Ice Cream Ingredients Market to Expand from $50.1 Billion in 2020 to $93.5 Billion by 2028

The global ice cream ingredients Industry was estimated at $50.1 billion in 2020 and is expected to hit $93.5 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028.

Increasing demand for ice creams and growing inclination toward impulse ice cream desserts fuel the growth of the global ice cream ingredients market. Based on application, the impulse ice cream segment generated the highest share in 2020. By region, on the other hand, Asia-Pacific would remain lucrative by 2030.

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On the other hand, rising prevalence of lactose intolerance and surge in diabetic population impede the growth to some extent. However, introduction of novel combinations & low-fat/sugar ingredients and rise in craze for organic food products are expected to create lucrative opportunities in the industry.

Increasing demand for impulse ice cream desserts is driving the market expansion, however, the industry is facing significant challenges due to the rising prevalence of lactose intolerance among consumers.

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In recent times, the emergence of specialty ice cream parlors, fast-food chains, and growing snackification trend across the world drives the consumption of ice cream. The ice cream industry is delivering innovative and unique eating experience to the consumers by utilizing different ingredients and flavors. The manufacturers in ice cream ingredients market are intensively focusing on delivering reach experience in terms of taste and texture and rising consumption of ice creams is anticipated to support the growth of the global ice cream ingredients industry.

The global ice cream ingredients market is analyzed across type, application, and region.

Based on region, the market across Asia-Pacific held the lion's share in 2020, garnering around two-fifths of the global market. The same region is also expected to cite the fastest CAGR of 9.2% by the end of 2030. The other provinces studied in the report include North America, Europe, and LAMEA.

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The key market players analyzed in the global ice cream ingredients market report include BASF SE, Tate & Lyle, Cargill, Incorporated, Royal FrieslandCampina N.V., California Dairies, Inc., Dairy Farmers of America, Hilmar Ingredients, Fonterra Co-Operative Group Limited, Grassland Dairy Products Inc., and Westland Milk Products (yili Group).These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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