USD 114 billion
Report ID: SQSG30I2029 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Ice Cream Market size was valued at USD 114 billion in 2021, and it is expected to reach a value of USD 177.15 billion by 2028, at a CAGR of 6.5% over the forecast period (2022 - 2028).
Dairy products like ice cream are sweetened with either real sugar or artificial sweeteners. The businesses operating in the market offer a variety of ice creams, such as hard ice cream, soft ice cream, light ice cream, low-fat ice cream, and others. Ice cream and associated goods are unquestionably best consumed during the summer. The availability of a wide range of flavored ice creams is what is fueling the ice cream industry's expansion. As a result, ice cream buyers pay a higher price for these goods, which raises the market's revenue.
The global market is anticipated to be driven by rising consumer spending on fast food, intensive research & development efforts for the creation of inventive product varieties, and simple product accessibility. Additionally, it is predicted that increased urbanization and rising disposable income will significantly support market expansion in several emerging economies in the ensuing years.
Global Market Size
USD 114 billion
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The global ice cream market segmentation is based on product type, flavor, distribution channel, and region. Based on product type, the ice cream market is segmented into impulse ice cream, take-home ice cream, and artisanal ice cream. Based on flavor, the market is segmented into vanilla, chocolate, fruit, and others. Based on the distribution channel, it is segmented into supermarkets and hypermarkets, convenience stores, specialty stores, and online sales channels. Based on region the global ice cream market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product Type
Due to its portability and growing global popularity, the impulsive ice cream business is the most lucrative in the whole ice cream industry. This flavor of ice cream is very popular, especially among kids and teenagers. Ice cream bars, sandwiches, ice lollies, cones, cups, and sticks are examples of impulse purchases of ice cream. The majority of the time, these things are bought for immediate consumption.
The take-home ice cream segment is the second-largest category. The rise in house events and parties where ice cream is served as a snack or dessert is the primary cause of the strong demand for take-home ice cream.
Analysis by Flavor
With the biggest market share, the vanilla sector dominates the market. The increase in demand for vanilla ice cream is to blame for this. People of all ages like the classic vanilla ice cream variety of ice cream. One of the most well-liked flavors in the world is vanilla. The versatility of vanilla flavor to complement and integrate with the majority of sweets is anticipated to increase demand.
During the forecast period, the others segment is anticipated to have the fastest CAGR. The demand for additional flavors in the ice cream industry is anticipated to increase due to consumers' growing preference for unique and inventive flavors. The producers' interest in releasing novel flavors has increased due to the consumer inclination for testing out new flavors.
Analysis by Distribution Channel
The segment of the global ice cream market with the quickest growth is the online sales channel. This is a result of rising smartphone use and increased internet usage. Additionally, incentives like discounts and free home delivery are offered by online shopping channels. The most common flexible buying option is to order online for delivery to one's house. Online retailers with a large selection of nutritious items and advice for clients who want to live healthier lives have a lot of promise.
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In 2021, the Asia Pacific region contributed the most to the global market, with a revenue share of more than 42%. High demand has been seen in the area, particularly from young consumers. To meet the growing demand for premium goods, major manufacturers have been launching a variety of products. Furthermore, it is anticipated that the region's demand for dairy-free, vegan products would increase as people in the area start to favor healthier choices.
North America is probably going to command the second-largest market share. The demand for ice cream in the region is being driven by the expansion of fast-food restaurants throughout the area and the extensive use of natural ingredients in the manufacture of frozen dairy products.
Due to growing ice cream demand from younger demographics and a developing middle class, the Middle East and Africa market is also anticipated to experience respectable development over the projection period. In addition, it is anticipated that the extended summer in the MEA region will increase demand for ice cream in nations like South Africa, Saudi Arabia, and others.
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The ice cream industry is highly fragmented and competitive, with many domestic and foreign rivals including Unilever, Nestle, Blue Bell, Herdez, and Inspire Brands Inc. To acquire a competitive edge in the market, these firms are competing on a variety of aspects, such as product offerings, quality, taste, flavor, pricing, functionality, size, packaging, and marketing initiatives. The market's most active businesses are primarily concerned with launching new items to meet consumer demand. For instance, Starbucks announced the release of a new line of ice creams in April 2021 that are inspired by consumers' preferred beverages. Starbucks's newest category offers decadent tastes, styles, and customized choices.
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According to our analysis, the impulsive ice cream business is the most profitable in the entire ice cream industry because of its portability and rising global popularity. The vanilla industry controls the market with the largest market share. The online sales channel is the area of the global ice cream market that is growing the fastest. The segment called "others" is predicted to have the fastest CAGR during the projected period. Most likely, North America will have the second-largest market share.
|Market size value in 2021||USD 114 billion|
|Market size value in 2028||USD 177.15 billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Ice Cream Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ice Cream Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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