Ever-Growing Demand for Ice Cream Among Frozen Delight Drives Southeast Asia Ice Cream Market Growth
According to our latest study on "Southeast Asia Ice Cream Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Flavor, Category, and Distribution Channel," the market is expected to grow from US$ 7,175.68 million in 2022 to US$ 9,529.27 million by 2028; it is estimated to record a CAGR of 4.8% from 2022 to 2028. The report highlights key factors driving the Southeast Asia ice cream market growth and prominent players along with their developments in the market.
Changes in consumer food taste preferences, convenience, and lifestyles are among the major reasons propelling the demand for frozen delight across Southeast Asia. Ice cream, gelato, and sorbet are a few of the most popular frozen delights in the region. Increasing disposable income and rising willingness to spend high amounts on high-quality frozen delights drive the demand for ice creams. The growing consumption of frozen delight such as ice cream after a meal, as an effective digestive product is influencing the sales of ice cream in the region. The development and popularity of frozen delights are attributed to many social changes such as the growing number of smaller households and the rising popularity of such products among all age groups.
Further, increasing stress due to economic uncertainty caused by crises, such as the COVID-19 pandemic, increases the consumption of comfort food items such as frozen delight, which provide indulgence. Moreover, consumers are seeking different flavors in ice creams; thus, key players are making significant innovations and launching new flavors in the ice cream market. There is an increasing number of product launches in the frozen delight segment such as custard, gelato, granita, ice cream, and sherbet in Southeast Asia. Hence, rising product development, increasing disposable income, and the presence of various flavors fuel the demand for frozen delight.
Lotte Corp, Nestle SA, BR IP Holders LLC, Morinaga & Co Ltd, Mars Inc, General Mills Inc, Unilever PLC, Binggrae Co Ltd, Udders Pte Ltd, and American Food Co Ltd are among the major players operating in the Southeast Asia ice cream market. Market players are highly focused on the development of innovative product offerings to fulfil the customer's requirements.
Impact of COVID-19 Pandemic on Southeast Asia Ice Cream Market Growth
In the pre-COVID-19 pandemic period, the ice cream market in Southeast Asia was driven mainly due to people's indulgence toward sweet products and seasonal demand for the product. However, many industries faced unprecedented challenges due to the onset of the COVID-19 outbreak in 2020. The food & beverages industry declined due to the shutdown of manufacturing units and supply chain disruption in various countries in Southeast Asia. During the pandemic, governments of several countries in the region imposed restrictions, which disturbed the manufacturing processes of different industries. Also, the shortage of a large labor force in the manufacturing units and a decline in on-premises sales across specialty stores, supermarkets, and convenience stores due to subsequent lockdowns and shutdown of retail stores are a few factors that negatively affected the market in the region.
The "Southeast Asia Ice Cream Market Forecast to 2028" is a specialized and in-depth study of the food and beverages industry, focusing on the Southeast Asia ice cream market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The Southeast Asia ice cream market is segmented on the basis of flavor, category, and distribution channel. Based on flavor, the market is segmented into vanilla, chocolate, fruit, and others. Based on category, the Southeast Asia ice cream market is bifurcated into conventional and sugar free. On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.
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