The global ice cream market is projected to record a CAGR of 5.51% during the forecast period due to the growing number of specialty stores.

Market Research Future has published a cooked research report on the Global Ice Cream Market, 2020–2028. The global ice cream market is projected to exhibit a CAGR of 5.51% during the forecast period of 2021 to 2028.

Market Research Future has recognized the following companies as the key players in the global ice cream market: Nestlé S.A. (Switzerland), Unilever (UK), General Mills Inc. (US), Mars Incorporated (US), Gujarat Cooperative Milk Marketing Federation Ltd (India), Lotte Confectionery Co., Ltd (South Korea), Amy's Ice Cream (US), Jude's Ice Cream (UK), Wells Enterprises, Inc. (US), and Blue Bell Creameries (US).

Market Highlights

The global ice cream market is projected to be valued at USD 99,133.4 million by 2028, recording a CAGR of 5.51% during the forecast period. The shifting consumer preference toward frozen desserts is anticipated to act as a major driver for the growth of the global market during the forecast period. Additionally, the growth of the organized retail sector is expected to positively influence the sales of ice cream at the global level. Moreover, the increasing number of ice cream parlors across emerging economies is likely to upsurge the sales of ice cream during the forecast period.

Segmental Analysis

The global ice cream market has been segmented based on product type, flavor type, by category, distribution channel, and region.

Based on product type the global market has been segmented into Sticks/ Bars, Cones & Cups, Tubs & Bricks, and Others. Ice cream bars are frozen desserts on a stick. The tubs & bricks segment accounted for the largest market share of 46.05%. The tubs & bricks segment was the largest product type segment of the global market, accounting for a 46.64% share in 2020. The segment is expected to retain its dominance during the forecast period. The popularity of ice cream in tubs and bricks is driven by bulk consumption.

Based on flavor type, the global market has been segmented into chocolate vanilla tutti frutti blends others. In terms of value, The chocolate segment accounted for the largest market share of 35.43%, Chocolate is a natural or chemically flavored form of ice cream that generally includes cream, cocoa powder, eggs, and sugar as prime ingredients. Chocolate ice cream is widely consumed as desserts such as cakes, mugs, and smoothies. Additionally, dark chocolate ice cream is packed with flavonoids and antioxidants, which help lower bad cholesterol and improve heart health. Rapid urbanization and an ever-expanding bourgeois population in emerging economies encourage the consumption of chocolate-flavored products, thereby fuelling segment growth.

Based on category, the global ice cream market has been segmented into dairy-based, and non-dairy-based. The dairy-based segment accounted for a larger market share of 88.62%. The segment’s dominance can be attributed to the lack of awareness regarding the health benefits associated with the consumption of plant-based products and the limited availability of non-dairy products in the developing countries of Asia-Pacific as compared to the developed nations of North America and Europe. Most of the market players active across the developing nations of Asia-Pacific do not offer non-dairy products due to the high investment cost incurred in building and raising a plant-based processing facility. Additionally, plant-based milk procured from plants is costly and adds to the final product price. As consumers in developing countries are not keen on buying high-priced products, they prefer conventional dairy products, which in turn is fuelling the growth of the segment across the globe.

By distribution channel, the global ice cream market has been segmented into Store-based and Non-Store Based. In terms of value, the store-based segment accounted for the largest market share in 2020, the store-based segment has been further divided into supermarkets and hypermarkets, convenience stores, specialty stores, and others. The supermarkets and hypermarkets sub-segment is expected to be the largest as these channels account for the maximum sales of ice cream. Convenience stores also play a significant role in the distribution of ice creams. Key ice cream manufacturers are expanding their product portfolio, which, in turn, is driving the growth of the market across the globe. Innovation in flavors of ice cream is one of the main factors expected to boost sales of the products through the store-based segment.

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Regional Analysis

On the basis of region, the global ice cream market has been categorized as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. As per MRFR analysis, Asia Pacific constituted a dominant share of the market in 2020. Asia-Pacific is expected to be the largest ice cream market by value. The regional market accounted for approximately 37.73% of the total market share in 2020. The market in Asia-Pacific is also projected to exhibit a growth rate of 7.58% during the forecast period. The growth of the market in the region can be traced to urbanization and a growing middle-income population driving the consumption of frozen desserts. Moreover, the increasing per capita disposable incomes have led to the growing sales of ice cream. Consumers are ready to pay high prices for premium products, which, in turn, hampers the growth of the low or mid-quality ice cream segments. Additionally, key manufacturers of ice cream are targeting the region to increase sales. Europe accounted for 21.96% of the market in 2020 In Europe, Germany accounted for the largest market share in 2020. However, the Italian market is projected to register the highest growth rate of 3.51% during the forecast period and the regional market is projected to expand at a moderate growth during the forecast period. The growth of the ice cream market in Europe can be attributed to the high demand for natural and organic food products, which is encouraging key players to introduce organic and plant-based ice cream in the region in order to gain a competitive edge. Moreover, the rising adoption of veganism and increasing prevalence of lactose intolerance is leading to the demand for non-dairy ice cream, especially in Germany. In North America, the market in the US is projected to expand at a growth rate of 84.40% during the forecast period of 2021 to 2028 and is estimated to retain its dominance during the forecast period the North American ice cream market is lucrative. Manufacturers are expanding their portfolios of ice cream, which is driving the growth of the market in the region. Innovation in flavor blends of ice cream is one of the main factors expected to positively impact the growth of the market. Moreover, key manufacturers emphasize promotional activities to create strong awareness among consumers regarding product launches, which, in turn, is accelerating the growth of the North American ice cream market. The rest of the world includes South America, the Middle East, and Africa. The market in the rest of the world is expected to reach USD 16,769.7 billion by the end of 2028 at a CAGR of 6.36%. The South American market is projected to be the largest during the forecast period, with Brazil holding a significant market share. The consumption of ice cream is exceptionally high in Brazil and other South American countries. Changing lifestyles of people, coupled with demographic changes, are expected to be key driving factors for market growth. Urbanization and increasing per capita disposable incomes are also influencing regional market growth. Easy accessibility and widespread awareness also facilitate the sales of ice cream in South America.

Key Findings of the Study:

• The global ice cream market is projected to register a growth rate of 5.51% from 2021 to 2028.


• The tubs & bricks segment is estimated to retain its prominent share till 2028 whereas, the sticks/bars segment is projected to record the highest CAGR of 3.68% during the forecast period.


• The chocolate segment from the flavor type segment accounted for the largest market share in 2020 and is expected to grow at a rate of 5.60% during the forecast period.


• The dairy-based segment from the category segment accounted for the largest market share of 88.62% in 2020 and is projected to register a CAGR of 5.49% during the forecast period.