Ice Cream Market Size, Share, Trends and Analysis 2024-2032

Ice Cream Market Outlook

According to the report by Expert Market Research (EMR), the global ice cream market size attained a value of USD 83.24 billion in 2023. Aided by the increasing consumer demand for indulgent and innovative dessert products, coupled with the expanding availability of diverse flavors and formats, the market is projected to further grow at a CAGR of 4.3% between 2024 and 2032 to reach a value of USD 121.94 billion by 2032.

Ice cream, a popular frozen dessert made from dairy products, sweeteners, and flavorings, is enjoyed worldwide. Its versatility allows it to be produced in various forms, including cups, cones, bars, and sandwiches, catering to diverse consumer preferences. Beyond its traditional appeal, ice cream also offers nutritional benefits when enriched with proteins, vitamins, and minerals, contributing to its popularity across age groups.

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Market Drivers

Several key factors are driving the growth of the global ice cream market:

• Rising Consumer Demand for Indulgence: The increasing consumer inclination towards indulgent and premium dessert experiences is a major driver of the ice cream market. With growing disposable incomes and evolving lifestyles, consumers are willing to spend more on high-quality and artisanal ice cream products that offer unique and rich flavor experiences.

• Innovation in Flavors and Formats: The introduction of innovative and exotic flavors, along with novel formats such as bite-sized treats and plant-based options, is significantly boosting the market. Brands are continually experimenting with flavor combinations, leveraging regional ingredients, and creating limited-edition variants to attract and retain customers.

• Health and Wellness Trends: The rising awareness of health and wellness among consumers is leading to the development of healthier ice cream alternatives. Low-fat, low-sugar, and high-protein variants, as well as those enriched with functional ingredients like probiotics and vitamins, are gaining popularity, catering to the demand for guilt-free indulgence.

• Growing Popularity of Plant-Based Options: The increasing trend towards veganism and plant-based diets has spurred the demand for dairy-free ice cream alternatives. Made from almond milk, coconut milk, and other plant-based ingredients, these products cater to lactose-intolerant consumers and those seeking sustainable and ethical food choices.

• Expansion of Distribution Channels: The expansion of distribution channels, including supermarkets, convenience stores, online platforms, and specialty stores, has made ice cream more accessible to a broader consumer base. E-commerce, in particular, has witnessed significant growth, allowing consumers to conveniently purchase their favorite ice cream brands from the comfort of their homes.

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Ice Cream Market Segmentation

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

Breakup by Flavour

• Chocolate
• Fruit
• Vanilla
• Others

Breakup by Category

• Impulse Ice Cream
• Take-Home Ice Cream
• Artisanal Ice Cream

Breakup by Product Type

• Cup
• Stick
• Cone
• Brick
• Tub
• Others

Breakup by End-Use

• Food Service
• Retailers

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

Some of the major key 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

Market Challenges

Despite the positive outlook, the ice cream market faces several challenges:

• Seasonal Demand Fluctuations: Ice cream consumption is highly seasonal, with peak demand during the summer months. This seasonality can lead to fluctuations in sales and production, posing challenges for manufacturers in terms of inventory management and capacity utilization.

• Rising Health Concerns: Increasing awareness of health issues related to sugar and fat consumption is leading some consumers to reduce their intake of traditional ice cream. To address these concerns, manufacturers must continuously innovate and develop healthier alternatives without compromising on taste and texture.

• Intense Competition: The ice cream market is highly competitive, with numerous players vying for market share. This intense competition necessitates continuous investment in product innovation, marketing, and brand differentiation to maintain a competitive edge.

• Supply Chain Issues: The ice cream industry is vulnerable to supply chain disruptions, particularly concerning the sourcing of high-quality dairy ingredients and flavorings. Fluctuations in raw material prices and logistical challenges can impact production costs and profitability.

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