Ice Cream Market Expected to Reach $97,301 Million by 2023 - Global Opportunity Analysis and Industry Forecast

Rise in disposable income in the emerging economies and increased number of convenience stores are expected to boost the growth of ice cream market.

The global ice cream market was valued at $68,072 million in 2016, and is projected to reach $97,301 million by 2023, registering a CAGR of 5.4% from 2017 to 2023.

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Ice cream is a sweetened solidified nourishment made using milk and cream. The preparation of ice cream also involves natural products or different fixings and flavors. It is ordinarily sweetened with sugar or sugar substitutes. The major factors driving the market growth include rise in disposable income in emerging economies and increased preference for niche ice cream flavors. However, the seasonality of the ice cream products and health concerns associated with it act as a major restraint of the market.

In 2016, the take-home segment accounted for the highest share in the market, and is expected to maintain its dominance during the forecast period. However, the artisanal ice cream segment is projected to register the highest growth during the forecast period as it manufactured both in dairy and water-based small producers for sale on premises. It also includes branded gourmet ice cream both on and off trade.

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Key Findings of the Ice Cream Market:

•Europe is expected to maintain its dominant position in the market, in terms of value during the forecast period.

•The take-home ice cream segment generated the highest revenue in 2016, and is projected to grow at a CAGR of 5.3% during the forecast period.

•In terms of volume, the artisanal ice cream segment is projected to witness the highest CAGR of 5.7% from 2017 to 2023.

•LAMEA accounted for an approximately one-sixth share of the global market in 2016.

•The Asia-Pacific ice cream market is anticipated to grow at the highest CAGR of 6.5% from 2017 to 2023.

•North America accounted for approximately one-fourth share in the global ice cream market and is expected to grow at a CAGR of 4.6%.

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Dominating Market Players in Global Ice Cream Industry

Asia-Pacific and LAMEA collectively contributed about 40% share of the global market, in terms of revenue, in 2016. The key players operating in the global ice cream market are Unilever Group Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill, Mihan Dairy Inc., and Meiji Holdings Co. Ltd

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