The scope of our recent study on the "Ice Cream Market Forecast to 2031 - Global Analysis - by Flavor, Category, Form, Distribution Channel, and Geography" includes the factors fueling the ice cream market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The ice cream market size is projected to reach US$ 97.94 billion in 2023 to US$ 138.55 billion by 2031; it is estimated to register a CAGR of 4.4% from 2023 to 2031.
Over the past few years, the demand for ice cream market across all groups has significantly driven the market growth, ensuring a broad and consistent consumer base. Unlike other products that cater to specific demographics, ice cream appeals to children, adults, and seniors. Children enjoy it as a fun and tasty treat, while adults often consume it as a nostalgic comfort food or an indulgent dessert. This universal appeal reduces market segmentation, allowing producers to market their products to a wide audience, which in turn drives market growth. In addition, people's social and emotional connection with ice cream is often associated with positive experiences, celebrations, and comfort, making it a versatile treat for various occasions. This emotional resonance transcends age, creating lifelong customers who continue to enjoy ice cream throughout their lives.
The increasing number of product launches in the frozen dairy products segment by key players in the market is driving the ice cream market. For instance, in June 2024, Perry's Ice Cream completed the expansion of its production facility of ice cream in Akron, US. The expansion aimed to increase the production of frozen desserts to cater to the growing demand for ice cream. Further, several initiatives such as mergers & acquisitions and collaborations by various manufacturing companies contribute to the increasing demand for frozen desserts. For instance, in June 2024, Bidcorp UK announced the acquisition of Northern Bloc Ice Cream Ltd. The acquisition was aimed at expanding its brand presence across the market. Moreover, consumers are seeking different flavors in ice creams; thus, key players are making significant innovations and launching new flavors in the ice cream market. Hence, strategic initiatives by key players, a high level of disposable income, and the presence of various frozen dairy products with innovative flavors are boosting the growth of the ice cream market.
Artificial food additives such as sodium benzoate, artificial color, flavor, sweeteners, and potassium sorbate are used in ice cream production. Manufacturers increasingly use artificial additives in ice cream production to maintain or improve its safety and freshness. Also, additives are added to enhance an ice cream's flavor, taste, texture, and color. However, a few people are sensitive to particular food additives that can lead to allergic reactions such as hives; digestive disorders such as diarrhea and colicky pains; nervous system disorders such as hyperactivity, insomnia, and irritability; and respiratory problems. Thus, the negative impact of artificial additives on human health hampers the demand for ice cream.
The majority of consumers avoid ice cream owing to diabetic issues. As per the World Health Organization (WHO), over 400 million people have diabetes, which will increase to over ~600 million people in the next two decades. Additionally, as per the International Diabetes Federation, 90 million people aged between 20 and 79 were affected by diabetes in South-East Asia (SEA) in 2021. This figure is estimated to increase to 113 million by 2030 and 152 million by 2045. The rising number of diabetic patients impedes the dessert industry, including the ice cream market. Moreover, the increasing health and safety concerns during the COVID-19 outbreak obliged people in the region to avoid the consumption of ice cream. Thus, the rising health concerns associated with ice cream hamper the growth of the ice cream market.
Asia Pacific accounted for a remarkable share of the ice cream market in 2023. Japan and India are some of the largest markets for ice cream in Asia Pacific. The emerging trend of the after-meal occasion propels the demand for ice creams in Japan. Also, the rising demand for impulse ice cream, takeaway, and single-serve ice cream vending machines is expected to add impetus to the market growth. In addition, the increasing health-conscious population in the country has surged the demand for low-sugar and dairy-free ice cream products. Key players in the country are adopting strategic initiatives to cater to the growing consumer demand for healthier alternatives. For instance, in March 2024, Morinaga Company announced the launch of rice milk ice cream OKOMETO. Apart from the factors above, the widening of the supply chain network by the manufacturers in order to increase their presence and develop distribution channels such as supermarkets and hypermarkets is expected to propel the growth of the ice cream market.
India is one of the most significant countries in Asia Pacific for the ice cream market. The emerging trends of veganism, the adoption of healthier food items, and the growing demand for ingredients that help improve gut health propel the demand for ice creams. The developing supply chain facilities, cold storage infrastructure, and procurement of automated machinery for the production of ice cream also aid in diversifying the product portfolio of the ice cream industry. Moreover, the rising health consciousness and lactose intolerance among the millennials encourage manufacturers to develop lactose-free, dairy-free, NON-GMO, and no-added preservatives ice cream portfolios. In addition, the increasing demand for herbs and spices and the associated benefits encourage manufacturers to incorporate such ingredients into their products. All these factors are contributing to the increase in the adoption of ice cream in the country. Thus, the rising demand to implement effective health-promoting products is anticipated to increase the demand for ice cream across the nation.
Based on flavor, the chocolate segment is projected to register the fastest CAGR from 2023 to 2031. Chocolate is derived from roasted and ground cocoa seed kernels. It is consumed in a liquid, solid, or paste form and used as a flavoring agent in various foods. There are different types of chocolates, such as milk chocolate, dark chocolate, white chocolate, bittersweet chocolate, and brute chocolate. Pure chocolate extract provides a smooth and rich chocolate flavor without any added sweetness. The flavor, particularly dark chocolate, has high antioxidant content, which is helpful for heart health by reducing inflammation and improving blood flow. Moreover, the trend of organic and minimally processed ingredients is driving the market for premium chocolate ice cream offerings that appeal to those seeking both taste and health benefits. As consumers become more conscious of the nutritional content of their food choices, the chocolate ice cream market is positioned for growth with products that maintain a balance between indulgence and wellness.
South and Central America is expected to register a significant CAGR in the global ice cream market from 2023 to 2031. The rising demand for ice cream from younger demographics and emerging middle-class populations propel the growth of the market in South & Central America. Market growth is influenced by changing lifestyles, demographic shifts, urbanization, and increasing per capita disposable incomes in the region. The sales of ice cream in South America are facilitated by easy accessibility and widespread awareness. The growing health consciousness among consumers is a key factor influencing the market. Thus, manufacturers are extensively adding health-promoting and natural ingredients to ice cream to cater to the consumers' interests. In South & Central America, ice cream is perceived as an indulgence and mood improver. Therefore, there is a high demand for ice creams with cookies, nuts, granulated chocolates, and different toppings. The trend of boozy ice cream, an innovative ice cream with the flavor of alcohol, is also growing among the population.
The report includes the segmentation of the global ice cream market as follows:
The global ice cream market is segmented based on flavor, category, form, and distribution channel. In terms of flavor, the market is segmented into vanilla, chocolate, berries, matcha, and others. Based on category, the market is bifurcated into conventional and sugar free. In terms of form, the market is segmented into cups and tubs, bars and sticks, and others. Based on category, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail and others.
By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The ice cream market in Europe is sub-segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific ice cream market is further categorized into China, Japan, India, Australia, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Philippines, Vietnam, New Zealand, Hong Kong, Myanmar, and Rest of Asia-Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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