Press release
Ice Cream Market Anticipated To Witness Robust Growth, Surpassing $56.96 Billion By 2029
Ice Cream
How Big Is the Ice Cream Market Size Expected to Be by 2034?
The dimension of the ice cream industry has witnessed significant expansion in the prior years. The market size is projected to increase from $42.07 billion in 2024 to $44.69 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. Factors such as brand fidelity, demand linked to seasons, promotional activities, advancements in packaging, health consciousness, and broadening of distribution channels have contributed to its historic growth.
The value of the ice cream market is projected to witness robust expansion in the forthcoming years, reaching a projected size of $56.96 billion in 2029 with a compound annual growth rate (CAGR) of 6.3%. Factors contributing to growth during this forecast period include the adoption of plant-based and alternative ingredients, health-focused selections, premiumization, customization trends, sustainable strategies, and innovative textures and formats. Notable trends anticipated during this period involve creative flavor pairings, functional and nutrient-fortified ice creams, environment-friendly practices and packaging, local and artisanal preferences, luxury and premium products, as well as a surge in e-commerce and direct-to-consumer sales.
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How Are Emerging Segments Shaping the Ice Cream Market Landscape?
The ice cream market covered in this report is segmented -
1) By Type: Impulse Ice Cream, Take-Home Ice Cream, Artisanal Ice Cream
2) By Flavor: Vanilla, Chocolate, Fruit, Other Flavors
3) By Packaging: Cup, Cone, Stick, Brick, Tub, Other Packaging
4) By Category: Dairy, Non-Dairy
5) By Distribution Channels: Hyper market Or Super market, Ice Cream Parlor, Online Retailer, Other Distribution Channels
Subsegments:
1) By Impulse Ice Cream: Single-Serve Cups, Cones, Bars And Popsicles, Sandwiches
2) By Take-Home Ice Cream: Family-Sized Tubs, Multi-Pack Containers
3) By Artisanal Ice Cream: Small Batch Ice Cream, Gourmet Flavors, Organic And Natural Ingredients
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Which Growth Factors Are Influencing Ice Cream Market Expansion?
The expected increase in the ice cream market is attributed to the rising consumer expenditure on fast food. This expenditure refers to the cumulative amount of money that individuals and families spend on fast food products, which includes ice cream as it is often seen as a convenient and indulgent option, catering to similar taste preferences as fast food. The practice of offering ice cream as a dessert in many fast food establishments makes it readily accessible for customers to incorporate in their meals. The escalating café culture, especially among millennials, has further amplified consumer spending on fast food. For example, data from the Netherlands-based potato processing company, Avika, revealed a 9% rise in the UK fast food market from US$20.6 billion (£18.9 billion) in 2021 to US$22.45 billion (£20.61 billion) in 2022. Hence, consumer spending on fast food, which is on the rise, is slated to propel the growth of the fast food market.
Who Are the Dominant Players Across Different Ice Cream Market Segments?
Major companies operating in the ice cream market include 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
What Are the Latest Developing Trends in the Ice Cream Market?
One significant emerging trend in the ice cream industry is the introduction of novel products. Companies involved in the ice cream sector are keen on launching innovative goods to fortify their market stance. For example, in January 2022, the Danish company Magnum, renowned for its Belgian ice cream, released a miniature vegan ice cream multi-pack, complementing its revamped vegan ice cream recipe. This updated line includes two sought-after vegan flavors: magnum vegan classic and magnum vegan almond, both known for their distinctive richness and delightful taste-qualities that won them the PETA Vegan Food Award. The lush ice cream is crafted from pea protein and flavor-infused with top-grade Madagascan vanilla. It offers an exceptional blend of flavors and a luxurious creaminess, all without incorporating any dairy constituents.
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Which Geographic Regions Are Expected to Dominate the Ice Cream Market in the Coming Years?
Asia-Pacific was the largest region in the ice cream market in 2024. Asia-pacific is expected to be the fastest-growing region in the ice cream market report during the forecast period. The regions covered in the ice cream market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Ice Cream Market?
2. What is the CAGR expected in the Ice Cream Market?
3. What Are the Key Innovations Transforming the Ice Cream Industry?
4. Which Region Is Leading the Ice Cream Market?
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