The global ice cream market is anticipated to reach USD 78.8 billion by 2025, growing at a CAGR 4.1%, according to a new report by Grand View Research, Inc. The growing demand for premium products especially in developed regions such as North America and Europe is expected to drive the ice creams sales in these regions. The major growth is expected to come from developing regions such as Asia Pacific, Latin America and MEA. Countries such as India and China have a large consumer base which is expected to drive the sales in terms of both volume and value. However, growing number of health-conscious consumers is expected to limit the market growth over the forecast period.
The demand for lactose free is also expected to contribute to the market growth during the forecast period. The increase in demand for lactose-free ice creams is driven by increase in cases of food intolerances and allergies. Thus, the consumers having lactose intolerance pick lactose-free ice creams. Also, these products are opted by the consumers who are health conscious and prefer healthy foods.
Companies are introducing many new and innovative flavors in the ice cream segment to increase their revenue. For instance, in 2017, Ben & Jerry's introduced three new flavors in summer to increase their sale. The introduction of new flavors and formats is also expected to contribute significantly to the growing sales across the globe.
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Further Key Findings From the Study Suggest:
The impulse segment has outgrown the take-home segment in 2016 and is expected to dominate the market during the forecast period. The ice cream is likely to remain an impulse purchase as manufacturers in the developing regions have failed to lure consumers with their bulk products. Manufacturers are expected to extend their impulse product portfolio during the forecast period.
The ice cream market is dominated by various countries which includes China, U.S, Japan, Brazil, Italy and Germany. Asia Pacific held the largest market share in 2016 and is expected to dominate the market over the forecast period. Growth is shifting towards emerging countries such as China, India, Brazil, Indonesia, Vietnam, and South Africa and developed regions such as North America and Europe are expected to show slow growth during the forecast period.
Some of the key players in ice cream market are Unilever Group, Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries. There are numerous small and mid-size players which also contribute significantly to the retail sales.
Grand View Research has segmented the ice cream market on the basis of product type and region.
Ice Cream Product Outlook (Revenue, USD Million, 2014 - 2025)
Ice Cream Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East and Africa (MEA)
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