Ice Cream Market Size, Share, Trends & Industry Research Report 2024-2032

Ice Cream Market Outlook

According to the latest industry report, the global ice cream market size achieved a value of USD 83.24 billion in 2023. With the increasing consumer demand for frozen desserts and the growing trend of premium, artisanal, and health-conscious products, the market is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2032, reaching a market value of USD 121.94 billion by 2032.

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Ice cream, a beloved frozen dessert, is made from dairy products, primarily milk and cream, with sugar and flavorings added. It has a global appeal and is available in an assortment of flavors, textures, and formats, catering to a wide range of consumer preferences. The ice cream market is not only influenced by traditional consumption patterns but is also witnessing a shift toward innovative and healthier alternatives, expanding the product range and attracting a diverse audience.

The increasing per capita consumption of ice cream, particularly in emerging markets, along with the introduction of new flavors and product types, plays a key role in driving market growth. The expanding global population, coupled with rising disposable incomes and the increasing presence of ice cream brands in both developed and developing regions, is expected to further fuel the market expansion in the coming years.

Factors Driving Growth

Several factors are driving the growth of the global ice cream market. One of the key factors is the increasing demand for indulgent and convenient snack options. Ice cream, known for its rich, creamy texture and wide variety of flavors, is a popular treat that provides a quick and satisfying dessert or snack. In developed countries, where ice cream consumption is a staple of the food culture, there is a steady demand for premium and innovative products. The increasing demand for indulgence in both urban and suburban areas, combined with the convenience of purchasing ready-to-eat ice cream from grocery stores, supermarkets, and foodservice outlets, is expected to continue driving market growth.

Additionally, the rising focus on health and wellness is shaping consumer choices, with many preferring ice cream options that offer lower calorie content, fewer artificial ingredients, and better nutritional profiles. As consumers become more health-conscious, manufacturers are responding by introducing products made from organic, low-fat, or plant-based ingredients. These health-conscious variants, such as dairy-free, sugar-free, and vegan ice cream, are gaining traction among individuals who are seeking indulgence without compromising on their dietary preferences.

Emerging Trends

The global ice cream market is witnessing several emerging trends that are likely to shape its future:

Health-Conscious Innovations: The increasing demand for low-calorie, low-sugar, and dairy-free options is fueling innovation in the ice cream sector. Brands are developing ice creams that offer health benefits without compromising on taste. For example, the inclusion of probiotics, the use of natural sweeteners like stevia, and the production of dairy-free options using plant-based milks are gaining popularity.

Sustainability and Clean Label: As consumers become more environmentally conscious, sustainable sourcing of ingredients and eco-friendly packaging have become significant trends in the ice cream market. Clean-label products, free from artificial preservatives and colors, are also becoming more common, as consumers seek transparency in the food products they consume.

Technology and Customization: Advances in technology, such as machine learning and automation, have allowed ice cream producers to offer personalized experiences for consumers. Customized flavors, textures, and even health-conscious ingredients are increasingly available, especially through digital platforms and ice cream parlors that allow for on-demand creation.

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Ice Cream Market Segmentation

The global ice cream market can be divided based on flavour, category, product type, end-use, sales channel, and region.

Market Breakup by Flavour

Chocolate
Fruit
Vanilla
Others

Market Breakup by Category

Impulse Ice Cream
Take-Home Ice Cream
Artisanal Ice Cream

Market Breakup by Product Type

Cup
Stick
Cone
Brick
Tub
Others

Market Breakup by End-Use

Food Service
Retailers

Market Breakup by Sales Channel

Supermarkets and Hypermarkets
Convenience Stores
Ice Cream Parlours
Hotels and Restaurants
Online
Others

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ice cream market. Some of the major players explored in the report by Expert Market Research are as follows:

Unilever plc
General Mills, Inc.
Ashby's Ice Cream
Tillamook County Creamery Association
Gujarat Cooperative Milk Marketing Federation Limited (Amul)
Turkey Hill Dairy
HP Hood, LLC
Wells Enterprises, Inc
Dairy Farmers of America, Inc.
Nestlé S.A.
Lotte Confectionary Co, Ltd
The Kroger Company
Meiji Holdings Co, Ltd
Danone S.A.
Others

Challenges and Market Restraints

Despite the promising growth prospects, the global ice cream market faces several challenges that could impact its expansion. One significant factor is the high cost of raw materials, particularly in the premium ice cream segment. Ingredients such as organic milk, high-quality flavorings, and natural sweeteners can significantly increase production costs, thereby limiting affordability for some consumers. In addition, fluctuations in the prices of dairy products and the rising cost of transportation and distribution could have an adverse effect on profit margins for ice cream manufacturers.

Another challenge is the increasing health-consciousness among consumers, which has led to a growing demand for low-calorie and low-sugar alternatives. While the market has seen innovation in these areas, the challenge lies in striking the right balance between indulgence and health-conscious choices. As more consumers seek out healthy, guilt-free alternatives, there is pressure on ice cream manufacturers to reformulate their products without compromising on taste and texture.

Opportunities for Growth

The ice cream market also presents significant opportunities for growth. One of the most notable trends is the growing interest in plant-based and dairy-free ice cream options. As consumers become more environmentally conscious and health-focused, there is an increasing demand for vegan ice cream products. Manufacturers are responding to this trend by developing new and innovative dairy-free ice cream varieties, with many companies offering alternatives that cater to consumers with lactose intolerance or vegan preferences.

Additionally, the growing popularity of e-commerce platforms presents a promising opportunity for the ice cream market. Online retailers are providing a platform for both major brands and artisanal producers to reach a broader audience. This has been especially relevant during the pandemic, when many consumers turned to online shopping for convenience. With better logistics, faster delivery options, and increased consumer confidence in online purchases, e-commerce will continue to play a critical role in the market's growth.

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