Ice Cream Market Report (2021-2031) | The Insight Partners
The ice cream market size is projected to reach US$ 1,38,421.69 million by 2031 from US$ 97,938.48 million in 2023. The market is expected to register a CAGR of 4.3% in 2023–2031. Increasing consumption of dairy-free and vegan ice cream, growing trend of consumption of frozen desserts after meals, and surging demand for premium ice cream are likely to remain key ice cream market trends.
Ice Cream Market Analysis
There has been a drastic change in people's lifestyles for the past few years. Changes in the food preferences of consumers and convenience are the major reasons for the rising demand for frozen desserts globally. Moreover, the increase in disposable income of people and the introduction of new desserts to cater to a vast group of consumers are driving the ice cream market. The increase in the consumption of high-quality frozen desserts is one of the major trends in the food industry. The demand for frozen desserts is rising, owing to the increased post-meal consumption of frozen desserts as an effective digestive product. Frozen desserts are in high demand among the millennial population. The popularity of frozen desserts can also be attributed to the rise in the number of smaller households. These factors are notably increasing consumers' demand for frozen desserts such as ice cream.
Ice Cream Market Overview
Ice cream are dairy products, which are sweetened with either natural sugar or artificial sweeteners. A variety of flavors are available in the market such as vanilla, chocolate, fruit, and among others. Over the past few years, functional ice cream has become a popular product among health-conscious consumers due to the presence of high-quality ingredients, and it 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. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits.
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Ice Cream Market: Strategic Insights
Market Size Value in US$ 90,272.08 Million in 2021 Market Size Value by US$ 1,21,022.15 Million by 2028 Growth rate CAGR of 4.3% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Ice Cream Market: Strategic Insights
![ice-cream-market](https://www.theinsightpartners.com/assets/rdimages/ice-cream-market-img1.png)
Market Size Value in | US$ 90,272.08 Million in 2021 |
Market Size Value by | US$ 1,21,022.15 Million by 2028 |
Growth rate | CAGR of 4.3% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Ice Cream Market Drivers and Opportunities
Innovative Flavors and Loaded Indulgence to Favor Market
Ice cream manufacturers are investing significantly in product innovation to expand their customer base and meet emerging consumer trends. Many global brands and companies are launching innovative limited edition and seasonal flavors for frozen desserts in collaboration with other small players, which is gaining traction among consumers. For instance, in July 2021, Kraft Macaroni & Cheese launched a limited-edition ice cream in collaboration with Van Leeuwen—a Brooklyn-based ice cream brand. These two brands collaborated to launch a Kraft Macaroni & Cheese summer treat that claims to have no artificial flavors and preservatives. Kraft Macaroni & Cheese ice cream would be available at Van Leeuwen scoop shops and online platform such as amazon, walmart. Therefore, catering premium products with innovative flavors and loaded indulgences to consumers are driving the growth of ice cream market.
Rising Popularity of Functional Ice Cream
The global popularity of functional ice cream is majorly driven by product innovations, especially in terms of taste profile and nutritional value. For instance, in 2020, ice cream brand Dairy Day launched Dairy Day Plus, a range of ice cream with immunity-boosting ingredients. In the launch phase, the company introduced Haldi (turmeric) flavor ice cream and Chyawanaprash ice cream. These products were launched to help consumers follow and maintain their health goals and enjoy a dessert simultaneously as health became a priority for consumers.
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, fruit, and others. The vanilla segment held a larger market share in 2023.
- By category, the market is divided into conventional and sugar free. The conventional segment held the largest share of the market in 2023.
- In terms of form, the market is segmented into cups & tubs, bars & sticks, and others. The cups & tubs segment dominated the market in 2023.
- Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment dominated the market 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 America. Availability of numerous flavors, increasing demand for premium ice creams, rising adoption of non-preservatives and natural ingredients, and significant presence of market players are among the prominent factors propelling the ice cream market growth in North America. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Ice Cream Market Report Scope
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. The following is a list of developments in the market for speech and language disorders:
- Unilever, the world's largest ice cream company, is unveiling its new 2022 portfolio offerings across four of its packaged ice cream and frozen novelty brands, including Breyers, Klondike, Magnum ice cream, and Talenti Gelato & Sorbetto. These new creations which will be available in major retailers nationwide throughout January and February 2022 include a reimagined twist on classic American flavors, unexpected pairings for the perfect flavor combinations, and the expansion of fan favorite lines, better-for-you offerings and non-dairy options. (Source: Unilever, Press Release/Company Website/Newsletter, 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:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Flavor, Category, Form, and Distribution Channel
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.