on Flavor Outlook –

Based on Flavor Outlook, the market is divided into Chocolate, Vanilla, Fruit, Others. The most popular taste among customers worldwide is vanilla, followed by chocolate. It is a natural and expensive aroma that is frequently substituted with artificial vanillin in Ice Cream production, resulting in price differences across goods with the same flavor. The segment's steady expansion is expected to be supported by increased spending on premium vanilla-flavored items due to their superb taste. Furthermore, customers are connected to old flavors and are hesitant to try new, previously unseen, often strange, and unique flavors. As a result, major players are launching marketing campaigns to entice consumers to try new sorts and flavors of the product.

Asia Pacific to Continue Witnessing Fastest Adoption of Ice Cream

Fast food's increased popularity, rising disposable income, rapid urbanization, and the influence of western cuisine and culture have all boosted product consumption in Asia Pacific. The expanding acceptance of products, strong rivalry, and broad consumer base have led operators to seek competitive advantages through product and service delivery improvements. Major businesses are working hard to increase their positions in the Asian market, either by acquiring small local players or expanding their operations.

Rising disposable incomes and greater consumer purchasing power are driving up per capita consumption in emerging markets such as India and China. The expansion of online meal delivery services is expected to have a beneficial impact on the market's growth. Significant expansion in the dairy industry, expanding convenience food demand, and increasing product premiumization will all contribute to increased Ice Cream consumption in the future years. Aside from that, the availability of many flavored ice creams in modern retail formats such as department shops, hypermarkets, supermarkets, and convenience stores is propelling the market forward.

India is one of the world's top dairy producers, which is a major factor driving the Indian Ice Cream business. Consumers' eagerness to try new flavors and styles has resulted in the production of a wide range of items, including sundaes. Furthermore, the rise of online retail channels that provide convenient shopping, a diverse choice of flavors, and a reasonable price point, as well as improvements in the cold chain infrastructure, all contribute considerably to the industry's growth. Other factors driving the India Ice Cream Market growth include the advent of fierce competition between top domestic and foreign market players, as well as the introduction of gluten-free and vegan variations.

Competitive Landscape:

Key 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.

Segmentation of Ice Cream Market: