Ice Cream Industry Study Size, Share & Forecast, 2032

 

Market Overview:

The global ice cream market was valued at USD 76.11 billion in 2023 and is expected to grow to USD 132.32 billion by 2032, registering a compound annual growth rate (CAGR) of 6.65% over the forecast period. In the United States, the market is projected to reach USD 28.56 billion by 2032, fueled by strong demand for frozen dairy desserts and the expanding presence of fast food chains and restaurants. In 2023, the Asia Pacific region led the market, holding a dominant share of 32.82%.

According to the report titled 'Ice Cream Market, 2024–2032' by Fortune Business Insights™, the global market is anticipated to grow due to increasing consumer expenditure on fast food, robust R&D efforts aimed at developing innovative product variations, and the easy availability of ice cream products. Additionally, rising urbanization and increasing disposable incomes in emerging economies are expected to further support market growth in the coming years.

List of Key Players Profiled in the Report

• Nestle S.A. (Switzerland)
• Unilever Group (U.K.)
• General Mills (U.S.)
• Amul (India)
• Dunkin Brands (U.S.)
• Blue Bell Creameries (U.S.)
• Dairy Queen (U.S.)
• Dairy Farmers of America, Inc. (U.S.)
• Cold Stone Creamery (U.S.)
• CAMAL Ltd Company (Azerbaijan)

Segments:

By Type, Impulse Segment to Record Fastest CAGR during 2024-2032

Based on type, the market is bifurcated into impulse and take home. The impulse segment dominated the market share in 2021, owing to rising popularity of conveniently packaged product among consumers. On the other hand, the take home segment will record notable growth through 2032.

By Flavor, Vanilla Segment to Capture Maximum Share through 2032

In terms of flavor, the market is divided into vanilla, chocolate, fruit, and others. Among these, the vanilla segment is slated to dominate the market during 2024-2032 led by increasing popularity of the product. The chocolate segment is expected to hold the second-largest market share.

By Packaging, Cup Segment to Exhibit Stellar Growth over 2024-2032

On the basis of packaging, the market is segmented into cup, stick, cone, tub, brick, and others. The cup segment is anticipated to capture the dominant market share till 2032 led by tremendous popularity of cup ice creams. Convenience associated with this type of packaging makes it extremely popular among consumers.

By Distribution Channel, Online Retailer Segment to Gain Traction through 2032

According to distribution channel, the market is segregated into ice cream parlor, supermarket/hypermarket, online retailer, and others. Among these, the online retailer segment is projected to grow substantially owing to the growing trend of home delivery. Ease of convenience of online ordering will drive the growth of this segment.

Source: https://www.fortunebusinessinsights.com/ice-cream-market-104847

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Increasing Product Innovation to Drive Market Growth

While traditional ice cream is rich in nutrients, it offers limited health benefits. As a result, market players are increasingly exploring fortification and the inclusion of health-promoting ingredients to position ice cream as a more appealing, nutritious snack. Functional foods offer benefits beyond basic nutrition and may help lower the risk of certain diseases. The growing production and consumption of fortified or functional products are expected to drive the expansion of the ice cream market in the coming years.
However, factors such as limited shelf life and seasonal demand may pose challenges to consistent product consumption. 

Regional Insights:

Asia Pacific to Dominate Market Share led by Increasing Disposable Income

Asia Pacific dominated the ice cream market share in 2021 and is expected to grow at 5.63% CAGR over the forecast period. Fast food's growing popularity, increased disposable income, rapid urbanization, and the influence of western cuisine and culture have all boosted product consumption throughout Asia Pacific.

North America is expected to capture the second-largest share in the market. The growing number of fast-food chains in the region and the widespread use of natural ingredients in the creation of frozen dairy products are pushing the product consumption.

The European market has evolved as major corporations have adjusted their product portfolios in response to consumer interest and demand. 

Competitive Landscape:

Market Players Focus on New Product Development and Launches to Strengthen Position

Leading companies, such as Nestle S.A., Unilever Group, and General Mills, are focusing on new product launches and collaborative ventures with key stakeholders for portfolio expansion and product marketing. For example, Unilever Group announced the launch of the Double Red Velvet variation under its Magnum brand in January 2021.

Key Industry Development:

February 2024: Unilever partnered with leading precision fermentation innovator Perfect Day to launch Breyers Lactose-Free Chocolate, which is composed of Perfect Day's dairy protein from fermentation in the U.S.