Global Ice Cream Market Report and Forecast 2023-2028

Global Ice Cream Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global ice cream market reached a value of USD 80.12 billion in 2022. Aided by the evolving consumer preferences for gourmet flavours, the integration of health-centric ingredients, and a strong seasonal demand in various regions, the market is projected to further grow at a CAGR of 4.4% between 2023 and 2028 to reach a value of USD 103.24 billion by 2028.

Ice cream, an indulgence admired globally, is a sweetened frozen food that is often consumed as a dessert or snack. Predominantly crafted from dairy products like milk and cream, it's sweetened with sugar or other sweeteners. Modern variations also include vegan and lactose-free options. Flavors, fruits, nuts, and a spectrum of other ingredients are commonly added to augment its appeal.

A surge in consumer appetite for artisanal and gourmet flavours is a pivotal driver for the ice cream market growth. The penchant for exotic flavours such as matcha, lavender, or salted caramel has surged, particularly in the premium segment of the market. Additionally, the influence of global travel and exposure to international cuisines have added to this demand, prompting ice cream manufacturers to innovate constantly.

Incorporation of health-conscious ingredients has provided a significant boost to the ice cream market demand. With the rising awareness of health and wellness, there's a burgeoning demand for low-fat, low-sugar, or even fortified ice creams. The market has witnessed a proliferation of ice creams infused with protein, probiotics, and essential vitamins, catering to the health-conscious segment of consumers.

Moreover, veganism and lactose intolerance have further pushed the boundaries of innovation in the market. Dairy-free and plant-based ice creams, made from almond milk, coconut milk, soy, or oat, have been making their mark, not just among vegans but also among those looking for diverse flavours and textures and further increase the value of ice cream market size.

Branding and packaging play a quintessential role in the ice cream industry. Limited edition flavours, collaborations with celebrities or brands, and interactive packaging designs are techniques employed by brands to ensure consumer engagement and brand loyalty.

Sustainability has also emerged as a core concern for the industry. As per the ice cream market analysis, the focus on eco-friendly packaging, minimising waste, and ensuring ethical sourcing of ingredients have been pivotal as many leading brands are now transitioning towards biodegradable packaging.

Market Segmentation

The market can be divided based on flavour, category, product type, end-use, sales channel, and region.

Market Breakup by Flavour

• Chocolate
• Fruit
• Vanilla
• Others

Market Breakup by Category

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

Market Breakup by Product Type

• Cup
• Stick
• Cone
• Brick
• Tub
• Others

Market Breakup by End-Use

• Food Service
• Retailers

Market Breakup by Sales Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Ice Cream Parlour
• Hotels and Restaurants
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ice cream market. Some of the major players explored in the report by Expert Market Research are as follows:

• Unilever plc
• General Mills, Inc.
• Ashby's Ice Cream
• Tillamook County Creamery Association
• Gujarat Cooperative Milk Marketing Federation Limited (Amul)
• Turkey Hill Dairy
• HP Hood, LLC
• Wells Enterprises, Inc
• Dairy Farmers of America, Inc.
• Nestlé S.A.
• Lotte Confectionary Co, Ltd
• The Kroger Company
• Meiji Holdings Co, Ltd
• Danone S.A.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.