The global ice cream market is projected to increase at a CAGR of 6.48% from a market value of US$58.814 billion in 2020 to achieve a market value of US$ 91.269 billion by 2027.
The market is predicted to grow steadily during the forecast period due to the increasing urbanization and changing lifestyles of individuals worldwide. Ice-creams are mostly dairy products and, with time, are evolving along with the changing needs of consumers at the international level. Hence, manufacturers are working on innovation and are coming up with exotic flavors to satiate the needs of the consumers and expand their product portfolio. There are plenty of varieties of ice creams that include soft ice cream, French ice cream, fruit ice creams, and non-dairy ice cream, apart from the classic hard ice cream. The growing health awareness among individuals further augments the market demand for low-calorie ice creams containing low-fat and low-sugar.
Furthermore, with the growing disposable income and increasing family income, especially in the world's developing economies, the market is projected to hold strong growth prospects over the next five years. The growing fast-food chain in the world is further augmenting the market demand for ice creams during the forecast period. Moreover, with the increasing purchasing power of consumers and greater discretionary spending due to the growing health awareness, consumers are open to trying new ice cream variants and paying for products that meet their expectations.
Geographically, North America and Europe are predicted to hold a significant market share in the global ice cream market during the forecast period. According to the International Dairy Foods Association, America’s top ice cream flavors include vanilla, chocolate, cookies N’ cream, mint chocolate chip, chip cookie dough, buttered pecan, strawberry, moose tracks, and Neapolitan.
The region’s favorite products include sandwiches, mini cups, cones, and bars. As per the association, the retailers claim that premium ice creams are the most consumed products. At the same time, ice cream makers say that regular ice creams sold in many stores are popular. Pecan is the most favored nut flavoring, and strawberry is the most preferred fruit in ice cream. Candy and chocolate inclusions are quite popular confections, and waffle cones and sugar cones are in high demand as ice cream containers. Talking about production, most ice creams are manufactured from March to July. July is the busiest month for maximum production for ice cream manufacturers. It is estimated that in 2017, around 1.4 billion gallons of ice cream and frozen desserts were produced in the United States. The ice cream industry is a billion-dollar industry in the country and employs around 26,000 people, along with around USD1.6 billion in direct wages. Most of the ice cream manufacturers in the region have been in this business for more than 50 years. Many of them are family-owned businesses. Based on consumption, over 23 pounds of ice cream is consumed annually by an American. Regular ice creams are the most popular variety consumed.
On the other hand, the Asia Pacific region is estimated to grow significantly with the rising consumer inclination towards healthy and premium ice cream varieties. The growing retail industry further fuels market growth in the forecast period.
Covid-19 Insight
Ice cream hasn't been considered mandatory. As a result, there was no ice cream production or supply during the lockdowns. Due to pandemic Ice cream market has seen severe meltdown. Apart from lockdown limitations, experts stated that ice cream sales were harmed by the fear or misapprehension that eating ice cream makes one vulnerable to COVID because it can cause a cold.
The ice cream business has borne the brunt of two factors: COVID and shutdown." Disruptions in supply chain have influenced ice cream sales, and many individuals are avoiding ice cream because they believe it can cause colds and infection with the deadly Coronavirus. The plunge in intake is primarily due to respond to conventional movement restriction standards, which has resulted in the closure of sales outlets, vending carts, and other businesses, and thus the fall in consumption.
The growing fast-food restaurants are set to drive market growth in the forecast period.
Fast-food restaurants, also known as quick-service restaurants, are expected to grow significantly during the forecast period. This is mainly attributed to the growing urbanization, changing consumer dietary patterns, and an increasing number of nuclear families. The quick-service industry has spearheaded the restaurant trends and is expanding in small cities in countries like India. These are found in different styles and formats, including dine-in, in-mall outlets, and drive-thrus. Hence, with the growing busy lifestyle of consumers, especially for the world's working population, the market holds significant growth prospects during the forecast period. The availability of impulse ice cream varieties specifically manufactured to fulfill the demand for consumers on the go is driving the market growth in fast-food chains during the forecast period. These ice creams are for immediate consumption and are sold in individual packets, on a stick, in cups, cones, and are available as sandwich ice creams. Additionally, these ice creams are either water-based or contain all dairy.
The presence of companies offering technology-driven natural ingredients, ingredient systems, and solutions for food and beverage products further provides an opportunity to strengthen the market growth in the forecast period.
For example, Döhler, an international producer, marketer, and provider of natural ingredients and integrated solutions for ice cream products, offers robust opportunities for the market to flourish over the next five years. The company offers natural ingredients and ingredient systems capable of turning ice cream into an extraordinary, multi-sensory experience. Key offerings include natural flavors, these range from fruity flavors and brown flavors like chocolate and coffee flavors to trendy flavors like the cocktail, Tea, or vegetable flavor. For fruit & vegetable ingredients, the company’s portfolio contains NFC juices, purees and puree concentrates, juice concentrates, special concentrates, fruit sweeteners, fruit ingredients, vegetable ingredients, and multi-blends. Natural colors, health & nutrition ingredients, dairy ingredients, and ingredient systems are also offered to make exotic ice creams.
Recent Developments
March 2022, Unilever Launching paper tubs for Carte D’Or ice cream. The change will result in the brand using 93 percent less plastic per pack and saving over 900 tonnes of virgin plastic in the UK each year.
January 2021, Unilever's Responsibly Made for Kids product line contains 66 calories per stick. Twister Peek-A-Blue ice lollies integrate melon, strawberry-lemon, and apple-blueberry flavors for a fruity twist of flavors.
Global Ice Cream Market Scope:
| Report Metric | Details |
| Market size value in 2019 | US$63.779 billion |
| Market size value in 2025 | US$81.966 billion |
| Growth Rate | CAGR of 4.27% from 2019 to 2025 |
| Base year | 2019 |
| Forecast period | 2020–2025 |
| Forecast Unit (Value) | USD Billion |
| Segments covered | Type, Product Type, Distribution Channel, And Geography |
| Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies covered | Ben & Jerry's Homemade, Inc., Jeni's Splendid Ice Creams, LLC., Tea-rrific! Ice Cream, LLC, Velvet Ice Cream, Froneri International Limited, Umesh Modi Group, Iceco Ledai, Dreyer’s Grand Ice Cream, Inc. |
| Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Q1. What is the size of the global ice cream market?
A1. The ice cream market was valued at US$63.779 billion in the year 2019.
Q2. What will be the ice cream market size by 2025?
A2. The ice cream market is projected to reach a market size of US$81.966 billion by the end of 2025.
Q3. What are the growth prospects for the global ice cream market?
A3. The global ice cream marketplace is projected to increase at a CAGR of 4.27% over the forecast period.
Q4. What factors are anticipated to drive the ice cream market growth?
A4. The growing fast-food chain in the world is further augmenting the market demand for ice creams during the forecast period.
Q5. Which region holds the largest market share in the ice cream market?
A5. Geographically, North America and Europe are predicted to hold a significant market share in the global ice cream market during the forecast period.
Ben & Jerry's Homemade, Inc.
Nestle
Jeni's Splendid Ice Creams, LLC.
ABC Holdings
Velvet Ice Cream
Froneri International Limited
Umesh Modi Group
Iceco Ledai
Dreyer’s Grand Ice Cream, Inc.
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