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Ice Cream Market size was valued at USD 79 billion in 2019 and is poised to grow from USD 82.32 billion in 2023 to USD 119.21 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

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. 'Nestle S.A.', 'Unilever Group', 'General Mills, Inc.', 'Mars, Incorporated', 'Lotte Confectionery Co., Ltd.', 'Blue Bell Creameries L.P.', 'Turkey Hill Dairy, Inc.', 'The Hershey Company', 'Froneri International Limited', 'Wells Enterprises, Inc.', 'Grupo LALA, S.A.B. de C.V.', 'Graeter's Inc.', 'Amul', 'Rich Products Corporation', 'Agropur Cooperative', 'Britannia Industries Limited', 'Dean Foods Company', 'Yili Group', 'Meiji Co., Ltd.', 'Gujarat Cooperative Milk Marketing Federation Ltd.'

The demand for the 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.

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.

In 2021, the Asia Pacific region contributed the most to the 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.

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Global Ice Cream Market

Product ID: SQMIG30I2350

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