The latest report by IMARC Group titled,“Ice Cream Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, critically examines the ice cream market in India. Ice cream represents a milk-based product popular among the people of all age groups. It is made by mixing milk, cream, sugar as well asstabilizers, flavouring agents, colour additives and other ingredients. Ice cream is a good source of numerous nutrients and vitamins such as calcium, phosphorus and vitamins A, D, E, K and B-12. Owing to the hot and humid climate in India, ice cream has become one of the most consumed snack and dessert options. According to the report, the market reached a value of around INR XX Billion in 2017, exhibiting a CAGR of XX% during 2010-2017.
Highlights of the ice cream market in India:
- The market is primarily driven by improving cold chain logistics in the country.
- Maharashtra represents the largest market, accounting for the majority of the share.
- The market is expected to reach a value of nearly INR XX Billion by 2023.
Ice cream was earlier considered a luxury food product in India, however, with rising disposable incomes and changing tastes and preferences of consumers, its demand has increased over the past few years. Introduction of new regional flavours, such as Raj Bhog and Nolen Gur have attracted a wider consumer-base including children as well as the elderly. In addition, technological advancements such as improving cold chain logistics in the country have resulted in an ease of transportation, thereby, enabling the manufacturers to connect with the rural markets as well. Further, the abundant availability of raw material (milk) is another factor that is stimulating the growth of the ice cream market in India. Some of the other factors driving the market are improving distribution channels, product premiumisation and aggressive marketing by manufacturers. The market is further expected to reach a value of nearly INR 235 Billion by 2023, growing at a CAGR of XX% during 2018-2023.
The report has evaluated the market across fifteen major states of India, along with providing a thorough analysis of the current and historical value and volume trends, and market forecast. Currently, Maharashtra represents the largest market, accounting for nearly XX% of the total share. It is followed by Uttar Pradesh and Gujarat. Apart from this, an analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are GCMMF, Kwality Walls, Vadilal, Mother Dairy, Hatsun and Cream Bell.
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