Ice Cream Market Report

Market Overview:

The global ice cream market size reached US$ 70.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 94.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.14% during 2023-2028. The rising demand for organic ice creams among the masses, wide availability through various distribution channels, and the introduction of new flavors with numerous health benefits represent some of the key factors driving the market.  

Rising Popularity of Organic Ice Creams Stimulating Market Growth

The ice cream market has been experiencing continuous growth. The rising popularity of organic ice creams represents one of the primary drivers resulting in the increasing sales of ice cream. Moreover, the growing adoption of organic ice creams for preparing various shakes, smoothies, and sorbets is positively influencing the market. In addition, the increasing health consciousness among consumers and the rising preference towards nutrient-rich products with natural and certified ingredients are contributing to the growth of the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of global and regional players operating in the industry. The volume of new entrants is moderate in the ice cream industry due to the low capital investment and easy access to distribution. Additionally, there is moderate level of product differentiation for ice cream, as key manufacturers differentiate their products based on brand, flavor, calorie content, purity, and packaging.   

What is Ice Cream?

Ice cream refers to frozen dairy food manufactured from cream or butterfat, milk, sugar, and artificial flavors. It is widely available in different sizes, shapes, colors, and flavors, such as mango, strawberry, blueberry, almond, chocolate, coffee, vanilla, and orange. It is a rich source of carbohydrates, calcium, phosphorus, thiamine, riboflavin, niacin, folate, and vitamins A, C, D, E, K, B-6 and B-12. It also contains milk fat with milk solids, sweeteners, emulsifiers, stabilizers, and flavoring materials. It is convenient, cost-effective, and aids in relaxing the nervous system and preventing symptoms of insomnia. It also promotes strong and healthy bones as it contains milk and related products. Besides this, it assists in stimulating thrombotonin, which is a hormone of happiness and helps in reducing the levels of stress in the body.

COVID-19 Impact:     

The COVID-19 pandemic outbreak has caused a severe problem for the ice cream industry and imposed unprecedented challenges on numerous countries. Ice cream is a highly perishable product, and the industry faced a large hit due to the spread of the coronavirus. Shortages of ice cream and its ingredients have been reported in the initial months of the lockdown due to restrictions on transportation and personnel travel. Moreover, the peak season of ice cream generally starts from March to September, and it was hampered by the lockdown, which caused a downfall in sales. Besides this, there has been a rising preference for consuming hot products due to the COVID-19. Apart from this, ice cream street vendors were not available on the road due to the imposition of curfews and lockdowns across the globe. Brands that are largely dependent on ice cream parlors to reach customers are severely affected by the pandemic. Additionally, difficulty in the procurement of milk has been witnessed by various ice cream processing facility centers, causing a slowdown in ice cream production. However, after the reopening of lockdowns, the ice cream industry is expected to grow in the coming years due to the stability in the supply chains.            

Ice Cream Market Trends:

At present, the growing health consciousness among consumers, along with the increasing preference towards a nutrient-rich product, represents one of the major factors influencing the market positively. In addition, the wide availability of ice creams through various distribution channels, such as hypermarkets, supermarkets, ice cream parlors, and convenience and online stores, is propelling the growth of the market. Apart from this, the increasing demand for ice creams due to the availability of various flavors, such as chocolate, vanilla, strawberry, blueberry, mango, and orange, is contributing to the growth of the market. Additionally, the growing demand for lactose-free, gluten-free, and sugar-free ice creams across the globe is offering a favorable market outlook. Furthermore, the rising demand for organic ice creams that are manufactured using natural and high-quality ingredients without any harmful chemicals is supporting the growth of the market.  

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global ice cream market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on flavor, category, product and distribution channel.

Flavor Insights:

• Vanilla
• Chocolate
• Fruit
• Others
   

The report has provided a detailed breakup and analysis of the ice cream market based on the flavor. This includes chocolate, fruit, vanilla, and others. According to the report, chocolate represented the largest segment as it is regarded as the most traditional flavor and popular among all age groups. Moreover, key manufacturers are combining chocolate with other flavors to develop new and innovative ice cream variants.          

Category Insights:

• Impulse Ice Cream
• Take-Home Ice Cream
• Artisanal Ice Cream
   

A detailed breakup and analysis of the ice cream market based on the category has also been provided in the report. This includes impulse ice cream, take-home ice cream, and artisanal ice cream. According to the report, impulse ice cream accounted for the largest market share as it is a single served ice cream that is purchased for immediate consumption. In addition, there is an increase in the demand for impulse ice cream due to the hectic and on-to-go lifestyle of consumers across the globe.    

Product Insights:

• Cup
• Stick
• Cone
• Brick
• Tub
• Others
   

A detailed breakup and analysis of the ice cream market based on the product has also been provided in the report. This includes cup, stick, cone, brick, tub, and others. According to the report, cup accounted for the largest market share due to the convenient packaging and cost effectiveness of the product. Also, ice cream cups are used as a promotional tool to increase consumer awareness and branding of the product.    

Distribution Channel Insights:

• Supermarkets/Hypermarkets
• Convenience Stores
• Ice Cream Parlors
• Online Stores
• Others
   

A detailed breakup and analysis of the ice cream market based on the distribution channel has also been provided in the report. This includes supermarkets/hypermarkets, convenience stores, ice cream parlors, online stores, and others. According to the report, supermarkets/hypermarkets accounted for the largest market share, as these stores have facility of refrigeration and centralized warehousing. Moreover, attractive discounts and offers offered by these stores and the wide availability of different ice creams brands are bolstering the market growth.  

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • France 
  • Germany 
  • Netherlands 
  • Norway 
  • Sweden 
  • Denmark 
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (France, Germany, Netherlands, Norway, Sweden, Denmark, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe (France, Germany, Netherlands, Norway, Sweden, Denmark, and others) was the largest market for ice cream. Some of the factors driving the Europe ice cream market included the rising consumer preference toward premium quality ice creams and the growing demand for new flavors and customized ice creams. In addition to this, the increasing preference for hand-made ice cream with high-quality ingredients is propelling the market growth in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global ice cream market. Some of the companies covered in the report include:

• Unilever
• Nestle
• Inner Mongolia Yili Industrial Group
• General Mills
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the ice cream market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global ice cream market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the ice cream industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.