Ice Creams Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Ice Creams Market size is projected to reach a CAGR of 5.0% from 2023-2030.

Ice cream is a dairy product, which is sweetened with either natural sugar or artificial sweeteners. Various ice creams are provided by the companies present in the market, including hard ice cream, soft ice cream, light ice cream, low-fat ice cream, and others. Summer is an undisputed season for the consumption of ice cream and related products.

The ice cream market across the globe is majorly driven by product innovations, especially in terms of taste profile and nutritional value. There is also a rise in demand for premium ice creams, which will be one of the primary factors driving the market growth. Premium ice creams have become a popular product among health-conscious consumers due to the presence of high-quality ingredients and a lower amount of aeration compared to regular ice creams.

On the other hand, ice cream is a frozen dairy product and is bound to spoil in a limited time (usually in 2-3 months), but if it is not stored properly, it can spoil within a few days. The product stored in a stale storage atmosphere will usually develop a foul smell and microorganisms. It can also pick absorbed volatile flavours from the storage environment such as paint and ammonia. So, the high storage cost of the product is expected to hamper the market growth.

The ice cream industry suffered during COVID-19 due to supply chain disruptions, majorly owing to the logistical restrictions on trucking and shipping that impacted ice cream sales. Furthermore, the shortage of the large labour force needed in the manufacturing units and the break of on-premise sales through speciality stores, supermarkets, and convenience stores due to the subsequent lockdowns and the closure of retail stores further affected the market sales. Despite witnessing a major hit due to the pandemic, several companies reported that the industry is facing a major boost in the take-home consumption segment by the end of 2020.

Delvens Industry Expert's Standpoint

High-end ice creams made with top-notch ingredients and containing less air have emerged as a preferred choice for health-conscious customers who value quality over quantity and due to this it is a primary factor for driving the growth of the market. However, being a frozen dairy product, ice cream is perishable and prone to spoilage, usually within 2-3 months, unless it is stored properly. If not stored under appropriate conditions, it can spoil in just a matter of days, developing unpleasant odours and harbouring harmful microorganisms. Moreover, ice cream can absorb volatile flavours from the storage environment, including but not limited to paint and ammonia, thereby affecting its taste and quality.

Market Portfolio

Key Findings

• The type segment is further bifurcated into impulse and take-home. The impulse segment held a dominant ice cream market share in 2021 and is anticipated to maintain its dominance during the forecast period. The rising popularity of convenient product packaging among customers is projected to support the steady growth of the segment.

• The flavour segment is further fragmented into Vanilla, Chocolate, Fruit and Others. Vanilla is expected to be the most demanded flavour and is anticipated to maintain its dominance during the forecast period. Vanilla is the most preferred flavour among customers across the globe, followed by chocolate. It is a natural and expensive aroma and is often replaced by artificial vanillin in ice cream production, which causes different prices for the same-flavoured products. The rising expenditure of premium quality vanilla-flavoured products due to their great taste is anticipated to support the steady growth of the segment.

• The packaging segment is further segmented into Cup, Cones, Stick, Brick, Tubs and Others. The cup segment is anticipated to dominate the market during the forecast period. Cup is known as the most popular type of product serving as it is a neat, clean, and easy-to-store option. Hence, it is the most convenient way of serving. The majority of consumers prefer cups due to convenience.

• The distribution channel segment is further fragmented into Hypermarkets/supermarkets, Ice cream Parlour, Online Retailers and Others. The online retailer segment is to exhibit the highest CAGR in the forthcoming years and is expected to dominate the market during the forecast period. The persistent increase in mobile adoption and broadband penetration, especially in emerging economies, has helped boost online sales. Ordering online for home delivery is the normally preferred flexible buying option across the globe. Henceforth, hyper/supermarket owners are introducing e-commerce models that make it even easier for tech-savvy, time-crunched consumers to get the items they need.

Regional Analysis

Asia Pacific to Dominate the Market

• The Asia Pacific region is anticipated to dominate the market during the forecast period. The increasing popularity of fast food, rising disposable income, rapid urbanization, and the impact of Western cuisine and culture have supported the consumption of the product in Asia Pacific.
   
• The growing product acceptability, stiff competition, and large consumer base have pushed operators to strive for competitive advantages through innovations concerning product offerings and service delivery. Major regional players are rigorously trying to strengthen their footprints in the Asian market through the acquisition of small local players or the expansion of their business.

Competitive Landscape

• 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

Recent Developments

• March 2022: Yuengling’s Corporation, an American ice cream manufacturing company, acquired Revolution Desserts, LLC, an Atlanta-based ice-cream manufacturing company that owns Gelato Fiasco, Sweet Scoops, Art Cream, and SoCo Creamery brands. Revolution Desserts operates in more than 600 retail stores nationwide.
   
• January 2022: Unilever announced the launch of a new vegan ice cream under its magnum brand in Germany. The newly added vegan classic, vegan almond, and vegan hazelnut crunch bars are available on retail shelves across the country.

Reasons to Acquire

• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors.
   
• Gain authentic and granular data access for Ice Creams Market to understand the trends and the factors involved in changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

Report Scope