The global ice cream market share was estimated to be US$ 57.7 Billion in 2018, registering a CAGR of 4.5% during 2011-2018. The market is further projected to cross US$ 91.2 Billion by 2024, at a CAGR of 8.0% during 2019-2024. It is a sweet, frozen dessert made from a combination of milk, cream and artificial or natural flavorings. Some variants like frozen custard and French ice creams also use egg as one of the main ingredients. It is a rich source of carbohydrates, calcium, phosphorus and vitamins such as A, C, D, E, K, B-6 and B-12 as well as thiamine, riboflavin, niacin and folate. There are numerous flavors available in the market amongst which the most popular are strawberry, chocolate, and vanilla.
Since the fast-food industry is one of the major end-users, an increase in the number of fast food chains across the globe is driving its consumption in this sector. Moreover, owing to the income elastic nature of ice cream consumption, rising disposable incomes and improving purchasing power of consumers are giving a rise to its per capita consumption in emerging regions like India and China. Apart from this, rapid urbanization has led to an expansion in modern retail formats such as departmental stores, hypermarkets, supermarkets and convenience stores, which is contributing towards an increase in the global sales. Furthermore, the emerging trends of premiumization and value addition have led to the usage of finer-quality ingredients as well as the introduction of organic and sugar-free variants.
Breakup by Flavor:
The market has been segmented on the basis of different flavors which include vanilla, chocolate and fruit. Amongst these, vanilla is majorly preferred by consumers as it is used in the preparation of several other desserts.
Breakup by Category:
On the basis of categories, the market has been segregated into impulse, take-home and artisanal ice creams. Amongst these, impulse ice cream has outgrown other categories and is expected to maintain its dominant position during the forecast period.
Breakup by Product:
Based on products, the market has been categorized as cup, stick, cone, brick and tub. Currently, the majority of consumers prefer purchasing ice cream cups.
Breakup by Distribution Channel:
On the basis of distribution channels, the market has been segmented into supermarkets/hypermarkets, convenience stores, ice cream parlors and online stores. Amongst these, supermarkets/hypermarkets represent the most popular distribution channel as they offer a wide collection of brands and flavors to the consumers.
On a geographical front, Asia Pacific represents the largest market, holding the majority of the total share. The market growth in the region can be attributed to the improvement of cold chain facilities owing to which ice creams are becoming available in rural areas as well. Other markets include North America, Europe, Latin America, and Middle East and Africa.
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