Ice Cream Market to 2028 - Size, Share and Industry Forecast

report image

Ice Cream Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Flavor (Vanilla, Chocolate, Fruit, and Others), Category (Sugar-free and Conventional), Form (Cups & Tubs, Bars & Sticks, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)

Publication Month: Jul 2022 | Report Code: TIPRE00006113 | No. of Pages: 157 | Category: Food and Beverages | Status: Published

The ice cream 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.

Ice cream manufacturers are developing products with nutritional components, organic herbal fillings, and exotic flavors in product formulation to acquire a competitive advantage and appeal to more consumers. Manufacturers are introducing new exotic flavors such as coconut, lemon, and tropical fruits to adapt to shifting consumers' tastes. Additionally, consumers concerned about their health favor Skinny Cow, a low-calorie and low-fat ice cream brand. As a result, their consumer base is increasing. Additionally, the favorable regulations support the market innovations that were examined. For instance, the US Food and Drug Administration (US FDA) held a public hearing on cannabidiol (CBD) legislation in the US in May 2019. Thus, various manufacturers are tapping into this opportunity and introducing new products to differentiate their offerings. For instance, Ben & Jerry's launched an ice cream with a CBD additive.

Further, liquor ice cream is gaining popularity across developed regions such as North America and Europe. The products contain less than 0.5% alcohol. Therefore, they are widely retailed in grocery and specialty stores. For instance, Häagen-Dazs launched a spirit-infused ice cream with a flavor of five traditional pints made with Irish cream, rum, bourbon, and stout.

In 2020, North America held the largest share of the global ice cream market. Asia Pacific is estimated to register the fastest CAGR during the forecast period. Over the past few years, the growing health consciousness among North Americans has increased the adoption of ice cream without compromising indulgence for ingredients and tastes. According to the International Dairy Foods Association (IDFA) 2021 report, the average North American consumes 23 pounds of ice cream annually. Moreover, since the COVID-19 pandemic, the stockpiling of eatables with longer shelf life without spoilage increased the demand for frozen desserts. Hence, the increasing demand for frozen desserts is boosting the North America ice cream market. In addition, manufacturers are investing significantly in research and development activities to cater to consumers’ interest in offering high-quality products in North America.

General Mills Inc., Baskin Robbins, and Unilever are the prominent market players in the region.

Strategic Insights

Report Coverage - Ice Cream Market
Report CoverageDetails
Market Size Value inUS$ 90,272.08 Million in 2021
Market Size Value byUS$ 1,21,022.15 Million by 2028
Growth rateCAGR of 4.3% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages157
No. of Tables89
No. of Charts & Figures90
Historical data availableYes
Segments coveredFlavor, Category, Form, and Distribution Channel
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Impact of COVID-19 Pandemic on Ice Cream Market

The shortage of the large labor force needed in the manufacturing units and the break of on-premises sales through specialty stores, supermarkets, and convenience stores due to the subsequent lockdowns and the closure of retail stores further affected the market sales. Despite witnessing a major hit due to the pandemic, several companies reported that the industry witnessed an immense boost in the take-home consumption segment by the end of 2020. Due to work-from-home mandates, the at-home consumption ice cream markets trend emerged significantly during the pandemic. However, industry experts believe that, apart from lockdown restrictions, ice cream sales were affected by the fear or misconception that ice cream could make one susceptible to COVID-19 because one could catch a cold. This is one of the major factors that restrained the ice cream markets’ growth during the pandemic.

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, Dairy Day, a leading ice cream brand, 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 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.

Ice Cream Market Breakdown, by Region

Get more information on this report :

Market Insights

Innovative Flavors and Flavored Indulgence Drive Ice Cream 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, gaining consumer traction. 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 2 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 platforms, such as Amazon and Walmart. Therefore, catering premium products with innovative flavors and loaded indulgences to consumers are driving the ice cream markets’ growth.

Product Flavor Insights

Based on flavor, the ice cream market is categorized into vanilla, chocolate, fruit, and others. The vanilla segment held the largest ice cream market share during the forecast period. However, the chocolate segment is expected to register the highest CAGR during the forecast period. The vanilla flavor is derived through macerating and percolating vanilla pods in ethanol and water solution. Vanilla is fragrant, has a creamy and delicious taste, and is suitable for many products. Hence, vanilla is widely used as a flavoring agent in ice creams and has high demand worldwide.

Moreover, consumption of vanilla provides a calming effect, helps curb sugar intake, eases toothache, and prevents colds and respiratory infections. It has antioxidant properties as it is a rich magnesium, calcium, phosphorous, and potassium source. Hence, the benefits of vanilla consumption fuel the demand for flavor worldwide.

