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Ice Cream Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global ice cream products market was valued at USD 79.6 billion in 2022 and is projected to expand at a CAGR of 5.5% from 2023 to 2030. The increasing number of health-conscious consumers and their rising preference for low-fat and vegan ice cream products is driving the market growth. Manufacturers are introducing innovative flavors and textures, such as vegan, gluten-free, and sugar-free ice creams, to attract health-conscious consumers. For instance, in December 2021, Oatly introduced a new vegan ice cream range that contains no dairy, gluten, or soy.
Furthermore, the introduction of novel packaging designs and the availability of a wide variety of ice cream flavors is contributing to the growth of the market. For instance, in December 2021, Ben & Jerry’s unveiled its first-ever edible cookie dough ice cream, with packaging designs featuring an array of vibrant colors and illustrations. Additionally, the brand also launched new flavors such as Peanut Butter Half Baked and New York Super Fudge Chunk.
Innovative product launches are also creating new opportunities in the market. For instance, in May 2021, Unilever-owned Magnum launched a new product line called Magnum Infinity. The product range includes ice cream bars with a soft chocolate core, available in three flavors such as classic, almond, and white. Moreover, the rising trend of premiumization has encouraged manufacturers to introduce premium ice cream products, such as gelato, sorbet, and frozen custard.
The growing demand for convenience foods is further propelling the market growth. Manufacturers are introducing single-serve ice cream products to meet this demand. For instance, in April 2021, Nestle launched a single-serve ice cream product, KitKat Chunky Ice Cream, in the UK. Furthermore, the increasing popularity of ice cream as a snack is expected to boost the market over the forecast period.
In addition, the increasing number of ice cream shops, kiosks, and food trucks is another factor driving the market. The rising number of ice cream shops and kiosks, along with the growing demand for impulse ice cream items, is boosting the market growth. Furthermore, the emergence of digital platforms for the sale and distribution of ice cream products is creating new opportunities in the market.
Product Insights
The premium ice cream segment held the largest market share of around 29.9% in 2021. Increasing consumer interest in indulgent and premium ice cream products is driving the growth of the segment. According to an article published by the International Dairy Foods Association, in 2020, the average American consumes 28.5 quarts of ice cream per year. Furthermore, organic, low sugar, and low-fat ice creams are gaining popularity due to rising health awareness and growing demand for healthier ice cream options.
The frozen yogurt segment is expected to grow at the highest CAGR of 8.1% over the forecast period. The emerging trends such as veganism and flexitarianism and growing health awareness among consumers are propelling the growth of the market. Moreover, according to the International Dairy Foods Association, in 2020, frozen yogurt accounted for 5.6% of the total U.S. ice cream market. Furthermore, the introduction of new flavors and products as well as a wide range of frozen yogurt options is also driving the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 42.2% in 2022. The segment is expected to remain the leading distribution channel for ice cream products in the coming years, as they provide an extensive range of products, and consumers can compare prices and quality of different brands in a single place. In addition, supermarkets & hypermarkets also offer convenience, discounts, and loyalty programs that attract customers to purchase ice cream.
The online segment is expected to expand at the highest CAGR of 14.1% over the forecast period. The number of online shoppers for ice cream products is increasing rapidly, as companies are offering a wide range of products and attractive discounts to attract customers. Moreover, the rising adoption of smartphones and internet access across the world is expected to further fuel the segment growth. In addition, home delivery services provided by e-commerce companies are also likely to propel the segment growth over the forecast period.
Type Insights
The premium segment accounted for the largest revenue share of 62.5% in the year 2022. The increasing trend of indulgence in premium ice cream among the affluent population and the rising disposable income of consumers in developing countries are the key factors driving the growth of this segment. Furthermore, premium ice cream manufacturers are focusing on product innovation to attract consumers. For instance, in May 2022, Haagen-Dazs launched a new range of premium ice cream flavors such as caramel sweet cream and blueberry cheesecake in the U.S.
The mass segment is anticipated to expand at the highest CAGR of 8.9% over the forecast period. The increasing popularity of ice cream among the middle-income population in developing countries is likely to drive the demand for the mass segment. For instance, in India, ice cream is considered as a sweet treat, which is affordable and can be consumed by any age group. The availability of a wide range of flavors such as mango, strawberry, and chocolate in mass ice cream is anticipated to boost the market in the forecasted period.
Regional Insights
Europe accounted for the largest share of the global ice cream products market in 2020. The market in the region is driven by the presence of a well-established cold chain infrastructure, which helps in the distribution of ice cream products in the region. Moreover, the growing demand for indulgent ice cream products is also a key growth factor for the regional market. For instance, in February 2021, Unilever launched Magnum White ice cream bars in the United Kingdom.
Asia Pacific is expected to witness the fastest growth in the forecast period. Increasing consumer preference for ice cream and increasing disposable income are two key factors driving the growth of the market in the region. In addition, the increasing number of ice cream parlors and kiosks across the region is also expected to drive the growth of the regional market. For instance, in January 2021, Amul opened its first parlor in Delhi, India.
Financial Projections
In this part of the ice cream products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your ice cream products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an ice cream products business comes from retail sales, wholesale distribution, catering services, and partnerships. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, franchising, and the sale of accessories related to ice cream products.
Projecting Expenses
In this section, all the regular expenses related to keeping the ice cream products business running will be described. The list of operating expenses includes inventory costs, salaries, marketing, advertising, utilities, insurance policies, and others.
Key companies & market share insights
Some of the major companies operating in the ice cream market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In July 2022, Nestle launched a new range of ice cream cones with new flavors such as chocolate, vanilla, and strawberry.
– In August 2022, Unilever launched a new range of ice cream bars with unique flavors such as chocolate, strawberry, and mint.
– In October 2022, Ben & Jerry’s launched a new range of ice cream tubs with innovative flavors such as caramel, chocolate, and vanilla.
Some of the prominent players in the ice cream market include:
– Unilever Plc
– Nestle S.A.
– Mars Incorporated
– General Mills, Inc.
– The J.M. Smucker Company
– Wells Enterprises, Inc.
– Ice Cream Partners LLC
– CoolBrands International Inc.
– Amul
– Ben & Jerry’s Homemade Inc.
Global Ice Cream Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global ice cream products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Ice Cream
– Frozen Yogurt
– Frozen Desserts
– Sorbet
– Popsicles
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Global Growth Opportunity for Ice Cream Products?
[A]: The global ice cream products market is expected to reach USD 25.4 billion by the end of 2027, growing at a CAGR of 4.5%. The market is driven by the increasing demand for premium and exotic flavors, the rising popularity of vegan ice cream, and the introduction of innovative products.
[Q]: Who are the Key Players in the Ice Cream Products Market?
[A]: Key players in the market include Unilever, Nestle, General Mills, Inc., Mondelez International, Inc., Lactalis Group, Straus Family Creamery, and Baskin-Robbins, among others.
[Q]: What Factors are Driving the Demand for Ice Cream Products?
[A]: Factors such as the increasing demand for premium and exotic flavors, the rising popularity of vegan ice cream, the introduction of innovative products, and the increasing disposable income of consumers are driving the demand for ice cream products.
[Q]: What are the Regional Market Opportunities for Ice Cream Products?
[A]: North America is expected to dominate the global ice cream products market, followed by Asia Pacific and Europe. The Asia Pacific ice cream products market is expected to witness the highest growth rate during the forecast period. Factors such as the increasing demand for convenience foods, rising disposable incomes, and the presence of a large number of manufacturers in the region are driving the market growth in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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