Ice Cream Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The ice cream market size is projected to reach US$ 138.55 billion by 2031 from US$ 97.94 billion in 2023. The market is expected to register a CAGR of 4.4% during 2023–2031. The increasing demand for dairy-free and vegan ice cream is likely to act as a key trend in the market.

Ice Cream Market Analysis

The increase in demand for premium ice creams, availability of various flavors, and rise in preference for non-preservatives and natural ingredients are among the factors driving the ice cream market growth. The demand for low-fat, natural ice creams with high taste and indulgence is increasing in Europe. The growing preference for frozen desserts as a digestive aid after meals boosts the demand for these treats. The increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer's decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases. Furthermore, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits.

Ice Cream Market Overview

Ice cream is a popular dessert and is available in various flavors. The growth of the ice cream market is driven by the availability of various flavored ice creams, especially seasonal fruit flavors, and the increase in flavor innovations by manufacturers. Recently, functional ice cream has become popular among health-conscious consumers as it contains high-quality ingredients and fulfills consumers' nutritional requirements more than regular ice cream. So, the increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer's decision to select a healthy alternative. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. The key players in the ice cream market include Blue Bell Creameries, Unilever Plc, Nestle SA, General Mills Inc, Mars Inc, Wells Enterprises, Turkey Hill Dairy, Dairy Farmers of America Inc, Cold Stone Creamery, Morinaga Milk Industry Co Ltd, Kwality Foods LLC, Baskin-Robbins, David Chapman's Ice Cream Limited, Lotus Bakeries NV, and IMURAYA GROUP CO., LTD.

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Ice Cream Market: Strategic Insights

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Ice Cream Market Drivers and Opportunities

Availability of Innovative Flavors

Ice cream manufacturers are developing products with nutritional components, organic herbal fillings, and exotic flavors in product formulation to gain a competitive advantage and attract more consumers. Manufacturers are introducing exotic flavors such as coconut, lemon, and tropical fruits to adapt to the shifting taste preferences of consumers. Additionally, consumers are concerned about their health. Thus, manufacturers are modifying the ingredients used in the products based on consumer preferences and introducing new products to differentiate their offerings. Ben & Jerry's launched an ice cream with CBD additives. Further, liquor ice cream is gaining popularity across the US. These products contain less than 0.5% alcohol; therefore, they are widely retailed in grocery and specialty stores. In September 2021, Häagen-Dazs launched a spirit-infused ice cream with a flavor of five traditional pints made with Irish cream, rum, bourbon, and stout. In addition, in November 2023, LiQ and Baileys entered into a partnership agreement to launch liquor-infused ice cream pralines.

Rising Popularity of Functional Ice Cream

The popularity of functional ice cream is majorly driven by product innovations, especially in terms of taste profile and nutritional value. In August 2022, California's cult ice cream brand and celebrity favorite Coolhaus made its debut in Singapore with six flavors. These launches of functional products help consumers follow and maintain their health goals and enjoy a good meal simultaneously, as health became a priority for consumers during the COVID-19 crisis. Since people have started focusing on convenience food products while maintaining the nutritional balance in their diets, manufacturers are launching nutritionally enriched ice creams. Such product innovations help them extend their reach and gain a competitive edge in regional markets. Thus, the rising demand for functional ice creams is expected to create lucrative opportunities for the ice cream market in the coming years.

Ice Cream Market Report Segmentation Analysis

Key segments that contributed to the derivation of the ice cream market analysis are flavor, category, form, and distribution channel.

• Based on flavor, the ice cream market is segmented into vanilla, chocolate, berries, matcha, and others. The chocolate segment held the largest market share in 2023.
• By category, the market is bifurcated into conventional and sugar free. The conventional segment held a larger share of the market in 2023.
• In terms of form, the market is segmented into cups and tubs, bars and sticks, and others. The cups and tubs segment dominated the market in 2023.
• Based on distribution channel, the ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the largest market share in 2023.

Ice Cream Market Share Analysis by Geography

The geographic scope of the ice cream market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

In 2023, Asia Pacific held the largest share of the ice cream market. The availability of various flavored ice creams, especially seasonal fruit flavors, and flavor innovations by manufacturers drive the ice cream market in Asia Pacific. In addition, consumer inclination toward plant-based products due to the increasing adoption of healthier products is expected to create new plant-based and vegan ice cream trends in the Asia Pacific ice cream market during the forecast period. The increasing demand for vegan ice creams has resulted in the innovation and the launch of plant-based ice creams in the region. For instance, in November 2023, OATSIDE, a Singaporean oat milk maker, introduced a line of vegan ice creams in three flavors available at major retailers nationwide. Rising disposable income, rapid urbanization, and increasing living standards also propel the ice cream market growth. Consumers are also seeking healthier and more nutritious food items, leading to increased demand for ice creams with probiotics, prebiotics, and functional ingredients.

Ice Cream Market Regional Insights

The regional trends and factors influencing the Ice Cream Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Ice Cream Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Ice Cream Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Ice Cream Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Ice Cream Market are:

1. Blue Bell Creameries
2. Unilever Plc
3. Nestle SA
4. General Mills Inc
5. Mars Inc
6. Wells Enterprises

Disclaimer: The companies listed above are not ranked in any particular order.

Ice Cream Market News and Recent Developments

The ice cream market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the ice cream market are listed below:

• Blue Bell Creameries expanded its distribution area to include St. Louis and surrounding cities starting in March 2024. A 16,000 sq. ft. distribution facility is being built at 11400 Spencer Road in St. Peters, Missouri. No products will be made on-site, but there will be a cold storage room for the frozen treats. Blue Bell uses direct store delivery, ensuring that only their employees handle the product from production to store shelves. (Source: Blue Bell Creameries, Company Website, November 2023)
• Magnum launched a mini-sized multi-pack of vegan ice cream and a new and improved recipe for its vegan core range. (Source: Unilever Plc, Press Release, January 2023)

Ice Cream Market Report Coverage and Deliverables

The "Ice Cream Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Ice cream market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Ice cream market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter's Five Forces and SWOT analysis
• Ice cream market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the ice cream market
• Detailed company profiles