Global Ice Cream Market Size, Share, Growth Analysis, By Product(Impulse Ice Cream, Take-Home Ice Cream), By Flavor(Vanilla, Chocolate), By Distribution Channel(Supermarkets, Hypermarkets) - Industry Forecast 2022-2028

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.

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.

Driver

• The demand for the global ice cream market will be driven in the projected period by an increase in millennials' preference for convenience foods, rising consumer disposable income, and the introduction of ice cream in various flavors to attract consumers.
• The rise in consumer per capita income has made it possible for them to afford luxury goods and high-quality lifestyles. The worldwide ice cream market is being driven by consumer awareness of various ice cream brands, which is being fueled by rapid urbanization and globalization. Ice cream providers are now able to keep their products edible for extended periods because of the creation of an effective supply chain and technological advancements in deep freezer technology.
• Brand awareness and visibility among customers are increased when market participants adopt alluring marketing tactics by investing in profitable commercials, social media campaigns, billboards, and posters. The industry participants are launching ice creams with high nutritional content and less sugar than traditional ice creams due to the rise in health consciousness among customers.

Restraint

• It is anticipated that the higher prices compared to competitors will hamper market expansion. During the forecast period, the market for organic ice cream is anticipated to face challenges from strict rules for ingredient standardization.
• Ice cream is a frozen dairy product that will eventually go bad (often in 2-3 months), but if it is not stored properly, it may go bad even sooner. Therefore, it is anticipated that the product's high storage cost will restrain market expansion. Additionally, market participants may observe a steep decline in product demand throughout the winter and monsoon seasons, which can further impede market expansion. The demand for the product is often at its height during the summer.

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.

Top Player’s Company Profiles

• Nestle S.A. (Switzerland)
• Unilever Group (UK)
• General Mills (US)
• Amul (India)
• Dunkin Brands (US)
• Blue Bell Creameries (US)
• Dairy Queen (US)
• Dairy Farmers of America, Inc. (US)
• Cold Stone Creamery (US)
• CAMAL Ltd Company (Azerbaijan)

Recent Development

• In January 2022, with almond milk and a variety of toppings, Cold Stone Creamery introduced its first vegan ice cream across the nation.
• In January 2022, in Germany, Unilever announced the introduction of new vegan ice cream under the magnum brand. The recently added vegan classic, vegan almond, and vegan hazelnut crunch bars are on sale in grocery and convenience stores all around the nation.
• In January 2022, the family-run US ice cream manufacturer The Ice Cream Factory increased its manufacturing space by acquiring an 86,000-square-foot facility in Missouri. It is predicted that 130 new employees will be created over the next five years thanks to the company's approximately $9 million investment.
• In June 2021, to expand its production facility in Fort Wayne, Dreyer's Grand Ice Cream, Inc., a California-based ice cream manufacturer, and a subsidiary of Nestle S.A., invested close to US$145 million.

• Ice cream producers are developing goods with functional components, organic herbal fillings, and exotic flavors in product formulations to acquire a competitive advantage and appeal to more consumers. To adapt to shifting consumer tastes, businesses are introducing new exotic flavors like coconut, lemon, and tropical fruits. Additionally, consumers who are concerned about their health favor Skinny Cow, a low-calorie and low-fat ice cream. Their consumer base is growing as a result of this. Additionally, the benevolent regulations support the market innovations that were examined.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

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.