June 9, 2023

The global ice cream market size reached USD 71.52 billion in 2021. The market valuation is anticipated to increase from USD 73.61 billion in 2022 to USD 104.96 billion by 2029 at 5.20% CAGR during 2022-2029. Rising consumer spending on fast food, intense research and development operations for the creation of unique product variants, and the product’s widespread availability are expected to fuel the global market. Furthermore, market expansion in a number of emerging markets is projected to be aided in the coming years by greater urbanization and rising disposable income, says Fortune Business Insights™, in its report titled “Ice Cream Market, 2022-2029.”

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COVID-19 Impact:

Despite Slight Disruption, Market to Witness Strong Recovery

The global COVID-19 pandemic disrupted the industry around the world. Labor shortages and logistical constraints have become important concerns for companies. Many firms, particularly small and medium-sized ones, were forced to stop or stop producing. With the number of new confirmed cases on the decline, the situation is expected to improve. As the impact of the pandemic reduce and transportation restrictions are eased, the demand will soar in the coming summer season. Some businesses are concentrating on capitalizing on shifting market dynamics to make up for the drop in product demand brought on by COVID-19.

List of Key Players Profiled in the Report

  • Nestle S.A. (Switzerland)
  • Unilever Group (U.K.)
  • General Mills (U.S.)
  • Amul (India)
  • Dunkin Brands (U.S.)
  • Blue Bell Creameries (U.S.)
  • Dairy Queen (U.S.)
  • Dairy Farmers of America, Inc. (U.S.)
  • Cold Stone Creamery (U.S.)
  • CAMAL Ltd Company (Azerbaijan)


By Type, Impulse Segment to Record Fastest CAGR during 2022-2029

Based on type, the market is bifurcated into impulse and take home. The impulse segment dominated the market share in 2021, owing to rising popularity of conveniently packaged product among consumers. On the other hand, the take home segment will record notable growth through 2029.

By Flavor, Vanilla Segment to Capture Maximum Share through 2029

In terms of flavor, the market is divided into vanilla, chocolate, fruit, and others. Among these, the vanilla segment is slated to dominate the market during 2022-2029 led by increasing popularity of the product. The chocolate segment is expected to hold the second-largest market share.

By Packaging, Cup Segment to Exhibit Stellar Growth over 2022-2029

On the basis of packaging, the market is segmented into cup, stick, cone, tub, brick, and others. The cup segment is anticipated to capture the dominant market share till 2029 led by tremendous popularity of cup ice creams. Convenience associated with this type of packaging makes it extremely popular among consumers.

By Distribution Channel, Online Retailer Segment to Gain Traction through 2029

According to distribution channel, the market is segregated into ice cream parlor, supermarket/hypermarket, online retailer, and others. Among these, the online retailer segment is projected to grow substantially owing to the growing trend of home delivery. Ease of convenience of online ordering will drive the growth of this segment.

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Market Segmentation

By Type

  • Impulse
  • Take Home

By Flavor

  • Vanilla
  • Chocolate
  • Fruit
  • Others

By Packaging

  • Cup
  • Cone
  • Stick
  • Brick
  • Tub
  • Others

By Distribution Channel

  • Hypermarket/Supermarket
  • Ice cream Parlor
  • Online Retailer
  • Others

Report Coverage:

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Increasing Product Innovation to Drive Market Growth

Traditional ice cream is nutrient-dense, yet it has no health benefits. As a result, the market players are showing growing interest in fortification and the addition of beneficial ingredients that may encourage consumers to select the product as a healthy snack option. Functional foods have advantages above and beyond basic nutrition, and they may help to reduce or eliminate the risk of certain diseases. The global consumption of fortified or functional products is predicted to rise due to increased production, thereby augmenting the ice cream market growth in the forthcoming years.

However, low shelf life and seasonality could affect the product consumption to some extent.

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Regional Insights:

Asia Pacific to Dominate Market Share led by Increasing Disposable Income

Asia Pacific dominated the ice cream market share in 2021 and is expected to grow at 5.63% CAGR over the forecast period. Fast food’s growing popularity, increased disposable income, rapid urbanization, and the influence of western cuisine and culture have all boosted product consumption throughout Asia Pacific.

North America is expected to capture the second-largest share in the market. The growing number of fast-food chains in the region and the widespread use of natural ingredients in the creation of frozen dairy products are pushing the product consumption.

The European market has evolved as major corporations have adjusted their product portfolios in response to consumer interest and demand.

Competitive Landscape:

Market Players Focus on New Product Development and Launches to Strengthen Position

Leading companies, such as Nestle S.A., Unilever Group, and General Mills, are focusing on new product launches and collaborative ventures with key stakeholders for portfolio expansion and product marketing. For example, Unilever Group announced the launch of the Double Red Velvet variation under its Magnum brand in January 2021.

Key Industry Development:

January 2022: Casper’s Ice Cream, a Utah-based company that owns brands such as FatBoy, Jolly Llama, and Churn Baby, was acquired by MidOcean Partners, a New York-based private equity firm.

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