Ice Cream Market Size Report | Growth & Forecast 2028

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
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 157
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[Research Report] 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.

Market Insights and Analyst View:

Ice cream are dairy products, which are sweetened with either natural sugar or artificial sweeteners. Variety of flavors are available in the market such as vanilla, chocolate, fruit, and amongst 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.

Growth Drivers and Challenges:

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 industry. 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.

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 Food Drug and Administration (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.

Ice cream manufacturers highly depend on artificial additives for ice cream production. Additives are substances added to food to maintain or improve its safety, freshness, taste, texture, or appearance. These artificial additives are used to keep foods fresh or enhance their color, flavor, or texture. However, a few people are sensitive to particular food additives and may have reactions such as hives or diarrhea. Sodium benzoate, artificial color, artificial flavor, artificial sweeteners, and potassium sorbate are a few of the artificial food additives used for ice cream production. It is often observed that the additives used to improve the market quality of food, such as artificial color, are the most common cause of allergic reactions. A few of these hypersensitive reactions include digestive disorders such as diarrhea and colicky pains and nervous disorders such as hyperactivity, insomnia, irritability, and respiratory problems. Thus, the negative impact of artificial additives on human health is hampering the ice cream market growth.

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Ice Cream Market: Strategic Insights

ice-cream-market
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
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Shejal

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Report Segmentation and Scope:

The “Global Ice Cream Market” is segmented based on flavor, category, form, distribution channel, and geography. Based on flavor, the ice cream market is segmented into vanilla, chocolate, fruit, and others. Based in category, the ice cream market is segmented into conventional and sugar-free. On the basis of form, the market is segmented into cups & tubs, bars & sticks, and others. Based on distribution channel, the ice cream market is segmented into supermarkets & hypermarkets, specialty store, online retail, and others. The ice cream market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

Based on flavor, the global ice cream market is segmented into vanilla, chocolate, fruit, and others. In 2021, the vanilla ice cream segment accounted for the largest revenue in ice cream market share. Chocolate segments are also expected to account for the fastest growing compound annual growth rate over the forecast period. Chocolate flavors contain cocoa content. Dark chocolate, white chocolate, milk chocolate, brute chocolate, and bittersweet chocolate are a few types of chocolate flavor. The flavor provides many health benefits as its consumption protects cells from inflammation, improves body function, and boosts immunity and cardiovascular health because it is a rich source of flavanols. Therefore, its plenty of variations and health benefits encourage millennials to opt for chocolate flavor, which drives the demand for chocolate flavors. Based on category, the global ice cream market is segmented into conventional and sugar-free. In 2021, the conventional segment accounted for the largest revenue share. The sugar-free segment is also expected to account for the fastest growing compound annual growth rate over the forecast period.

Regional Analysis:

Based on geography, the ice cream market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global ice cream market was dominated by North America which accounted for US$ 28 billion in 2021. Europe is a second major contributor in the global market. Asia Pacific is expected to register the considerable growth at a CAGR of 5.3% over the forecast period. 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.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the ice cream market are listed below:

  1. In January 2022, Baskin-Robbins has a lineup of exciting flavors that will keep that sweet tooth satisfied all year long. We’re kicking off 2022 with a brand-new Flavor of the Month! Keep reading for the inside scoop on Magic Layer Bar.
  2. In January 2019, Nestlé has today announced its partnership in Loop, a subscription home delivery service for foods and household goods with reusable packaging.

Covid-19 Impact: 

In the pre-pandemic period, the ice cream market was mainly driven by high demand for frozen desserts, such as ice cream, owing to people's changing lifestyles and seasonal demand for products. However, many industries faced unprecedented challenges due to the COVID-19 outbreak in 2020. 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 negatively 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 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 growth of the ice cream market 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, 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.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global ice cream industry 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.; Blue Bell Creameries; among others. These players offer wide variety of ice cream in flavors, shape and design to attract a large number of consumers.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Flavor, Category, Form, and Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

Frequently Asked Questions


What are the opportunities for ice cream in the global market?

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 the type, why is the vanilla segment have the largest revenue share?

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.

What is the largest region of the global ice cream market?

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, which segment is projected to grow at the fastest CAGR over the forecast period?

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.

What are the key drivers for the growth of the global ice cream market?

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.

Can you list some of the major players operating in the global ice cream market?

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.

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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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.

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