Ice Cream Market Forecast, Trends, and Growth 2031

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

Ice Cream Market

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  CAGR (2023 - 2031)

  4.3%
• Market Size 2023
  US$ 97,938.48 Million
• Market Size 2031
  US$ 1,38,421.69 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Unilever
• Nestlé SA
• General Mills Inc.
• Mars, Incorporated
• LOTTE CONFECTIONERY CO., LTD
• Wells Enterprises
• Baskin-Robbins
• Turkey Hill Dairy
• Dairy Farmers of America, Inc.
• Blue Bell Creameries

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Flavor

• Vanilla
• Chocolate
• Fruit
• Others

Category

• Conventional and Sugar Free

Form

• Cups and Tubs
• Bars and Sticks
• Others

Distribution Channel

• Supermarkets and Hypermarkets
• Specialty Stores
• Online Retail
• Others

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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

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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