Ice Cream Market Analysis, Share (2022 - 27) | Industry Report (2024)

The Ice Cream Market is Segmented by Type (Impulse Ice Cream, Take-home Ice Cream, and Artisanal Ice Cream), Category (Dairy and Non-dairy), Distribution Channel (On-trade and Off-trade), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecasts for the ice cream market in value (USD billion) for all the above segments.

Market Snapshot

Study Period:	2016 -2027
Base Year:	2021
Fastest Growing Market:	Asia Pacific
Largest Market:	North America
CAGR:	2.87 %

Market Overview

The ice cream market is projected to register a CAGR of 2.87% in the next five years.

The ice cream industry suffered during COVID-19 due to supply chain disruptions caused by the logistical restrictions on trucking and shipping, which impacted ice cream sales. However, the market has recovered from the pandemic rapidly since the situation returned to normal. As the large labor force returned to manufacturing units and the on-premise sales through specialty stores, supermarkets, and convenience stores are returning to normalcy, thus boosting the market sales.

Post the pandemic, several companies reported that the industry is facing a major boost in the take-home segment. Traditionally, the impulse category accounted for 60%, whereas the take-home category accounted for 30% of the sales, as reported by Havmor and Mother Dairy operating in the Indian market. However, the take-home category sales are peaking dynamically.

The ice cream market worldwide is majorly driven by product innovations, especially in terms of taste profile and natural ingredients. In addition to their natural flavor, these ice creams are free of preservatives. The shifting consumer preference toward the vegan diet and the growing lactose intolerance population resulted in improved demand for the non-dairy ice cream category.

There is also a rising demand for premium ice creams, thus driving the market's growth. Premium ice creams have become a popular product among health-conscious consumers due to the presence of high-quality ingredients and a lower amount of aeration compared to regular ice creams.

Scope of the Report

Ice cream is a sweetened frozen food typically eaten as a snack or dessert.

The ice cream market is segmented based on product type, category, distribution channel, and geography. By product type, the market is segmented into impulse ice cream, take-home ice cream, and artisanal ice cream. By category, the market is segmented into dairy and non-dairy. By distribution channel, the market is segmented into on-trade and off-trade. Off-trade is further sub-segmented into supermarkets/hypermarkets, convenience stores, specialist stores, and other distribution channels. By geography, the market covers the major countries in North America, Europe, Asia-Pacific, South America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done based on value (in USD billion).

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Key Market Trends

Innovative Flavors and Loaded Indulgence are Boosting the Market's Growth

To gain a competitive advantage and appeal to more consumers, ice cream manufacturers are creating products with functional ingredients, organic herbal fillings, and exotic flavors. For instance, companies are including exotic flavors, such as tropical fruits, lemons, and coconuts, to cater to changing tastes of consumers. The demand for Skinny Cow, which is a low-calorie and low-fat ice cream brand, is growing among health-conscious customers. The favorable regulations also cater to the innovations in the market studied. In May 2019, the FDA held a public hearing on the legalization of cannabidiol in the United States. Thus, key players are tapping into this opportunity and introducing new products to differentiate their offerings. For example, Ben & Jerry's launched CBD-infused ice cream. The company plans to source its future CBD locally from Vermont, aligning with its practices of ‘values-led sourcing.’

Liquor ice cream is also gaining popularity across developed regions such as North America and Europe. The products contain less than 0.5% alcohol and are widely retailed in grocery and specialty stores. Häagen-Dazs launched spirit-infused ice cream with a flavor of five traditional pints made with Irish cream, rum, bourbon, and stout. Therefore, the production of premium products with innovative flavors and loaded indulgence is driving the market's growth.

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North America Holds the Largest Market Share

With the rising demand for frozen snacks among the millennial population, the North American ice cream market is expected to witness significant growth. The majority of these consumers opt for frozen desserts as meal replacements. Hectic lifestyles and health and wellness concerns are also driving the changes in preferences. A growing preference for natural, less processed, and convenient food and an increasing focus on low-calorie ice creams are helping companies to tap into the growth potential of the market. There is growing interest in gelato and soft serve ice creams among North American consumers as they offer a wide variety of options as per consumer demand. They are comparatively easy to implement and can be produced with premium and authentic ingredients.

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Competitive Landscape

The ice cream market is fragmented and competitive, comprising a large number of regional and international competitors like Unilever, Nestle, Blue Bell, Herdez, and Inspire Brands Inc. These players are competing on different factors, including product offerings, quality, taste, flavor, price, functionality, size, packaging, and marketing activities, to gain a competitive advantage in the market. The most active companies in the market are mainly focused on introducing new products to cater to the interests of consumers. For instance, in 2021, Havmor, an Indian ice cream brand, launched its unique addition-, the 'World Cone,' which is 22.2 cm long, probably the biggest ice cream cone in India.

Major Players

1. Unilever

2. Nestle SA

3. General Mills Inc.

4. Lotte Corporation

5. Inspire Brands, Inc.

Table of Contents

1. 1. INTRODUCTION

   1. 1.1 Study Deliverables and Study Assumptions

   2. 1.2 Scope of the Study

2. 2. RESEARCH METHODOLOGY

3. 3. EXECUTIVE SUMMARY

4. 4. MARKET DYNAMICS

   1. 4.1 Market Drivers

   2. 4.2 Market Restraints

   3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

5. 5. MARKET SEGMENTATION

   1. 5.1 Type

      1. 5.1.1 Impulse Ice Cream

      2. 5.1.2 Take-home Ice Cream

      3. 5.1.3 Artisanal Ice Cream

   2. 5.2 Category

      1. 5.2.1 Dairy

      2. 5.2.2 Non-dairy

   3. 5.3 Distribution Channel

      1. 5.3.1 On-trade

      2. 5.3.2 Off-trade

         1. 5.3.2.1 Supermarkets/Hypermarkets

         2. 5.3.2.2 Convenience Stores

         3. 5.3.2.3 Specialist Stores

         4. 5.3.2.4 Other Distribution Channels

   4. 5.4 Geography

      1. 5.4.1 North America

         1. 5.4.1.1 United States

         2. 5.4.1.2 Canada

         3. 5.4.1.3 Mexico

         4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

         1. 5.4.2.1 Spain

         2. 5.4.2.2 Germany

         3. 5.4.2.3 United Kingdom

         4. 5.4.2.4 France

         5. 5.4.2.5 Italy

         6. 5.4.2.6 Russia

         7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia-Pacific

         1. 5.4.3.1 China

         2. 5.4.3.2 Japan

         3. 5.4.3.3 Australia

         4. 5.4.3.4 India

         5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

         1. 5.4.4.1 Brazil

         2. 5.4.4.2 Argentina

         3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

         1. 5.4.5.1 Saudi Arabia

         2. 5.4.5.2 South Africa

         3. 5.4.5.3 Rest of Middle-East and Africa

6. 6. COMPETITIVE LANDSCAPE

   1. 6.1 Most Active Companies

   2. 6.2 Most Adopted Strategies

   3. 6.3 Market Share Analysis

   4. 6.4 Company Profiles

      1. 6.4.1 Unilever PLC

      2. 6.4.2 Nestle SA

      3. 6.4.3 Lotte Corporation

      4. 6.4.4 General Mills Inc.

      5. 6.4.5 Inspire Brands Inc.

      6. 6.4.6 Blue Bell Creameries LP

      7. 6.4.7 Dairy Farmers of America Inc.

      8. 6.4.8 Ben & Jerry's Homemade Inc.

      9. 6.4.9 Meiji Holdings Co. Ltd

      10. 6.4.10 The Kraft Heinz Company

7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

Frequently Asked Questions

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