Ice Cream Market Forecasts to 2030 – Global Analysis By Product (Bars & Cones, Cups & Sticks and Other Products), Type (Dairy & Water-based and Vegan), Flavor, Distribution Channel and By Geography

Ice Cream Market Forecasts to 2030 – Global Analysis By Product (Bars & Cones, Cups & Sticks and Other Products), Type (Dairy & Water-based and Vegan), Flavor, Distribution Channel and By Geography

According to Stratistics MRC, the Global Ice Cream Market is accounted for $89.10 billion in 2023 and is expected to reach $135.80 billion by 2030 growing at a CAGR of 6.21% during the forecast period. Ice cream is a beloved frozen dessert enjoyed worldwide for its creamy texture and indulgent flavors. Typically made from dairy milk or alternative bases like coconut or almond milk, it's churned with sugar and flavorings, and then frozen to perfection. The invention of modern ice cream is often credited to Italy in the 16th century, although variations existed in various cultures. From classic vanilla to exotic fruit flavors, ice cream offers a wide range of tastes to tantalize the palate. Whether served in a cone, cup, or sandwiched between cookies, ice cream remains a timeless treat cherished by people of all ages.

According to a survey published in Dairy Reporter in January 2020, 84% of the consumers in the U.K. preferred the vanilla flavor over all the flavors. According to a report published in The Times of India in May 2020, 60% to 65% of the population in India was lactose intolerant. Such a high prevalence of milk intolerance is expected to contribute to the demand for vegan alternatives to conventional foods, including ice creams.

Market Dynamics:

Driver:

Marketing and advertising

In the ice cream market, marketing and advertising play pivotal roles in driving consumer engagement and brand recognition. Through strategic campaigns highlighting product innovation, flavor variety, and quality ingredients, companies capture consumer interest and stimulate demand. Effective marketing communicates the unique selling propositions of different brands, such as premium ingredients, artisanal craftsmanship, or health-conscious options, influencing purchasing decisions. Advertising channels, including digital platforms, television, and experiential marketing, create brand visibility and reinforce emotional connections with consumers.

Restraint:

Health concerns

Health concerns regarding the consumption of ice cream primarily revolve around its high sugar and fat content. Excessive intake of these ingredients can contribute to obesity, diabetes, and heart disease. Additionally, ice cream may contain additives, preservatives, and artificial flavors that raise concerns about their impact on overall health. The prevalence of lactose intolerance and dairy allergies further limits its consumption for certain individuals. Moreover, the association of ice cream with increased calorie intake and decreased nutrient consumption adds to its health concerns. As a result, consumers are increasingly seeking healthier alternatives or consuming ice cream in moderation to mitigate these risks.

Opportunity:

Premium and artisanal offerings

The premium and artisanal offerings in the ice cream market present a lucrative opportunity for businesses to cater to discerning consumers seeking high-quality, unique frozen treats. These offerings often feature superior ingredients, innovative flavors, and artisanal craftsmanship, setting them apart from mass-produced options. Consumers are increasingly willing to pay a premium for indulgent experiences and gourmet flavors, driving demand for artisanal ice cream brands. By tapping into this niche market segment, businesses can differentiate themselves, foster brand loyalty, and capitalize on the growing trend towards premiumization in the food industry.

Threat:

Seasonality

The seasonality threats are basically fluctuations in demand and sales that occur due to changing seasons and weather conditions. During warmer months, demand for ice cream typically surges, leading to higher sales and revenue. However, during colder seasons, demand dwindles, resulting in decreased sales and potential revenue loss. This cyclic pattern poses a challenge for ice cream businesses, requiring them to manage inventory, production, and marketing strategies effectively to mitigate the impact of seasonal fluctuations and maintain profitability throughout the year.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the ice cream market in several ways. Initially, there was a surge in demand for ice cream as people sought comfort foods during lockdowns. However, as the pandemic progressed, restrictions on dining out and economic uncertainties led to reduced consumption. Many ice cream shops and parlors faced closures or decreased foot traffic, affecting sales. Supply chain disruptions and logistical challenges impacted production and distribution. Additionally, shifts in consumer behaviour towards health-conscious choices and home-based activities also influenced purchasing patterns, with a growing demand for healthier or artisanal options.

The bars & cones segment is expected to be the largest during the forecast period

The Bars & Cones segment in the ice cream market has experienced significant growth due to their convenience and portability, appealing to consumers seeking on-the-go treats. The segment has witnessed innovation in flavors, textures, and packaging, attracting a wider demographic range. The versatility of bars and cones allows for creative customization and novelty, further driving consumer interest. The rising demand for premium and indulgent ice cream experiences has propelled the growth of this segment.

The ice-cream parlor segment is expected to have the highest CAGR during the forecast period

The Ice-cream Parlor segment has experienced substantial growth due to increasing demand for premium and artisanal ice cream flavors, prompting consumers to seek out specialized parlors offering unique and high-quality offerings. The rise of experiential dining has led to a surge in popularity for ice cream parlors as social destinations, where patrons can enjoy not just ice cream but also ambiance and interaction. Moreover, the customization trend has fueled growth, with parlors allowing customers to create their own flavor combinations and toppings.

Region with largest share:

North America has experienced significant growth, driven by changing consumer preferences towards premium and artisanal ice cream flavors. The rising trend of indulgence and desire for healthier options has led to the introduction of low-fat, dairy-free, and organic ice cream varieties, appealing to a broader customer base. The growing popularity of novel dessert experiences such as gourmet ice cream sandwiches and customizable sundae bars has boosted sales and heightened competition among manufacturers. Furthermore, increased disposable incomes and the emergence of online delivery services have also contributed to the market's expansion, making it more convenient for consumers to access a wide range of ice cream options.

Region with highest CAGR:

The Asia-Pacific region has witnessed notable growth in the ice cream market in recent years. This expansion can be attributed to various factors, such as increasing disposable incomes, changing consumer preferences, and a burgeoning population. Moreover, the introduction of innovative flavors and formats tailored to local tastes and, the emergence of traditional favorites and novel offerings has catered to the evolving preferences of consumers seeking high-quality products.

Key players in the market

Some of the key players in Ice Cream market include Amul, Blue Bell Creameries LP, CAMAL Ltd Company, Cold Stone Creamery , Dairy Farmers of America Inc, Dairy Queen, Dunkin Brands , General Mills , Inner Mongolia Yili Industrial Group Co. Ltd, Lotte Corporation, Nestlé SA, Smith Foods Inc, Unilever PLC and Wells Enterprises Inc.

Key Developments:

In February 2024, Cold Stone Creamery, in a refreshing collaboration with JELL-O, introduces two new spring flavors, infusing the season with a unique twist on ice cream delights. Among the exciting offerings, the Banana Cream Pudding flavor stands out, featuring real JELL-O pudding mixed with creamy ice cream, ripe bananas, whipped topping, and Nilla Wafers.

In November 2023, General Mills India, a division of Minneapolis-based General Mills, Inc., earlier broke ground on a new $12 million baking plant in Nashik, Maharashtra. According to General Mills, the facility will serve as the epicenter for manufacturing the company’s Pillsbury baking mixes for the Indian market.

Products Covered:
• Bars & Cones
• Cups & Sticks
• Pops & Tubes
• Brick
• Other Products

Types Covered:
• Dairy & Water-based
• Vegan

Flavors Covered:
• Vanilla
• Chocolate
• Fruit
• Cookies n Cream
• Other Flavors

Distribution Channels Covered:
• Retail
• Hypermarket/Supermarket
• Ice-cream Parlor
• Online
• Other Distribution Channels

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances