Global Ice Cream Market Set to Scoop USD 124.13 Billion by 2030, Growing at a 6% CAGR

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Global Ice Cream Market Overview (2023–2030)

Market Value (2023): USD 87.13 Billion
Forecast Value (2030): USD 131.01 Billion
CAGR (2024–2030): 6%

Market Definition

Ice cream is a sweetened dairy product, available in forms like hard, soft, low-fat, and light ice cream. It is classified under several segments such as impulse, take-home, and artisanal ice creams, with key distribution channels including supermarkets, online stores, and specialty outlets. The demand for ice cream is highly seasonal, with summer being the peak season.

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Market Segmentation

By Type:
- Impulse Ice Cream (Dominant in 2023)
  - Popular due to on-the-go consumption.
  - Innovation in packaging to meet convenience needs.
- Take-home Ice Cream
  - Suited for home consumption and bulk purchases.
- Artisanal Ice Cream
  - Focus on natural ingredients and traditional methods, appealing to premium customers.
By Flavour:
- Vanilla (Most Popular)
  - Preference for traditional flavors.
  - Premium pricing due to reliance on high-quality vanilla.
- Chocolate
  - Close second in popularity.
- Fruit & Others
  - Growing, though traditional flavors still dominate.
By Distribution Channel:
- Supermarkets and Specialty Stores (Major Outlets)
- Online Platforms (Growing, particularly post-COVID-19)
- Convenience Stores
By Geography:
- Asia-Pacific:
  - Rapid growth driven by emerging markets (India, China, Indonesia).
  - Australia is a leading market in this region.
- North America:
  - CAGR of 3.5% expected (2024–2030).
  - Increasing preference for healthier alternatives.
- Europe:
  - Sweden and the UK show strong demand.

Impact of COVID-19 on the Ice Cream Market

Challenges:
- Supply chain disruptions affected transportation and logistics.
- Retail stores faced closures, leading to reduced sales.
- Labor shortages impacted production, especially for SMEs.
Recovery Trends:
- Increase in takeaway and home delivery consumption.
- Post-2021, the market showed signs of recovery as restrictions eased.

Key Market Dynamics

Growing Demand for Healthier Ice Cream Options
- Increased focus on functional ingredients such as probiotics and antioxidants.
- Premium and artisanal ice creams are gaining popularity, driven by consumer preference for natural ingredients and traditional methods.
Product Innovation & Digital Marketing Strategies
- Companies are investing in vegan and functional products (e.g., Unilever’s Vegan Magnum line).
- Heavy focus on social media marketing and influencer campaigns to target millennials and health-conscious consumers.
Seasonal Demand & Storage Challenges
- Ice cream has limited shelf life and requires careful storage to maintain quality.
- Seasonal fluctuations in demand can lead to overproduction during peak seasons and excess inventory in winter months.
Increased R&D Investments
- Companies are focusing on product diversification through R&D.
- Brands are using sustainable packaging and innovative product forms to appeal to conscious consumers.

Regional Insights

Asia-Pacific:
- The highest growth rate, driven by rising incomes and urbanization in India, China, and Indonesia.
North America:
- Focus shifting towards low-fat and healthier alternatives.
- Strong competition among established players.
Europe:
- Sweden and the UK are key markets, with growing consumer interest in premium and artisanal products.

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Key Players in the Global Ice Cream Market

Unilever Group (UK)
Nestle SA (Switzerland)
General Mills Inc. (US)
Mars Inc. (US)
Blue Bell Creameries (US)
Wells Dairy Inc. (US)
Lotte Confectionery (South Korea)
Meiji Holdings Co. Ltd. (Japan)
Amul (India)

These companies leverage extensive global networks to cater to diverse consumer preferences. Strategic initiatives such as acquisitions, new product launches, and partnerships are common to strengthen market presence.

Challenges and Opportunities

Challenges:

Seasonality:
- Reduced sales in colder seasons.
High Storage Costs:
- Ice cream products require controlled environments to prevent spoilage.
Competition:
- Large companies dominate the market, making it difficult for new entrants.

Opportunities:

Rising Popularity of Vegan and Plant-based Ice Cream:
- As consumer awareness about health and sustainability grows, plant-based alternatives offer a key growth avenue.
Expansion into Emerging Markets:
- High potential for growth in Asia-Pacific and South America due to rising disposable incomes.

Conclusion and Market Forecast

The global ice cream market is on track to grow from USD 87.13 billion in 2023 to USD 131.01 billion by 2030, at a CAGR of 6%. Increasing demand for premium, healthy, and functional ice cream products will drive market growth. While seasonal demand and storage issues present challenges, the rise of digital marketing and product innovation offers significant growth opportunities. Key players will continue to invest in R&D and explore new market avenues through strategic partnerships and acquisitions.

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Key Questions answered in the Ice Cream Market Report are:

Which product segment grabbed the largest share in the Ice Cream market?
How is the competitive scenario of the Ice Cream market?
Which are the key factors aiding the Ice Cream market growth?
Which region holds the maximum share in the Ice Cream market?
What will be the CAGR of the Ice Cream market during the forecast period?
Which application segment emerged as the leading segment in the Ice Cream market?
Which are the prominent players in the Ice Cream market?
What key trends are likely to emerge in the Ice Cream market in the coming years?
What will be the Ice Cream market size by 2030?
Which company held the largest share in the Ice Cream market?

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations

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