Ice Cream Market Analysis

Global Ice Cream Market Overview

Ice cream Market size was valued at USD 75214.74 billion in 2023. The ice cream industry is projected to grow from USD 79238.73 billion in 2024 to USD 119624.81 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.28% during the forecast period (2024 - 2032). The rising demand for innovative flavors and types and the increasing health consciousness among consumers in developing countries are the key market drivers enhancing market growth

The shifting consumer preference towards frozen desserts is anticipated to act as a major driver for the growth of the Ice cream 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 the emerging economies is likely to upsurge the sales of ice cream during the forecast period. 

However, the fluctuating raw material prices is anticipated to restrict the growth of the Ice cream Market during the forecast period. On the other hand, the increasing popularity of artisanal ice cream among consumers is anticipated to offer a lucrative opportunity to the manufacturers of ice cream during the forecast period. Ice creams are considered a delicacy, and sometimes, an impulse buy. Factors such as these are considered by market players when opening specialty stores or ice cream parlors in high visibility locations, with an expectation of high foot traffic. The popularity of specialty stores is increasing due to social media, flyers, and guerilla marketing activities.

Market players are switching from conventional distribution methods to ice cream shops to increase the sales of ice cream. Furthermore, consumers' preference for specialty stores is increasing as ice cream parlors offer a range of flavors that can be artfully crafted and customized. Specialty stores also celebrate special occasions and offer special products to gain traction among consumers. For instance, Baskin-Robbins celebrated World Chocolate Day on 7th July 2017 and introduced a range of desserts that can be paired with several chocolate flavors such as Traditional, Chocolate Mousse Royale, Chocolate Almond, Peanut Butter ‘n Chocolate, and World-Class Chocolate. Thus, such developments by prominent manufacturers and the rising number of pecialty stores are expected to drive the growth of the Ice cream Market during the study period.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Market Trends

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  Growth Of the Organized Retail Sector

  
  

Economic growth, a rising middle class, and high migration rates from rural to urban areas have led to the influx of international retailers worldwide. This has encouraged the expansion of existing retail outlets. The global retail sector is undergoing significant changes due to the rise in the number of convenience stores worldwide and the increasing penetration of e-commerce. Furthermore, the substantial number of international brands operating in different regions of the world have intensified competition within the retail market. The expansion plans of organized retailers are mainly focused on the markets in China, India, Saudi Arabia, Qatar, several Asian and Middle Eastern countries owing to their high population and rapid economic growth. Online retailing is becoming a popular choice among consumers for grocery shopping, which is expected to contribute to the increasing sales of ice cream in the coming years. The expansion of e-commerce distribution channels helps the ice cream manufacturers make their products easily available to the customers. For instance, in 2018, a new e-commerce site was launched in the UAE for organic food named Organic&Real.com (O&R). Hence, the rapid growth of the organized retail sector is likely to result in the increased sale of ice cream in the coming years and create a growth opportunity for the players operating in the Ice cream Market during the forecast period.

Ice Cream Market Segment Insights

Ice Cream Product Type Insights

The Ice cream Market segmentation, based on the product type, includes sticks/ bars, cones & cups, tubs & bricks, and others. The sticks/ bars segment held the majority share in 2021 contributing to around 46.88% concerning the Ice cream Market revenue. However, sticks/ bars segment is expected to grow the fastest during the forecast period. Ice cream bars are frozen desserts on a stick. Ice cream sticks or bars are popularly made by freezing flavored liquid such as sugar water, fruit juice, or purée. Ice creams sticks/bars are available in different flavors such as orange, mango, buko, grapes, and avocado. Almost any fruits or even chocolates can be used to produce ice cream sticks/bars. Market players also use chocolate as a coating to prevent the ice cream from melting. Sticks/bars are prepared for individual consumption. One of the major factors for the growth of the sticks/bars segment in the ice cream industry is the impulse buying behavior of consumers.

July 2021: Blue Bell Creameries launched a new flavor in their ice cream product line— Coconut Cream Pie. The investment increases the company's ice cream portfolio.

September 2019: Wells Enterprises, Inc. bought a plant in Nevada as its fifth US production facility. This plant in Henderson will help Wells meet the growing demand for its products in the Western US.

September 2019: Wells Enterprises, Inc. acquired the Halo Top brand. This acquisition helped expand Wells' current portfolio to five distinct brands and provide consumers more access to their favorite products.

Figure 2: Ice cream Market, by Type, 2024 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Flavor Type Insights

The Ice cream Market data has been bifurcated by flavor type into chocolate, vanilla, tutti-frutti, blends, and others. 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 the segment growth. Hence, the chocolate segment garnered a revenue share of 34.65% in 2021 in the ice cream industry.

Figure 2: Ice cream Market, by Flavor Type, 2024 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Category Insights

The Ice cream Market data has been bifurcated by category into dairy-based and non-dairy. The dairy-based segment accounted for the larger market share of 87.57% in 2021. 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 fueling the growth of the dairy-based ice cream industry across the globe.

Figure 2: Ice cream Market, by Category, 2024 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Distribution Channel Insights

The Ice cream Market data has been bifurcated by distribution channel into store-based and non-store-based. 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 cream. 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. Hence, the store-based segment garnered a revenue share of 89.21% in 2021 in the ice cream industry.

