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Ice Cream Market to grow at a CAGR of 6.47% through 2027

Increasing new variants and flavors of ice cream with rising disposable income are driving the growth of ice cream market globally.

According to TechSci Research report, Ice Cream Market - Global Industry Size, Share, Trends, Opportunity, Competition and Forecast, 2017-2027, the global ice cream market stood at USD111.58 billion in 2020 and is anticipated to grow at a CAGR of 6.47% in the forecast period, 2023-2027. Rising consumer spending on fast food products, ongoing research and development activities, and widespread availability of ice creams are key factors accelerating the growth of the global ice cream market in the forecast period.

A high number of consumers are shifting towards adopting healthy eating habits and are willing to spend a significant amount in purchasing quality food products. Increased demand for premium ice creams made up of rare and expensive ingredients and the growing use of natural ingredients to make ice creams are bolstering the demand for ice cream worldwide.

Liquor flavored ice creams are gaining popularity among consumers, and these ice creams contain 0.5% alcohol content. Consumers can easily purchase liquor-flavored ice creams from grocery stores and specialized stores.

Growing demand for lactose-free ice creams contributes to the market growth in the forecast period. The increasing prevalence of food allergies and intolerances makes the market players invest in making ice creams suitable for different needs. Also, the high demand for vegan products and the availability of vegan flavored ice creams are expected to influence the global ice cream market positively.

However, varying demand according to changing seasons and high ice cream storage costs may restrain the global ice cream market growth for the next five years.

Browse over 134 market data Figures spread through 174 Pages and an in-depth TOC on "Global Ice Cream Market"

The global ice cream market is segmented based on category, product type, distribution channel, regional distribution, and company.

On the basis of product type, the market is divided into brick, tub, cup, cone, stick, and others. Brick ice cream is expected to dominate the global ice cream market in the next five years. Consumers prefer to buy family pack ice creams as they are more prominent in quantity and are affordable rather than buying different ice creams for every family member. Market players are launching ice cream bricks in different flavors to make them affordable for middle-class families.

Based on distribution channels, the market is divided into supermarkets/hypermarkets, convenience stores, specialty stores, online, and others. Supermarkets/hypermarkets are expected to account for the highest market share in the forecast period. Availability of ice creams belonging to different brands and flavors under a single roof enhances consumers' shopping experience. Ease of comparing the products based on price, flavor, ingredients, and brands and discounts on purchasing the ice creams are the reasons attracting customers to buy ice screams from supermarkets/hypermarkets.

On the basis of regional analysis, the North America region is dominating the market and is expected to maintain its dominance by covering 31.34% market share in 2027. Rising demand for frozen desserts among the young population and growing health concerns drive the demand for ice creams in the region. High demand for plant-based frozen desserts and ice creams containing natural ingredients are garnering massive customer attraction. Market players are introducing sugar-free and low-calorie ice creams to lure health-conscious consumers.

Major market players operating in the global ice cream market is:

·         Unilever PLC

·         Inspire Brands, Inc.

·         Kahala Franchising, L.L.C.

·         Lotte Corporation

·         Dairy Farmers of America, Inc.

·         Gujarat Cooperative Milk Marketing Federation

·         International Dairy Queen Inc.

·         Blue Bell Creameries, L.P.

·         General Mills Inc.

·         Nestlé SA

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“High internet penetration and proliferation of smart devices are bolstering the growth of the e-commerce industry, especially in developing countries. Online sales channel provides flexible buying options to customers. Brands are offering lucrative discounts on the purchase of ice creams to boost their sales and provide a customized shopping experience to consumers. The rise in investments by market players to find innovative packaging materials and methods and introduce new ice cream flavors is influencing the market demand. Increased focus on improving the product quality and advancements in the logistics sector is expected to propel the global ice cream market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Ice Cream Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Category (Take-Home Ice Cream, Impulse Ice Cream, and Artisan Ice Cream), By Product Type (Brick, Tub, Cup, Cone, Stick, and Others (Ice Cream Sandwiches and Jellies)), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online, and Others (Push Carts, etc.), By Region”, has evaluated the future growth potential of global ice cream market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global ice cream market.


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