The global ice cream market size reached US$ 57.7 Billion in 2018, registering a CAGR of 4.5% during 2011-2018. Ice cream 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. Ice cream is a rich source of carbohydrates, calcium, phosphorus, thiamine, riboflavin, niacin and folate, as well as vitamins A, C, D, E, K, B-6 and B-12. There are numerous flavors available in the market amongst which the most popular are strawberry, chocolate, and vanilla. Ice cream is one of the oldest desserts with its commercial production dating back to the early 1850s, when the first large-scale manufacturing plant was established in Baltimore, Maryland. Since then, rapid advancements in logistics and production processes have enabled manufacturers to offer ice cream through nearly every restaurant, supermarket and corner store.
Over the past few years, rising health consciousness and better knowledge have led consumers to shift toward upmarket treats, which are formulated with unusual and organic ingredients. Besides, several governing bodies across the globe are issuing new regulations pertaining to the labeling, ingredients and manufacturing of ice cream. For instance, the Food Safety and Standards Authority of India (FSSAI) is planning to introduce labeling requirements for frozen desserts in 2020. The norms will require Food Business Operators (FBOs) to prominently mention the percentage amount of vegetable proteins or vegetable fat/oil on the label. 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 to an increase in sales. Moreover, owing to the income elastic nature of ice cream consumption, rising disposable incomes and the improving purchasing power of consumers are escalating its per capita consumption in emerging regions like India and China. Looking forward, IMARC Group expects the market to reach a value of US$ 91.2 Billion by 2024, at a CAGR of 8.0% during 2019-2024.
Breakup by Flavor:
Currently, vanilla is mostly preferred by consumers as it is used in the preparation of several other desserts.
Breakup by Category:
Amongst the categories mentioned above, impulse ice cream is expected to maintain its dominant position during the forecast period.
Breakup by Product:
At present, the majority of consumers prefer purchasing ice cream cups.
Breakup by Distribution Channel:
Supermarkets and hypermarkets represent the most popular distribution channel as they offer a wide collection of brands and flavors to the consumers.
Asia Pacific presently accounts for the majority of the market share, on account of improvements in cold chain facilities which have improved the availability of ice cream in rural areas as well.
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