Ice Cream Market in India

India Ice Cream Market Size:

The Ice Cream Market in India size reached INR 228.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach INR 956.0 Billion by 2032, exhibiting a growth rate (CAGR) of 17.4% during 2024-2032. The India ice cream market is steadily moving with an increase in disposable incomes, increasing consumer preference for indulgence, innovative products launched by leading brands, and expanding distribution channels to serve a variety of consumers living in urban as well as rural regions.

India Ice Cream Market Analysis:

• Major Market Drivers: Increasing disposable incomes and consumer preference for indulgent treats are key drivers propelling market growth.
• Key Market Trends: Innovative product offerings, such as Creambell's Fun Spin Range, and the introduction of new international flavors like Green Apple and Chocky in Swirl bar form, reflect ongoing trends towards diversification and novelty in ice cream products.
• Competitive Landscape: According to the India ice cream market overview, some of the major market players in the India ice cream industry include GCMMF, Kwality Walls, Vadilal, Mother Dairy, Hatsun, Cream Bell. Etc, among many others.
• Challenges and Opportunities: Challenges include maintaining quality standards and managing production costs amidst rising competition, while opportunities lie in tapping into changing consumer preferences and expanding market reach through innovative product offerings and strategic partnerships.

India Ice Cream Market Trends:

The shifting consumer preferences toward premium and innovative ice cream flavors

There is a growing ice cream demand in India for premium and high-quality ice cream in India from consumers. They are always ready to pay a premium price for ice creams that offer unique flavors, the finest ingredients, and the greatest taste experiences. As a result, it has helped in the development of high-end ice cream brands and trendy ice cream parlors that address the consumer demand for rich and luxurious ice cream products. Furthermore, Indian consumers are increasingly exploring flavors beyond the traditional vanilla and chocolate. Flavors like salted caramel, matcha green tea, tiramisu, cookie dough, and exotic fruits have all been in demand. The result of this is diversified flavors getting introduced in the Indian ice cream industry and product innovation at the same time too. In addition, clients are searching for ice cream brands that provide healthier products, including lower sugar, fat, dairy-free, and vegan provisions, and thereby steering India ice cream market growth. For instance, Ice cream, a widely consumed dairy dessert globally, has a market size of US $62 billion with an expected growth rate of 5%. Recent studies suggest enhancing its nutritional profile by incorporating herbs, pre- and pro-biotics, and micronutrients. However, increasing protein content, crucial for structure development, poses challenges due to texture alterations. Substituting skimmed milk powder (SMP) with whey protein isolate (WPI) presents an opportunity to boost protein levels while mitigating texture issues, making it a promising solution for protein supplementation, particularly in vegetarian diets.

The rising disposable incomes of individuals

Currently, due to an increasing per capita income in society, the masses spend more money on experiencing something new and luxuries. Ice cream is viewed as a favorite food or a delicacy, and individuals are willing to spend on good and quality ice cream products. More than that, the growing purchasing power facilitates the moving up of consumers and the higher quality of products they buy. This in turn has seen the generation of high demand for premium and high-end ice cream products that feature extensive variety, richer ingredients, and superior palatability. Over recent years there has been higher spending on high-end frozen desserts, which represents a huge share of India ice cream market recent opportunities.

India Ice Cream Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and state levels for 2024-2032. Our report has categorized the market based on type, flavor, format, end-user, and distribution channel.

Breakup by Type:

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

Take-home Ice Cream represents the most preferred type

The report has provided a detailed breakup and analysis of the market based on the type. This includes impulse ice cream, take-home ice cream, and artisanal ice cream. According to the report, take-home ice cream represented the largest segment.

Take-home ice-creams are packaged in containers that can be kept in home refrigerators. This makes it easy for consumers to buy bigger quantities of ice cream and have it at their convenience. They no longer need to go to a parlor or a store each time they want one serving. On top of that, these ice creams often come in bigger sizes, which tend to be better priced compared to a single serving or a small portion. According to the India ice cream market forecast for the lower price, consumers may opt for a larger quantity of ice cream, rather than expensive options, which is perfect for cost-conscious families and individuals.

Breakup by Flavor:

• Chocolate
• Fruit
• Vanilla
• Others
   

Vanilla accounts for the majority of the market share

A detailed breakup and analysis of the market based on the flavor have also been provided in the report. This includes chocolate, fruit, vanilla, and others. According to the report, the institutional segment vanilla for the largest India ice cream market share.

The vanilla flavor can be used independently with a wide array of toppings, sauce, and mix-in pairings, and can also be mixed with fine spices and elixir to trigger the happy hormones in our brains. Through a delicate and light texture, it is an excellent taste match for many other flavors and ingredients. Consumers enjoy the opportunity to personalize their vanilla ice cream with fruits, nuts, chocolates, syrups, etc., which enhances its attractiveness. Besides, Vanilla is also employed as an ingredient for homemade desserts and recipes. The fact that vanilla is familiar and accessible as a flavoring agent for Indian dishes also contributes to its choice and likeability in ice cream.

Breakup by Format:

• Cup
• Stick
• Cone
• Brick
• Others
   

Cup dominate the market

A detailed breakup and analysis of the market based on the format has also been provided in the report. This includes cup, stick, cone, brick, and others. According to the report, the cup accounted for the largest market share.

