Ice Cream Market to hit $ 1,21,022.15 million, Globally, by 2028 at 4.3% CAGR: The Insight Partners

According to The Insight Partners new research study, titled "Ice Cream Market to Forecast 2028 - COVID-19 Impact and Global Analysis - by Flavor, Category, Form, and Distribution Channel,"

Ice Cream Market is projected to reach US$ 1,21,022.15 million by 2028 from US$ 90,272.08 million in 2021. It is expected to grow at a CAGR of 4.3% from 2021 to 2028. The report highlights key factors driving the market and prominent players and their developments.

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Key players operating in the global ice cream market include Unilever; Nestlé SA; General Mills Inc.; Mars, Incorporated; LOTTE CONFECTIONERY CO., LTD; Wells Enterprises; Baskin-Robbins; Turkey Hill Dairy; Dairy Farmers of America, Inc.; and Blue Bell Creameries. These companies have a widespread global presence, which allows them to serve a large set of customers from all over the world and subsequently increases their ice cream markets' share. They heavily focus on new products launch and geographical expansion to expand their product range in specialty portfolios in the ice cream market industry.

The increasing number of product launches in the frozen dessert segment, such as custard, yogurt, gelato, granita, ice cream, and sherbet, is driving the ice cream market. For instance, in September 2021, Sara Lee Frozen Bakery launched a collection of ice cream and novelties in many flavors, including mango, passionfruit, chocolate, and vanilla. The initiative was taken to increase product penetration among consumers who preferred varied flavors of ice cream.

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Based on flavor, the ice cream market is categorized into vanilla, chocolate, fruit, and others. The vanilla segment held the largest ice cream market share during the forecast period. However, the chocolate segment is expected to register the highest CAGR during the forecast period. The vanilla flavor is derived through macerating and percolating vanilla pods in ethanol and water solution. Vanilla is fragrant, has a creamy and delicious taste, and is suitable for many products. Hence, vanilla is widely used as a flavoring agent in ice creams and has high demand worldwide.

The conventional segment held a larger market share during the forecast period, whereas the sugar-free segment is projected to register the highest CAGR during the forecast period. The sugar-free ice cream includes sugar-alcohol ingredients, such as xylitol, maltitol, and erythritol. Also, the 'go-natural' ice cream market's trend encourages manufacturers to add sugar substitutes as sweeteners. These substitutes can be derived from plants and fruits containing lower calories than regular sugar. On March 4th, 2015, World Health Organization (WHO) issued guidelines on sugar intake for children and adults. These guidelines recommended that adults and children should reduce their daily intake of free sugars to less than 10% of their total energy intake. A further reduction to below 5% or roughly 25 grams (6 teaspoons) per day would provide additional health benefits.

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This release was published on openPR.