Overview and Scope
Ice cream is a frozen delicacy made from milk, cream, sugar, and occasionally additional components. It usually combines stabilizers, such as gluten, which aids in the consistency of the mixture, in addition to sugar or sugar substitutes, which are typically added to give the sweet flavor.
Sizing and Forecast
The ice cream market size has grown strongly in recent years. It will grow from $40.27 billion in 2023 to $42.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to brand loyalty, seasonal demand, marketing and advertising, packaging innovations, health and wellness trends,expansion of distribution channels.
The ice cream market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to plant-based and alternative ingredient, health-conscious choices, premiumization, personalization trends, sustainability practices, innovative textures and formats. Major trends in the forecast period include innovative flavors and combinations, functional and nutrient-enhanced ice cream, sustainable practices and packaging, local and artisanal focus, indulgent and premium offerings, online and direct-to-consumer sales.
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Segmentation & Regional Insights
The ice cream market covered in this report is segmented –
1) By Type: Impulse Ice Cream, Take-home Ice Cream, Artisanal Ice Cream
2) By Flavor: Vanilla, Chocolate, Fruit, Other Flavors
3) By Packaging: Cup, Cone, Stick, Brick, Tub, Other Packaging
4) By Category: Dairy, Non-dairy
5) By Distribution Channels: Hypermarket Or Supermarket, Ice cream Parlor, Online Retailer, Other Distribution Channels
Asia-Pacific was the largest region in the ice cream market in 2023. Asia-pacific is expected to be the fastest-growing region in the ice cream market report during the forecast period. The regions covered in the ice cream market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing consumer expenditure on fast food is expected to propel the growth of the ice cream market going forward. Consumer expenditure on fast food is the total amount of money spent by individuals and families on fast food items. Fast food and ice cream are both considered indulgent and handy meal alternatives that cater to similar customer tastes. Fast food restaurants frequently provide ice cream as a dessert option, making it easy for customers to include it in their purchases. Additionally, the growing café culture among millennials has boosted consumer spending on fast food. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based agency that measures labor market activity, working conditions, and price changes in the economy, in the United States, the average expenditure on food away from home in 2020 was $2375, rising to $3030 in 2021, reflecting a 27.6% rise. Therefore, the increasing consumer expenditure on fast food will drive the fast food market.
Key Industry Players
Major companies operating in the ice cream market are focused on introducing sustainable products, such as ice creams with 50% recycled plastic lids, to gain a competitive edge in the market. A 50% recycled plastic lid for ice cream refers to a type of lid made from recycled plastic material that is used to cover ice cream containers or cups. For instance, in March 2021, Unilever PLC, a UK-based consumer packaged goods company, launched a soft-serve Cornetto featuring a 50% recycled plastic lid in three flavors, including chocolate, salted caramel, and strawberry. This program is a component of Unilever’s larger initiatives to enhance the sustainability of its packaging and lower the amount of plastic trash generated.
The ice cream market report table of contents includes:
1. Executive Summary
2. Ice Cream And Frozen Dessert Market Characteristics
3. Ice Cream And Frozen Dessert Product/Service Analysis -Product/Service Examples
4. Ice Cream And Frozen Dessert Market Trends And Strategies
5. Ice Cream And Frozen Dessert Market – Macro Economic Scenario
….
68. Global Ice Cream And Frozen Dessert Market Competitive Benchmarking
69. Global Ice Cream And Frozen Dessert Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Ice Cream And Frozen Dessert Market
71. Ice Cream And Frozen Dessert Market Future Outlook and Potential Analysis
72. Appendix
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