How Has the Ice Cream Market Size Evolved in Recent Years?
The ice cream market has seen considerable growth due to a variety of factors.
• The market size of ice cream has seen robust growth in the past few years. We predict that it's going to scale upward from $42.07 billion in 2024 to $44.69 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The significant growth during the historical period can be credited to factors like customer loyalty towards certain brands, demand during specific seasons, marketing and promotional strategies, innovation in packaging, health and wellness trends, and enlargement of distribution channels.
What are the Market Size and Expected Growth Rates for the Ice Cream Market?
The Ice Cream market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for ice cream is predicted to exhibit robust expansion in the forthcoming years, escalating to $56.96 billion by 2029 with an annual compound growth rate (CAGR) of 6.3%.
This growth over the forecasting span can be associated with the utilization of plant-based and alternative ingredients, the inclination towards health-focused options, product premiumization, personalized trends, sustainability, and introduction of innovative textures and forms. The forecast period will also see the emergence of new flavors and combinations, functional and nutrient-dense ice creams, sustainable manufacturing practices and packaging, focus on local and artisanal production, indulgent and premium product development, and growth in online and direct-to-consumer sales.
Which Key Drivers Are Propelling The Ice Cream Market's Growth?
The surge in consumer spending on fast food is predicted to drive the expansion of the ice cream market. This spending encompasses all expenditures on fast food by individuals and households. Ice cream and fast food are viewed as indulgent and convenient meal substitutes that appeal to similar consumer preferences. Fast food establishments often offer ice cream as an add-on dessert, making it convenient for consumers to integrate it into their purchases. Besides, the burgeoning café trend among young people has escalated spending on fast food. For instance, the UK's fast food market skyrocketed by 9%, from US$20.6 billion (£18.9 billion) in 2021 to US$22.45 billion (£20.61 billion) in 2022, as per Avika, a Dutch potato processing firm. Thus, the rise in consumer spending on fast food will catalyse the growth of the fast food market.
What Are The Key Segments Within The Global Ice Cream Market?
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: Hyper market Or Super market, Ice Cream Parlor, Online Retailer, Other Distribution Channels
Subsegments:
1) By Impulse Ice Cream: Single-Serve Cups, Cones, Bars And Popsicles, Sandwiches
2) By Take-Home Ice Cream: Family-Sized Tubs, Multi-Pack Containers
3) By Artisanal Ice Cream: Small Batch Ice Cream, Gourmet Flavors, Organic And Natural Ingredients
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How Are New Trends Impacting The Size Of The Ice Cream Market?
A leading trend emerging in the ice cream sector is the drive for product innovation. Many major businesses in the market are emphasising on creating unique items to reinforce their market standing. For instance, Magnum, a renowned ice cream brand based in Denmark with Belgian roots, introduced mini-sized multi-packs of vegan ice creams in January 2022, alongside an upgraded formula for its vegan ice cream range. This new range, featuring popular vegan flavors such as magnum vegan classic and magnum vegan almond, delivers the rich, indulgent experience consumers have come to expect from a vegan Magnum - a quality so high it has garnered the PETA Vegan food award. This luxurious ice cream, composed of pea protein and flavored with upscale Madagascan vanilla, promises an exquisite creamy sensation and delightful taste without the inclusion of dairy products.
Who Are the Key Players In The Ice Cream Market?
Major companies operating in the ice cream market include:
• Nestle S.A.
• Unilever Group Plc
• General Mills Inc.
• Blue Bell Creameries LP
• Cold Stone Creamery Inc.
• American Dairy Queen Corporation
• Danone S.A.
• Lotte Confectionery Co.Ltd.
• Inspire Brands Inc.
• Dairy Farmers of America Inc.
• Turkey Hill Dairy LP
• Wells Enterprises Inc.
• NadaMoo! R&D Room LLC
• Mars Inc.
• Inner Mongolia Yili Industrial Group Co. Ltd.
• Froneri International Limited
• Tilamook CCA
• Amul
• Amy's Ice Creams
• Agropur Dairy Cooperative
• Arla Foods AMBA
• Chapman's
• Prairie Farms Dairy Inc.
• Giffords Dairy Inc.
• Van Leeuwen Ice Cream
• Adirondack Creamery Inc.
• Yasso Inc.
• Graeter's Ice Cream
• Jeni's Splendid Ice Creams
• Humphry Slocombe
• Coolhaus
• Ben & Jerry's Homemade Holdings Inc.
• Häagen-Dazs
• Baskins Robbins
What Are The Regional Insights Into The Ice Cream Market?
Asia-Pacific was the largest region in the ice cream market in 2024. 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