Ice Cream Market, by Flavor – 2021 and 2028

Ice Cream Market, by Flavor – 2021 and 2028

Get more information on this report :

Category Insights

Based on category, the ice cream market is segmented into sugar-free and conventional. The conventional segment held a larger market share during the forecast period, whereas the sugar-free segment is projected to register the highest CAGR during the forecast period. The sugar-free ice cream includes sugar-alcohol ingredients, such as xylitol, maltitol, and erythritol. Also, the ‘go-natural’ ice cream market’s trend encourages manufacturers to add sugar substitutes as sweeteners. These substitutes can be derived from plants and fruits containing lower calories than regular sugar. On March 4th, 2015, World Health Organization (WHO) issued guidelines on sugar intake for children and adults. These guidelines recommended that adults and children should reduce their daily intake of free sugars to less than 10% of their total energy intake. A further reduction to below 5% or roughly 25 grams (6 teaspoons) per day would provide additional health benefits.

End Use Insights

Based on Form, the ice cream market is segmented into cups and tubs, bars and sticks, and others. The cups and tubs segment accounted for the largest market share in 2020. Ice cream cups have significant demand in the ice cream industry, as an individual can try multiple flavors in one cup. Tubs are usually preferred owing to their volume. The increasing environmental concerns increase the adoption of reusable cups among the millennials, driving the ice cream market growth for the segment. Tubs are considered significant containers and are available in rectangular, round, and square shapes. Cups and tubs have an easy-to-open, easy-to-close lid printed with color to prevent ice cream's light and radiant heat damage. Hence, consumers generally prefer ice creams in cups or tubs.

The major players operating in the 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 are emphasizing on new product launches and geographical expansions to meet the growing consumer demand worldwide. They have a widespread global presence, which provides them to serve a large set of customers from all over the world and subsequently increases their market share. These market players focus heavily on new product launches and regional expansions to increase their product range in specialty portfolios.

Report Spotlights

  • Progressive industry trends in the ice cream market to help companies develop effective long-term strategies
  • Business growth strategies adopted by the ice cream market players in developed and developing countries
  • Quantitative analysis of the market from 2019 to 2028
  • Estimation of global demand for ice cream
  • Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers in the ice cream market
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook, as well as factors driving and restraining the growth of the ice cream market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
  • Size of the ice cream market at various nodes
  • A detailed overview and ice cream industry dynamics
  • Size of the ice cream market in various regions with promising growth opportunities

Frequently Asked Questions

The major players operating in the global ice cream market are 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.
Rising popularity of functional ice cream is anticipated lucrative opportunities for the growth of the ice cream market. 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. Traditional ice cream contains nutritional properties and various health benefits. 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. The COVID-19 pandemic further influenced the demand for functional ice cream, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice cream have become especially popular with athletes and consumers looking for non-staple food and beverage products with better nutritional content.
Based on type, vanilla segment has largest revenue because, vanilla flavor is derived through macerating and percolating vanilla pods in ethanol and water solution. Vanilla has its creamy and delicious taste. It is simple and suitable for any item. Hence, vanilla is a widely used flavouring agent in the ice cream industry and has high demand across the world. Moreover, consumption of vanilla provides a calming effect, helps curb sugar intake, eases toothache, and prevents colds and respiratory infections. It has antioxidant properties as it is a rich source of magnesium, calcium, phosphorous, and potassium. Hence, the benefits of vanilla consumption fuel the demand for vanilla flavor across the world.
North America accounted for the largest share of the global ice cream market. 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. In addition, the increasing trend of vegan, GMO-free, lactose-free, and dairy-free desserts encourages manufacturers to develop such products to meet the consumer demand. Hence, including fresh fruit pieces, candy, cake particles, and nuts in ice cream is a fast-growing premium trend in the market, which drives the growth of the ice cream market. Also, manufacturers are investing significantly in research and development activities to cater to consumers’ interest in offering high-quality products in North America. Further, General Mills Inc., Baskin Robbins, and Unilever are among the prominent market players operating in the region.
Based on the application, bars & sticks segment is projected to grow at the fastest CAGR over the forecast period. Bars and sticks are often made of soft wood, such as birchwood, or plastics. Ice-cream sticks come individually in flowpack bags. The bars and sticks are durable, tasteless, food-safe, and biodegradable. However, the possibility of splinters of woods and plastics part may harm the consumer, which can hinder the growth of the ice cream market for the bars and sticks segment.
High demand for frozen desserts driving global ice cream market. Over the past few years, the lifestyles of people have evolved drastically. Changes in consumer food taste and convenience are the major reasons for the increasing demand for frozen dessert products globally. Moreover, increasing disposable income and the introduction of various products in the dessert category to cater to the choices of a vast group of consumers are driving the ice cream market. The surge in the consumption of high-quality frozen desserts is one of the biggest 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 are significantly increasing consumers’ demand for frozen desserts, such as ice cream.

The List of Companies - Ice Cream Market

  1. Unilever  
  2. Nestlé
  3. General Mills Inc.
  4. Mars, Incorporated
  5. LOTTE CONFECTIONERY CO., LTD
  6. Wells Enterprises
  7. Baskin-Robbins
  8. Turkey Hill Dairy
  9. Dairy Farmers of America, Inc.
  10. Blue Bell Creameries
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global ice cream market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
TIPRE00006113
Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Get the Latest COVID-19 Analysis on this market




christmas_festive_offer

Have a Question?

Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Speak to Analyst
Pricing
  • $3000 $2700
  • $4550 $4095
  • $6550 $5568
  • $8550 $6840

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.

    Inquire for Discount