According to the latest report by IMARC Group, titled "Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global ice cream market reached a value of US$
70.6 Billion in 2022. Ice cream is a milk-based frozen dessert that is a rich source of calcium, folate, thiamine, niacin, phosphorus, riboflavin, and vitamins A, C, D, E, K, B-6 and B-12. It commonly involves the use of cream, sugar, sweeteners, food colorings, butterfat, eggs, fruits, and artificial or natural flavorings in its preparation. Having a smooth and creamy texture, it is widely available in numerous flavors, including vanilla, chocolate, strawberry, butterscotch and chocolate chip and can be stored in a refrigerator over an extended period of time.
Global Ice Cream Market Trends:
The global market is majorly driven by the increasing uptake of convenience foods, including ice creams, by the masses. This is supported by rapid urbanization, the inflating disposable income levels of individuals and their shifting dietary preferences. There has also been a rise in the preference for online food delivery services across the globe, which has facilitated the sales of desserts and beverages, such as cakes, waffles, milkshakes, sundaes, cold coffee and floats, wherein ice creams are used as an essential ingredient in the preparation. The market is further driven by the introduction of numerous innovative flavors, such as mint chocolate, coffee, cheesecake and tiramisu, that are expected to cater to the diverse taste preferences of the customers. Moreover, several key players have launched healthy low-fat and sugar-free variants in the market. They are also introducing lactose-free ice creams, which are gaining widespread preference among the vegan and lactose-intolerant consumers. In line with this, there has been a considerable rise in the demand for ice creams with natural and organic ingredients, which is also creating a positive outlook for the market. Some of the other factors contributing to the market growth include significant growth in the dairy industry and the escalating preference for premium ice creams among the masses. On account of the aforementioned factors, the market is anticipated to exhibit a CAGR of
5.14% during 2023-2028.
- Based on the flavor, the market has been divided into chocolate, fruit, vanilla and others. At present, chocolate represents the most preferred flavor.
- On the basis of category, the market has been categorized into impulse, take-home and artisanal ice creams. Amongst these, the impulse segment exhibits a clear dominance in the market.
- Based on the product, the market has been classified into cup, stick, cone, brick, tub and others. Currently, ice cream cups account for the majority of the total market share.
- On the basis of the distribution channel, the market has been segregated into supermarkets/hypermarkets, convenience stores, ice cream parlors, online stores and others. Presently, supermarkets/hypermarkets represent the dominant market segment.
- On the geographical front, the market has been segmented into Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Among these, Europe holds the leading position in the market.
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Unilever, Nestle, Inner Mongolia Yili Industrial Group, and General Mills.
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