Ice Cream Market Size To Reach $147.74 Billion By 2030

Ice Cream Market Growth & Trends

The global ice cream market size is expected to reach USD 147.74 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.9% from 2024 to 2030. The growth is attributed to the rising demand for premium ice cream products. The manufacturers in the foodservice sector are incorporating a variety of ice cream flavors and products into their menus to cater to a larger customer base. This trend is anticipated to further fuel the growth of the market.

The demand for lactose-free ice cream is also expected to contribute to market growth during the forecast period. The market is driven by an increase in the cases of food intolerances and allergies. Consumers suffering from lactose intolerance prefer dairy-free and vegan ice creams. Health-conscious consumers also prefer these variants to meet their demand for healthy foods.

The increasing demand for premium ice cream has emerged as a significant driver in the ice cream industry, shaping consumer preferences and industry dynamics. This shift is fueled by several factors that collectively contribute to the growth of the premium segment. Firstly, changing consumer lifestyles and rising disposable incomes have led to a greater emphasis on quality and indulgence in food choices. Premium ice creams, with their superior ingredients, unique flavors, and artisanal production processes, appeal to consumers seeking an elevated sensory experience and a touch of luxury in their desserts.

The growing consumer inclination toward healthier and more natural ingredients has also influenced the market for chocolate-flavored ice cream. Many brands are responding to this trend by incorporating high-quality, ethically sourced cocoa and using fewer artificial additives and preservatives in their formulations. In addition, there has been an uptick in the availability of dairy-free and vegan chocolate ice cream options, catering to the rising demand for plant-based alternatives among health-conscious and environmentally-conscious consumers.

The rise of vegan and plant-based diets has also fueled the demand for fruit-flavored ice creams. Many consumers are seeking dairy-free alternatives, whether due to lactose intolerance, ethical concerns, or personal preferences. Fruit-flavored ice creams made from non-dairy ingredients like coconut milk, almond milk, or soy milk cater to this growing market segment, offering a delicious frozen treat without compromising on taste or texture.

With the growing focus on health and wellness, market players are providing options catering to dietary preferences, such as low-fat, low-sugar, or dairy-free alternatives, therefore attracting consumers seeking healthier options. According to the 2022 International Dairy Foods Association (IDFA) survey, nearly half, or 47%, of individuals identify themselves as health-conscious. Thus, strategies such as offering a range of choices to accommodate different dietary needs and preferences are resulting in higher product adoption among health-conscious customers.

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Ice Cream Market Report Highlights

• The bars ice cream led the product segment with the highest revenue share owing to its rising popularity due to consumer demand for on-the-go snacking, portion control, and novelty.

• Vegan ice cream is expected to be the fastest-growing segment during the forecast period owing to increasing vegan and lactose-intolerant populations, and growing environmental awareness. Innovations in plant-based ingredients, improved taste and texture, and diverse flavor offerings further drive consumer demand.

• The chocolate flavor ice cream led the flavor segment with the highest revenue share due to its broad appeal across age groups, continuous innovations in chocolate varieties (dark, milk, white, and mixed with other flavors), and the addition of premium ingredients like organic and ethically sourced cocoa.

• The Asia Pacific region is expected to register the fastest CAGR during the forecast period. Countries such as China, Australia, New Zealand, and India are expected to witness a rapid surge in ice cream consumption. Furthermore, the increasing middle-income population and rising purchasing power in the region are factors expected to boost the sales of premium products like vegan ice cream.

Ice Cream Market Segmentation

Grand View Research has segmented the global ice cream market based on product, type, flavor, distribution channel, and region:

Ice Cream Product Outlook (Revenue, USD Million, 2018 - 2030)

• Cartons

• Tubs

• Cups

• Cones

• Bars

Ice Cream Type Outlook (Revenue, USD Million, 2018 - 2030)

• Dairy & Water-based

• Vegan

Ice Cream Flavor Outlook (Revenue, USD Million, 2018 - 2030)

• Chocolate

• Vanilla

• Fruit

• Others

Ice Cream Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Foodservice

• Retail

Ice Cream Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East & Africa (MEA)

  • South Africa

List of Key Players in the Ice Cream Market

• Unilever PLC

• American Dairy Queen Corporation

• Wells Enterprises

• Nestlé SA

• Blue Bell Creameries

• General Mills, Inc.

• Inspire Brands, Inc. (Baskin Robbins)

• Cold Stone Creamery

• Danone S.A.

• NadaMoo