Ice Cream Market Expected to grow at a 5.3% CAGR by 2023 | Top Players 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.
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. In 2016, the take-home segment accounted for the highest ice cream market share, growing at a CAGR of 5.3% from 2017 to 2023.
Ice creams are composed of dairy products such as milk and cream in combination with dry fruits, flavors and other ingredients. Ice is a sweetened solidified diet made with milk and cream. The preparation of ice cream also includes natural products or different fixations and flavors. It is usually sweetened with sugar or sugar substitutes. The main factors driving market growth include an increase in disposable income in emerging economies and a greater preference for niche ice cream flavors. However, the seasonal sensitivity of the ice cream products and the related health problems act as a major reticence of the global ice cream market.
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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.
Major Key Players are:
• Unilever Group Nestle S.A.
• General Mills, Inc.
• Blue Bell Creameries
• Lotte Confectionery
• Wells Dairy Inc.
• Turkey Hill
• Mihan Dairy Inc.
• Meiji Holdings Co. Ltd.
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Key Findings of the Ice Cream Market:
• Europe is expected to maintain its dominant position in the ice cream 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% during 2017 to 2023.
• LAMEA accounted for approximately one-sixth share of the global ice cream market in 2016.
• The Asia-Pacific ice cream market is anticipated to grow at the highest CAGR of 6.5% during 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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