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Ice Cream Market Report 2024 - Ice Cream Market Trends, Demand, And Opportunities
Ice Cream Market
According to The Business Research Company's, The ice cream market size has grown strongly in recent years. It will grow from $40.27 billion in 2023 to $42.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to brand loyalty, seasonal demand, marketing and advertising, packaging innovations, health and wellness trends, expansion of distribution channels.
The ice cream market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to plant-based and alternative ingredient, health-conscious choices, premiumization, personalization trends, sustainability practices, innovative textures and formats. Major trends in the forecast period include innovative flavors and combinations, functional and nutrient-enhanced ice cream, sustainable practices and packaging, local and artisanal focus, indulgent and premium offerings, online and direct-to-consumer sales.
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Market Drivers and Trends:
Increasing consumer expenditure on fast food is expected to propel the growth of the ice cream market going forward. Consumer expenditure on fast food is the total amount of money spent by individuals and families on fast food items. Fast food and ice cream are both considered indulgent and handy meal alternatives that cater to similar customer tastes. Fast food restaurants frequently provide ice cream as a dessert option, making it easy for customers to include it in their purchases. Additionally, the growing café culture among millennials has boosted consumer spending on fast food. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based agency that measures labor market activity, working conditions, and price changes in the economy, in the United States, the average expenditure on food away from home in 2020 was $2375, rising to $3030 in 2021, reflecting a 27.6% rise. Therefore, the increasing consumer expenditure on fast food will drive the fast food market.
Product innovations are a key trend gaining popularity in the ice cream market. Major companies operating in the ice cream market are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, Magnum, a Denmark-based Belgian brand of ice cream, launched a mini-sized multi-pack of vegan ice creams in addition to a new and enhanced recipe for its vegan line of ice cream that is available in two popular vegan flavors: magnum vegan classic and magnum vegan almond. The new line provides all the richness and pleasure of a vegan magnum, the quality and flavor of which has earned the PETA Vegan food award. The smooth ice cream is created from pea protein and flavored with high-quality Madagascan vanilla, providing a wonderful combination to the tastebuds with an exquisite creamy sensation without the use of dairy components.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Nestle S.A.; Unilever Group Plc; General Mills Inc.; Blue Bell Creameries LP; Cold Stone Creamery Inc.; American Dairy Queen Corporation; Danone S.A.; Lotte Confectionery Co.Ltd.; Inspire Brands Inc.; Dairy Farmers of America Inc.; Turkey Hill Dairy LP; Wells Enterprises Inc.; NadaMoo! R&D Room LLC; Mars Inc.; Inner Mongolia Yili Industrial Group Co. Ltd.; Froneri International Limited; Tilamook CCA; Amul; Amy's Ice Creams; Agropur Dairy Cooperative; Arla Foods AMBA; Chapman's; Prairie Farms Dairy Inc.; Giffords Dairy Inc.; Van Leeuwen Ice Cream; Adirondack Creamery Inc.; Yasso Inc.; Graeter's Ice Cream; Jeni's Splendid Ice Creams; Humphry Slocombe; Coolhaus; Ben & Jerry's Homemade Holdings Inc.; Häagen-Dazs; Baskins Robbins
Ice Cream Market 2024 Key Insights:
• The ice cream market will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Increasing Consumer Spending On Fast Food Expected To Propel Growth In The Ice Cream Market
• Innovative Vegan Offerings Drive Growth In Ice Cream Market
• Asia-Pacific was the largest region in the ice cream market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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