The latest report published by IMARC Group, titled “Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on ice cream market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global ice cream market size reached US$ 73.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 98.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032.
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Factors Affecting the Growth of the Ice Cream Industry:
- Changing Consumer Preferences:
A pivotal factor influencing the global ice cream market is the shift in consumer preferences. This shift is driven by increasing health consciousness and the demand for innovative flavors and premium products. Market analysis reveals a growing inclination towards organic, vegan, and lactose-free options, which is leading manufacturers to diversify their product portfolios. This trend is significantly contributing to market growth, as consumers are willing to pay more for healthier and more exotic variants. The incorporation of functional ingredients and superfoods is also reshaping market trends, leading to a broader market share for companies that adapt to these evolving consumer demands.
- Technological Advancements in Production and Distribution:
The ice cream market is witnessing a revolution in terms of production and distribution methods, thanks to technological advancements. Innovations in freezing technologies, preservation techniques, and supply chain logistics have enhanced product quality and extended shelf life, contributing to market growth. These advancements allow for a wider geographical reach in distribution, effectively increasing the market size. Moreover, market analysis indicates that technology-driven personalization and customization in ice cream products are gaining traction, aligning with consumer desires for unique experiences. This trend elevates consumer satisfaction and also encourages competitive market share dynamics, with companies investing in technology to stay relevant.
- Expansion of Retail and Online Distribution Channels:
The expansion of both retail and online distribution channels is a crucial driver of the ice cream market's growth. The proliferation of supermarkets, hypermarkets, and specialty stores has made ice cream more accessible to consumers, thus enhancing market share and market size. Furthermore, the rise of e-commerce and online delivery services has reshaped market trends, offering convenience and a variety of choices to consumers. Market analysis underscores the importance of these channels in reaching a wider customer base and facilitating impulse purchases. This expansion is instrumental in market growth and also provides valuable insights for market outlook, as distribution channels continue to evolve in response to consumer shopping habits.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Unilever
- Nestle
- Inner Mongolia Yili Industrial Group
- General Mills
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Ice Cream Market Report Segmentation:
Breakup by Flavor:
- Vanilla
- Chocolate
- Fruit
- Others
Chocolate represents the largest segment in flavor due to its universal appeal and widespread acceptance across diverse consumer groups, making it a staple choice in the ice cream market.
Breakup by Category:
- Impulse Ice Cream
- Take-Home Ice Cream
- Artisanal Ice Cream
Impulse ice cream holds the largest segment in the category due to its convenience and accessibility, appealing to consumers seeking on-the-go indulgence and instant gratification.
Breakup by Product:
- Cup
- Stick
- Cone
- Brick
- Tub
- Others
Cups represent the largest segment in product types as they offer portion control, ease of consumption, and reduced mess, aligning with the growing demand for convenient and individualized eating experiences.
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Ice Cream Parlors
- Online Stores
- Others
Supermarkets and hypermarkets constitute the largest segment in distribution channels as they provide wide visibility, variety, and accessibility to a large consumer base, making them a primary choice for ice cream purchases.
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Europe emerges as the largest market in the region due to its long-standing cultural association with ice cream, high consumer spending power, and the presence of numerous established and artisanal ice cream brands.
Global Ice Cream Market Trends:
Current market trends in the global ice cream industry are significantly influenced by the integration of exotic and international flavors. This trend caters to a growing consumer desire for new and diverse taste experiences, driving market growth. Additionally, there is an increasing emphasis on sustainable and eco-friendly practices, from sourcing ingredients to packaging, which appeals to environmentally conscious consumers and impacts market share.
Furthermore, the rise of artisanal and craft ice creams, emphasizing quality and craftsmanship, is another trend shaping consumer preferences and contributing to market dynamics. These trends, coupled with ongoing innovation in flavor and format, are vital in determining the market outlook and future market size.
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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