Ice Cream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Ice Cream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ice cream market was valued at USD 62.40 billion in 2020, and it is projected to register a CAGR of 2.87% during the forecast period, 2021-2026.

The ice cream industry had suffered during COVID-19 due to supply chain disruptions that impacted the ice cream sales. Also, a lot of people were avoiding ice cream as they felt it may make them susceptible to COVID-19.

Further, due to the rising health concerns with regards to ice cream consumption, consumers are now preferring ice cream products that are GMO-free, hormone-free, additive- and preservative-free, dairy-free, low in calories, and organic and fat-free in nature.

There is a rise in demand for premium ice creams, which will be one of the primary factors driving the market growth. Premium ice creams have become a popular product among health-conscious consumers due to the presence of high-quality ingredients and a lower amount of aeration compared to regular ice creams.

Key Market TrendsInnovative Flavors and Loaded Indulgence are Boosting the Market Growth

With an aim to gain a competitive advantage and to appeal to more consumers, ice cream manufacturers are creating products with premium and innovative ingredients. This, in turn, increases their customer base as well. Furthermore, the favorable regulations also cater to the innovations in the market studied. For instance, in May 2019, the FDA held a public hearing on the legalization of cannabidiol in the United States. Thus, key players are tapping into this opportunity and introducing new products with an aim to differentiate their offerings. One such example is when Ben & Jerry initiated the launch of CBD-infused ice cream. The company plans to source its future CBD locally from Vermont, aligning with its practices of ‘values-led sourcing’.

Further, liquor ice cream is also gaining popularity across developed regions such as North America and Europe. The products contain less than 0.5% alcohol, and therefore, are widely retailed in grocery and specialty stores. For instance, Häagen-Dazs launched spirit-infused ice cream with a flavor of five traditional pints made with Irish cream, rum, bourbon, and stout. Therefore, catering premium products with both innovative flavors and loaded indulgence to consumers is driving the market growth.

North America Holds the Largest Market Share

With the rising demand for frozen snacks among the millennial population, the North American ice cream market is expected to witness significant growth. The majority of these consumers opt for frozen dessert as meal replacements. Further, hectic lifestyles, coupled with health and wellness concerns, are driving these changes. A growing preference for natural, less processed, and convenient food and an increasing focus on low-calorie ice creams are enabling companies to tap into the growth potential of the market. The growing interest in gelato and soft serve among North American consumers can be accredited to the fact that they offer a wide variety of options that fit the needs of consumers. They are comparatively easy to implement and can be produced with premium and authentic ingredients.

Competitive Landscape

The ice cream market is a competitive market and comprises regional and international competitors like Unilever, Nestle, Blue Bell, Herdez, and Inspire Brands Inc. These players compete on different factors, including product offerings, quality, taste, flavor, price, functionality, size, packaging, and marketing activities, to gain a competitive advantage in the market. The most active companies in the market are mainly focused on introducing new products to cater to the interests of consumers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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