The major key drivers that are boosting the growth of the ice cream market include the growing consumption of take-home ice cream products, increasing disposable income, and the easy availability of different flavored ice creams. It has been observed that customers often prefer to buy various varieties of ice creams. Thus, the leading manufacturers are emphasizing on bringing innovations in their product range, including exotic colors, natural flavors, organic herbal filling, and others to capture the growing demand of the market. Additionally, the increasing health-consciousness among the consumers have inclined them toward low-fat health products. This is promoting the manufacturers to develop new ice cream product range with low sugar content. For example, Halo Top an ice cream company, offers ice creams, natural ingredients and flavors, low calories, low sugar, and high in protein. Thus, the availability of flavored ice creams according to the changing demand of customers is another factor that is responsible for the growth of the — ice cream market share in terms of revenue.
According to the ice cream market analysis, the purchase of premium ice creams is one of the key trends witnessed in the ice cream market. Consumers around the world are actively looking for high quality and unique ice cream flavors and are willing to pay more for better quality products. Hence, ice cream manufacturers are launching premium brands and variations on established products to meet the new and changing preferences of the target audience. However, on the other hand, ice cream is a seasonal product that is likely to act as a challenge for the continuous growth of the ice cream market throughout the year.
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The widespread outbreak of the coronavirus has adversely impacted the demand of the ice cream market, especially in 2020. The overall sales of ice cream have witnessed a sharp fall due to the rising fear or misconception that ice cream makes one susceptible to COVID-19 because one can catch a cold. Furthermore, the rapid disruption in the supply chain and the temporary shutdown of the ice cream parlors and restaurants due to the strict lockdown will further restrain the growth of the market. However, the global ice cream market is expected to bounce back in 2021 while growing at a significant rate from 2022 onwards.
On the basis of product, the artisanal ice cream segment exhibits substantial growth potential and is projected to gain traction over the forecast period. The artisanal ice creams are natural products with high nutritional value and are often consumed as a small and pleasant snack. These ice creams do not have artificial flavors or added sugar and are made up of natural ingredients. The growing health concerns will further strengthen the demand of the segment during the forecast period. The impulse segment is projected to dominate the market in the next six years. Impulse ice cream comprises cones, cups, bars, and candies, which are ready to eat. Additionally, during the summer season, the customer prefers to have chilled candies and lollies to reduce heat, which further surges market growth.
On the basis of the region, the Asia-pacific region is anticipated to dominate the ice cream market in the next six years. This is due to the rapid urbanization and rising disposable income of individuals across the region. Furthermore, the supermarkets and hypermarkets in the region are boosting the sales of ice creams during the favorable season, which will further accelerate the market growth in this region.
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The key players of the ice cream market include Mars Incorporated, Mihan Dairy & Ice cream Group, Blue Bell Creameries, L.P, Lotte Confectionery Co. Ltd, General Mills Inc., Nestle S.A., Wells Enterprises, Turkey Hill Dairy, and Meiji Holdings Co., Ltd., among others.
The research report on the ice cream market provides an in-depth analysis of the market revenue based on product and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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