Global Ice Cream Market registered a revenue of USD 62 billion in 2019 and is forecast to witness a healthy CAGR of 2.8% during forecast period (2020-2027), owing to the rising health awareness.

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Key Drivers and Emerging Trends

The factors driving the global Ice Cream Market includes increasing disposable income, improving living standards, and the growing demand for impulse ice flavours like pops, sandwiches, and cones in emerging countries. Besides, the availability of different flavours in ice creams is likely to expand the market size. With the rising incidences of diabetes, the producers have launched a variety of natural, fat-free, and low calories ice creams, which is forecast to propel the ice cream market. For example, In 2020, Nestle SA introduced a latest collection of ice cream called Heaven, which contains less fat, one-third calorie, and 25% less sugar content than normal ice cream.

Besides, the growing health awareness among individuals has persuaded various government bodies to issue norms pertaining to the labeling, ingredients and manufacturing of ice cream, which will bolster the market growth. For instance, as per the Food Safety and Standards Authority of India (FSSAI) labelling requirements for frozen desserts in 2020, the Food Business Operators (FBOs) are required to mention the amount of vegetable proteins or vegetable fat/oil on the label. Moreover, the presence of high-quality ingredients and lower aeration in premium ice creams over regular ice creams has augmented their consumption, driving the Ice Cream Market share.

However, the high storage costs and logistics needed to maintain the temperature of ice creams might hamper the market growth. In addition, the specially designed automotive components with advanced refrigeration capabilities for transportation of ice creams will further obstruct the market growth. Furthermore, the demand for the product is usually high during summer, but suffer a sharp decline in winter and monsoon, which is another factor hindering the Ice Cream Market size.

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Product Segment Analysis:

Artisanal ice cream is projected to witness a higher CAGR over the forecast period, owing to the improving living standards, changing lifestyles, and growing demand for handmade ice cream with high quality ingredients. Besides, the growing demand for artisanal ice cream across the Asia Pacific countries such as India and China because of the rising population with sweet tooth and favorable climatic conditions, will propel the segment’s growth. The increasing inclination of millennials towards snacking at different intervals has augmented the demand for ice creams as a snack food. Moreover, the natural and organic composition and rich nutrition profile has stimulated the demand for artisanal ice creams.

The impulse segment is forecast to lead the ice cream market over the upcoming years, because of the increasing demand for convenient packaging among customers. Furthermore, the advancements in impulse packaging have made it more easy to carry and store driving the market growth. In addition, the growing demand for exotic indulgences and the growing emphasis of manufacturers to produce impulse ice-cream products cost-effectively will further expand the segment’s growth. The increasing adoption of premiumization strategy several leading market players to cater the rising demand for high-quality and clean-labeled impulse ice-cream has strengthened the segment’s growth over the upcoming years.

Type Segment Analysis:

Dairy & water-based segment is expected to lead the ice cream market over the forecast period, primarily because of the rapid urbanization and innovations in technology across the European dairy sector. Further, the growing use of exotic ingredients like skim milk, whole milk, and sweetening & flavoring agent is another factor driving the segment’s growth.

The vegan segment is anticipated to witness a higher CAGR over the upcoming years, because of the growing drift towards veganism aided by the increasing number of food allergies. As per the data published by Food Allergy Research & Education (FARE), in 2019, nearly 32 million people suffered from food allergies in the U.S. The study also stated that these food allergies are majorly caused by eggs, fish, and dairy products.

Distribution Channel Segment Analysis:

Retail segment is projected to dominate the ice cream market during the the forecast period. The rising prominence of sundaes, availability of different flavours and wide variety of products in retail stores has driven the segment growth. Rising mobile adoption and internet penetration, primarily across the emerging economies, has bolstered online sales, which is expected to pave the way for online distribution channel.

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Regional Segment Analysis:

Asia-Pacific is predicted to expand at a faster CAGR over the upcoming years, owing to the rapid urbanization, and accelerating per capita income in countries including China, India, and Thailand. The growing prominence of fast food and a rapid drift towards western cuisine and culture have supported the consumption of the product in Asia Pacific. Leading market players are emphasizing on the acquisition of small local players, driving the regional growth. For instance, in December 2021, Yili Group, China’s leading dairy producer, launched its first phase of the Yili Indonesia Dairy Production Base. The new production base will stand out to be Indonesia’s one of the largest factories, with a production capacity of over four million ice-cream products.

