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.

Ice cream is a popular dessert and is available in various flavors. The growth in the ice cream industry is driven by the availability of various flavored ice creams, especially seasonal fruit flavors, and increasing flavored innovations by manufacturers. Recently, functional ice cream has become popular among health-conscious consumers as it contains high-quality ingredients and fulfills consumers' nutritional requirements more than regular ice cream. So, the increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer's decision to select a healthy alternative. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. Additionally, the increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer's decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases. Furthermore, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits.

Ice cream manufacturers are developing products with nutritional components, organic herbal fillings, and exotic flavors in product formulation to gain a competitive advantage and attract more consumers. Manufacturers are introducing exotic flavors such as coconut, lemon, and tropical fruits to adapt to shifting consumers' taste preferences. Additionally, consumers are concerned about their health. Thus, manufacturers are modifying the ingredients used in the products based on consumer preferences and introducing new products to differentiate their offerings. Ben & Jerry's launched an ice cream with CBD additives. Further, liquor ice cream is gaining popularity across the US. These products contain less than 0.5% alcohol; therefore, they are widely retailed in grocery and specialty stores. In September 2021, H?agen-Dazs launched a spirit-infused ice cream with a flavor of five traditional pints made with Irish cream, rum, bourbon, and stout. In addition, in November 2023, LiQ and Baileys entered into a partnership agreement to launch liquor-infused ice cream pralines.

Based on flavor, the ice cream market is segmented into vanilla, chocolate, berries, matcha, and others. The chocolate segment held a larger share of the market in 2023. 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.

A few players operating in the ice cream market include Blue Bell Creameries, Unilever Plc, Nestle SA, General Mills Inc, Mars Inc, Wells Enterprises, Turkey Hill Dairy, Dairy Farmers of America Inc, Cold Stone Creamery, Morinaga Milk Industry Co Ltd, Kwality Foods LLC, Baskin-Robbins, David Chapman's Ice Cream Limited, Lotus Bakeries NV, and IMURAYA GROUP CO., LTD among others. Players operating in the ice cream market focus on providing innovative and healthy products at affordable prices to fulfill customer demand.

The overall ice cream market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the ice cream market.