Ice Cream Market is expected to reach US$ 1,21,022.15 Million by 2028

High Demand for Frozen Desserts to Drive Ice Cream Market

According to our new research study, titled "Ice Cream Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Flavor, Category, Form, and Distribution Channel," the market is projected to reach US$ 1,21,022.15 million by 2028 from US$ 90,272.08 million in 2021. It is expected to grow at a CAGR of 4.3% from 2021 to 2028.

The surge in the consumption of high-quality frozen desserts is one of the biggest ice cream markets’ trends in the food industry. The growing trend of consuming frozen desserts after a meal as an effective digestive product is boosting the demand for frozen desserts. The development and popularity of these frozen desserts are ascribed to many social changes, such as the growing number of smaller households and the rising millennial population worldwide. These factors significantly increase consumers’ demand for frozen desserts, especially ice cream.

The increasing number of product launches in the frozen dessert segment, such as custard, yogurt, gelato, granita, ice cream, and sherbet, is driving the ice cream market. For instance, in September 2021, Sara Lee Frozen Bakery launched a collection of ice cream and novelties in many flavors, including mango, passionfruit, chocolate, and vanilla. The initiative was taken to increase product penetration among consumers who preferred varied flavors of ice cream.

Further, several initiatives, such as mergers & acquisitions and product launches, by various manufacturing companies are contributing to the ice cream markets’ growth of the frozen desserts industry. For instance, in April 2022, Bruster’s, a food and beverages company, re-launched its non-dairy vegan frozen dessert line made with oat milk. These products are available in 14 new frozen dessert flavor recipes, such as coffee chocolate chip, chocolate raspberry truffle, and mint chocolate chip. Hence, product development, a high level of disposable income, and the presence of various frozen dessert flavors are boosting the ice cream market.

Key players operating in the global ice cream market include Unilever; Nestlé SA; General Mills Inc.; Mars, Incorporated; LOTTE CONFECTIONERY CO., LTD; Wells Enterprises; Baskin-Robbins; Turkey Hill Dairy; Dairy Farmers of America, Inc.; and Blue Bell Creameries. These companies have a widespread global presence, which allows them to serve a large set of customers from all over the world and subsequently increases their ice cream markets’ share. They heavily focus on new products launch and geographical expansion to expand their product range in specialty portfolios in the ice cream market industry.

Impact of COVID-19 Pandemic on Ice Cream Market

As consumers' focus increased on immunity and wellness during the peak pandemic period, the demand for healthy and immunity-boosting food also increased. The pandemic also triggered changes in the overall dietary preferences of consumers. As a result of this, manufacturers began to introduce immunity-boosting ice creams. For instance, in 2020, ice cream brand, Dairy Day, launched a range of ice creams with immunity-boosting ingredients under the brand name Dairy Day Plus. The company introduced turmeric flavor ice cream and chyawanaprash ice cream in the launch phase. However, as the supply chains were highly disrupted, a shortage of raw materials created a shortfall in production volumes. Many leading ice cream manufacturers with high inventory levels were able to cater to the increased demand. However, the profits of small to medium-sized manufacturers with low inventories were negatively impacted.

Further, in 2021, various economies re-started their operations as the governments announced relaxation in the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. Currently, the market situation is far better than earlier. Many nations are fully vaccinated now, and ice cream manufacturers are focusing on increasing their production to boost their revenues.

Ice Cream Market Breakdown – by Region

The report segments the ice cream market as follows:

Based on flavor, the ice cream market is segmented into vanilla, chocolate, fruit, and others. Based on category, the market is segmented into conventional and sugar-free. Based on form, the market is segmented into cups and tubs, bars and sticks, and others. Based on the distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Based on geography, the ice cream market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).