North America is likely to witness a promising growth over the forecast period, due to the rising number of fast-food chains and increasing application of natural ingredients in the production of frozen dairy products. The growing health awareness due to the changing consumption pattern among North American Individuals has paved the way for regional expansion. According to a Food Insights survey in May 2021, nearly 60% of the population were inclined towards healthy alternatives for food products, such as confectionery, desserts, and ice creams.

The major players in the market include General Mills Inc., Nestle S.A., Mars Incorporated, Blue Bell Creameries, L.P, Lotte Confectionery Co. Ltd, Wells Enterprises, Turkey Hill Dairy, Mihan Dairy & Ice cream Group, and Meiji Holdings Co., Ltd.

Key Development:

• • In 2022, Cold Stone Creamery introduced its first vegan ice cream with almond milk and multiple add-ons across the country.
  • In 2021, Unilever launched a variety of frozen dessert treats under the brand name Breyers, Good Humor, Klondike, Magnum, Popsicle, and Talenti Brands
  • In January 2021, Northern Bloc, a leading manufacturer of plant-based desserts, secured an investment of USD 1.7 million. Northern Bloc will invest the funding in increasing its production capacity, strengthening the team, and focusing on brand experience across retail
  • In 2021, Nestlé Canada decided to invest more than $41 million to expand its London ice cream plant. The investment will help the company to expand production among several brands, including Hӓagen-Dazs, Real Dairy and Drumstick, all of which have grown in recent years.
  • In 2021, General Mills collaborated with Ting Shin Group. This merger is intended to expand into lower-tier markets and speed up its product offerings in China to gain a stronger foothold in the food and catering sector. The partnership will include sales channel expansion beyond current physical store coverage in about 80 domestic cities for General Mills’ ice cream brand Häagen-Dazs.
  • In January 2020, Northern Bloc introduced plastic-free ice-cream packaging to reduce plastic use and increase sustainability. The new paper packaging is 100% biodegradable, compostable, and recyclable

The global ice cream market has been segmented on the basis of product and region. Based on product, the market is segmented into impulse, artisanal, and take home.

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Key questions answered in this research report:

• • At what pace is global ice cream market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in ice cream market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global ice cream market?
  • What is the various type of products in global ice cream market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which product generated maximum revenues in 2019 and identify the most promising product during the forecast period?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 62 billion
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	General Mills Inc., Nestle S.A., Mars Incorporated, Blue Bell Creameries, L.P, Lotte Confectionery Co. Ltd, Wells Enterprises, Turkey Hill Dairy, Mihan Dairy & Ice cream Group, and Meiji Holdings Co., Ltd.; a total of 9 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Ice Cream Market by Product

• • Impulse Ice Cream
  • Artisanal Ice Cream
  • Take Home Ice Cream

Global Ice Cream Market by Type

• • Dairy & Water-based
  • Vegan

Global Ice Cream Market by Flavour

• • Chocolate
  • Vanilla
  • Fruit
  • Others

Global Ice Cream Market by Distribution Channel

• • Foodservice
  • Retail

Global Ice Cream Market by Region

• • North America Ice Cream Market (Option 1: As a part of the free 25% customization)

• • • By Product
    • US Market All-Up
    • Canada Market All-Up

• • Europe Ice Cream Market (Option 2: As a part of the free 25% customization)

• • • By Product
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Ice Cream Market (Option 3: As a part of the free 25% customization)

• • • By Product
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Ice Cream Market (Option 4: As a part of the free 25% customization)

• • • By Product
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Ice Cream Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • General Mills Inc.
  • Nestle S.A.
  • Mars Incorporated
  • Blue Bell Creameries, L.P
  • Lotte Confectionery Co. Ltd
  • Wells Enterprises
  • Turkey Hill Dairy
  • Mihan Dairy & Ice cream Group
  • Meiji Holdings Co. Ltd