The global ice cream market size is expected to reach USD 91.90 billion by 2027, exhibiting a CAGR of 4.01% during the forecast period. The rapid urbanization and demand for savory ice-creams will have an outstanding impact on the ice cream market, states Fortune Business Insights, in a report, titled “Ice Cream Market Size, 2020-2027.” The market size stood at USD 70.85 billion in 2019.
The Report Lists the Key Players in the Ice Cream Market:
Nestle S.A. (Vevey, Switzerland)
Unilever Group (London, United Kingdom)
General Mills (Minnesota, United States)
Dunkin Brands (Canton, United States)
Blue Bell Creameries (Texas, United States)
Dairy Queen (Edina, United States)
Cold Stone Creamery (Arizona, United States)
Amul (Gujarat, India)
Ben & Jerry (Vermont, United States)
Dairy Farmers of America, Inc. (Kansas, United States)
On the basis of type, the ice-cream market is categorized into impulse and take-home. The impulse segment is expected to hold the largest ice cream market share. The increasing popularity of convenient product packaging among consumers is predicted to bolster healthy growth of the segment. Vanilla segment is expected to hold a high share in terms of flavor. Cup is expected to account for the highest share during the forecast period, based on packaging analysis. Online retailers’ segment is expected to rise exponentially during the forecast period due to their flexible buying option. Online retailers who sell a wide range of healthy foods and offer guidance to buyers to live healthier lives will spur opportunities for the market.
Launch of Ben & Jerry’sNew Ice Cream to Incite Development
Traditional ice cream is nutrient-dense, even though it has no health benefits. As a result, market participants’ growing interest in fortification and functional ingredients can encourage customers to choose the product as a healthier snack choice. Functional foods have advantages over and above basic nutrition, and they can help reduce or eliminate the risk of certain diseases. The infusion of functional ingredients by companies will influence the healthy growth of the ice cream market share. Moreover, the easy availability of the product coupled with the rising expenditure on fast foods is expected to drive the market growth. The increased spending by major players on research and development of new goods is expected to significantly affect business growth. For example, the Unilever Group’s Ben & Jerry’s brand confirmed the launch of new ice cream in May 2020. The food made of cookies, fudge, and potato chips was created in collaboration with Netflix’s baking show “Nailed It”.
Rising number of Fast-food Chains to Boost Market in North America
The Asia Pacific market has the largest share and is expected to expand at a 4.28 percent compound annual growth rate (CAGR) over the forecast period. Growing product acceptance, fierce competition, and a vast customer base have driven operators to seek strategic advantages through product offers and service delivery technologies. Major companies are working hard to expand their footprints in the Asian market by acquiring small local companies. In September 2018, for example, the Unilever group agreed to buy Adityaa milk and an ice cream company in India. North America is expected to have the second-largest market share. The growing number of fast-food chains in the area and the widespread use of natural ingredients in the manufacture of frozen dairy products are pushing up demand for the commodity. Premium products have become a popular choice among health-conscious Americans due to high-quality ingredients and a lesser amount of aeration compared to the regular ones.
Introduction of Novel Products by Prominent Companies to Strengthen Market
Companies are spending heavily on digitalization in order to expand their customer base. To raise awareness of their brand and brands, industry leaders are relying on digital platforms. Major corporations are preparing to forego conventional marketing spending in favor of advertising on social media sites such as Instagram and Facebook. Furthermore, influencer marketing has proven to be a successful strategy. For portfolio broadening and product marketing, companies like Nestle S.A., Unilever Group, and General Mills are focusing on new product releases and joint partnerships with related stakeholders. Unilever Group, for example, announced the introduction of the Double Red Velvet version under the Magnum brand in January 2021.
October 2020: Amul introduced a new camel milk ice cream. The new product is made from 100 percent camel milk.
June 2020: Food Union, a global dairy production and distribution group, launched more than 100 novel dairy frozen products during the fiscal year 2020.
June 2020: Dairy Day launched Dairy Day Plus — a range of ice-cream products with immunity-boosting ingredients.
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