Figure 2: Ice cream Market, by Distribution Channel, 2024 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Regional Market Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. Europe is the largest region in the ice cream market with a market share of 37.48% in 2021 and is likely to register a CAGR of 5.62% during the projected period. Asia-Pacific region is likely to register the highest CAGR of 5.77% during the projected period.

Figure 3: Ice cream Market Share By Region 2024 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America 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.

Europe’s ice cream market accounts for the largest market share as of 2021. 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.

The growth of the Asia-Pacific ice cream market 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.

The South America ice cream market is projected to be the largest during the forecast period, with Brazil ice cream market 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 the regional market growth. Easy accessibility and widespread awareness also facilitate the sales of ice cream in South America.

Ice Cream Key Players & Market Competitive Landscape

The ice cream market is expected to expand thanks to the heavy investment in research and development by market major players. Recent market statistics show that new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations are just some of the strategic steps market participants are doing to expand their global footprint, broaden their market outlook and focus on market growth.

There are numerous worldwide, regional, and local players in the market for ice cream. There is a lot of competition in the market, and everyone is trying to expand their part of it. While tier-1 and tier-2 corporation control over 67% of the worldwide market share between them, tier-3 companies make up the rest of the pie. A number of factors, including market and economic growth, government laws, and technological progress, affect how quickly and how large market players can expand. As a result, businesses in the sector need to concentrate on increasing output to keep up with demand and bettering their offerings to grow in line with the expected market forecast.

Latest market report from Market Research Future portrays the leading players in the ice cream industry, which include 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). Most of these firms are investing R&D resources into creating quality ice cream. Despite the dominance of global corporations, a number of regional and local players with relatively minor market shares are present as well. In key markets like North America, Europe, Asia-Pacific, the Middle East & Africa, and South America, the global players who have established production facilities or sales offices have expanded their operations.

in 2023, Ice Cream Rocks and Ice Cream Pizzas are two new product categories that Baskin Robbins has released in front of the summer season. Ice Cream Rocks are bite-sized ice creams made just for BR in the flavours Cotton Candy and Mississippi Mud. Ice cream is the delicious topping on Ice Cream Pizzas, which have a base of rich Belgian chocolate brownie. The business is also introducing tasty ice cream floats.

The launch of a new line of milkshakes in convenient, single-serve carton boxes and a new line of buttermilk products under the brand name "A-One" have both been announced by Heritage Foods Ltd for 2023. According to reports, the new ice cream line is the first to debut under the parent firm Bosslady Foods.

Hey Champ is a gourmet chocolate bar that Utah's Normal Ice Cream introduced in 2023. Without much publicity beforehand, it was first made available around Valentine's Day.

Naturals, the largest chain of artisanal ice creams in India, will introduce a special Meetha Paan ice cream for summer in 2023. Fresh betel leaves, milk, and sugar are used to make this delectable mixture, which is a traditional Naturals delight.

Key Companies in the Ice cream market include

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  Nestlé S.A.

  
  


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  Unilever

  
  


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  General Mills Inc.

  
  


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  Mars Incorporated

  
  


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  Gujarat Cooperative Milk Marketing Federation Ltd

  
  


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  Lotte Confectionery Co., Ltd

  
  


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  Amy's Ice Cream

  
  


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  Jude's Ice Cream

  
  


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  Wells Enterprises, Inc.

  
  


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  Blue Bell Creameries

  
  

Ice Cream Industry: Market Developments

Nestlé SA and Unilever PLC remain dominant, continually investing in product innovation and expanding their portfolios to include healthier and more sustainable options​

General Mills, Amul, Blue Bell Creameries, and Dairy Farmers of America are also prominent, focusing on both indulgence and health aspects in their product offerings​

May 2021: Blue Bell Creameries launched a new flavor in their ice cream product line— Chocolate Sheet Cake. The investment increases the company's ice cream portfolio.

September 2020: Blue Bell Creameries launched a new flavor in their ice cream product line—Fudge Brownie Decadence. The investment increases the company's ice cream portfolio.

August 2020: Amul launched the new Haldi Ice Cream. This product launch extended company's Immunity Booster portfolio.

April 2019: Wells Enterprises, Inc. has acquired Fieldbrook Foods (US). This acquisition helped the company expand Wells' current manufacturing capacity, diversify its ability to support customers regionally for meeting future demand, and expand its footprint on the East Coast.

Ice cream Market Segmentation

Ice Cream Product Type Outlook

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  Sticks/Bars

  
  


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  Cones & Cups

  
  


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  Tubs & Bricks

  
  


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  Others

  
  

Ice Cream Flavor Type Outlook

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  Chocolate

  
  


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  Vanilla

  
  


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  Tutti Frutti

  
  


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  Blends

  
  


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  Others

  
  

Ice Cream Category Outlook

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  Dairy-Based

  
  


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  Non-Dairy

  
  

Ice Cream Distribution Channel Outlook

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  Store-Based

  
  


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  Non-Store-Based

  
  

Ice Cream Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
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    Mexico

    
    
  
  
  
  


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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia & New Zealand

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    South America

    
    
  
  
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    Middle East

    
    
  
  
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    Africa