Cups have the benefit of pre-packaging individual portions of ice cream, hence customers can better manage their caloric intake. Consumers benefit from the ability to enjoy a single serving without the cumbersome tasks of measuring and scooping the ice cream themselves. This is specifically attractive to those who like to limit their portions or desire a sensible indulgence. The additional point is that cups are a convenient option for drinking on the go. They do not require any utensils or bowls for serving. Instead, they come prepackaged and ready to consume. This is why cups are great for commuters who can also enjoy their ice cream while on breaks or while taking part in other activities.

Breakup by End-User:

• Retail
• Institutional
   

Retail holds the largest market share

A detailed breakup and analysis of the market based on the end-user have also been provided in the report. This includes the retail and institutional. According to the report, retail accounted for the largest market share.

Retail outlets, including supermarkets, hypermarkets, convenience shops, and local grocery stores, extensively and firmly distribute their products across the country of India. Such channels operate in both urban and rural areas, making the products of ice cream available to a wide customer base, which in turn impacts the India ice cream market revenue positively. In addition, retail stores provide numerous brands of ice cream, flavors, formats, and sizes to meet the different needs of consumers. Consumers have the thrill of selecting from various alternatives and trying out various brands and tastes. Consumers experience high satisfaction when offered multiple store options and are likely to become loyal customers.

Breakup by Distribution Channel:

• General Trade
• Supermarkets/Hypermarkets
• Ice cream Parlors
• Convenience Stores
• Online
• Others
   

The majority of the ice creams across the country are distributed through convenience stores

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes general trade, supermarkets/hypermarkets, ice cream parlors, convenience stores, online, and others. According to the report, convenience stores accounted for the largest market share.

Convenience stores are usually located in convenient spots, like residential districts, business centers, and heavily trafficked parts of a city. Close proximity to individuals of all age groups makes these stores a popular spot for buying ice cream. Customers can conveniently just walk or drive to their neighborhood convenience store to fulfill their ice cream craving without having to take long trips or make detours. Furthermore, the client can easily pick out the ice cream section, choose his selected product, and head to the checkout counter. The smooth checkout process averts queues and saves time, enabling the customer to enjoy good ice cream without extra waiting.

Breakup by Region:

• Maharashtra
• Uttar Pradesh
• Andhra Pradesh
• Tamil Nadu
• Gujarat
• Rajasthan
• Karnataka
• Madhya Pradesh
• West Bengal
• Bihar
• Delhi
• Kerala
• Punjab
• Odisha
• Haryana
   

Maharashtra exhibits a clear dominance in the market

A detailed breakup and analysis of the market based on the region has also been provided in the report. This includes Maharashtra, Uttar Pradesh, Andhra Pradesh, Tamil Nadu, Gujarat, Rajasthan, Karnataka, Madhya Pradesh, West Bengal, Bihar, Delhi, Kerala, Punjab, Odisha, and Haryana. According to the report, Maharashtra was the largest market for ice cream in India.

The state of Maharashtra has main urban or metropolitan regions which comprise Mumbai, Nashik, Nagpur, and Pune. While these cities have high-end customers with more cash than the others, they are more inclined to consume ice cream products. The urban residents’ quest for an exotic dessert as well more a cosmopolitan lifestyle is the very reason for the growing demand for ice cream in Maharashtra. Moreover, the authorities on the other side have made it the most effective way to implement the different consumer choices and India ice cream market trends. The consumers of Maharashtra have a taste for an ice cream that is as rich and delicious as the food can be and that also has a good number of unique and novel features. The ice cream company sets a specific target group of customers and it leads to the brand becoming successful and well-known in the market.

Competitive Landscape:

In the dynamic India Ice Cream market, key players are focused on innovation, expansion, and meeting changing consumer demands. The ice cream companies in India like Hatsun Agro are reporting impressive profits, indicating a strong market position and effective strategies. Meanwhile, Creambell is pioneering new product introductions with its Fun Spin Range, introducing unique flavors like Green Apple and Chocky in innovative Swirl bar forms. These initiatives showcase the brand's dedication to adapting to market trends, providing customers with an array of gratifying and innovative experiences. Meanwhile, the Indian ice cream market recent developments in schemes of distribution to reach both urban and rural consumers, and this leads to broad market penetration and sustained growth.

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have been provided. Some of the major market players in the Indian ice cream industry include:

• GCMMF (Amul)
• Kwality Walls
• Vadilal Group
• Mother Dairy
• Hatsun
• CreamBell
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

India Ice Cream Market News:

• On January 16, 2024, Mother Dairy, a leading Indian dairy brand, expands its product line with the launch of Pure Buffalo Milk in the NCR region, following the success of its Cow Milk variant. Developed to meet specific consumer needs, the new variant aims to capitalize on the growing demand for diverse milk options.
• On April 23, 2024, Hatsun Agro, a dairy products manufacturer, announced a 108.76% increase in its Q1 2024 profit after tax, reaching Rs 52.16 crore, up from Rs 24.99 crore in the same period last year. Revenues for the quarter rose to Rs 2,046.87 crore from Rs 1,789.46 crore year-on-year.

India Ice Cream Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India ice cream market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India ice cream market.
• Porter's five forces analysis assists 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 India ice cream industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.