Ice Cream Market Revenue $122.1 Billion by 2031 With CAGR 5% | Turkey Hill, Mihan Dairy, Meiji Holdings

Ice creams are made up of dairy items such as milk and cream combined with dry fruits, flavors, and other ingredients. 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 for the global ice cream market size.

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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. These major market players have adopted various strategies to expand their market reach. The strategies adopted in the market are product launch and acquisition. New market players are also entering the market with new flavors.

In 2020, the take-home segment accounted for the highest ice cream market share in the ice cream market, and is expected to maintain its dominance during the ice cream market forecast. However, the artisanal ice cream segment is projected to register the highest growth during the forecast period as it is 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.

The vanilla ice cream registered as a dominating segment in 2020. This was attributed to surge in demand for traditional flavors such as vanilla ice cream. In addition, online sales channel is the fastest growing segment due to digitalization and increase in internet penetration. Asia-Pacific and LAMEA collectively contributed about 40% share of the global ice cream market analysis, in terms of revenue, in 2020.

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Porter's five forces analysis for the ice creams market highlights market competition in terms of the power of buyers, suppliers, manufacturers, and new entrants. Furthermore, shift in living standards of the consumers, as well as an increase in per capita income of the consumers has resulted in launch of new products and the entry of new players in the market during the forecast period.

The impact of the COVID-19 pandemic on the global ice cream market was negative, due to supply chain disruption. All manufacturing and production units were halted during the outbreak. Thus, the market is expected to recover from the pandemic in the upcoming years.

Consumers have become more conscious about sugar intake and prefer products offering high nutrition value; thus, the demand for sugar-free, organic, and calorie products is on the rise globally. Manufacturers such as Mars are reformulating their products and focusing on development of sugar-free, functional, and organic variants. Introduction of these variants in the market is expected to boost value sales and help manufacturers in delivering products, which support ice cream market trends.

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KEY FINDINGS OF STUDY

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 2020, and is projected to grow at a CAGR of 4.9% during the forecast period.
In terms of volume, the artisanal ice cream segment is projected to witness the highest CAGR of 5.2% from 2022 to 2031.
LAMEA accounted for approximately one-sixth share of the global ice cream market in 2020.
The Asia-Pacific ice cream market is anticipated to grow at the highest CAGR of 5.8% from 2022 to 2031.

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