Ice Cream Market Outlook
According to the report by Expert Market Research (EMR), the ice cream market size reached a value of USD 83.24 billion in 2023. Aided by increasing consumer demand for indulgent and novel dessert experiences, along with expanding applications of ice cream in various culinary and non-culinary sectors, the market is projected to further grow at a CAGR of 4.3% between 2024 and 2032 to reach a value of USD of 121.94 billion by 2032.
Ice cream, a universally cherished dessert, comes in numerous flavours, forms, and textures, catering to diverse consumer preferences. Beyond its traditional role as a sweet treat, ice cream has found applications in culinary innovations, foodservice, and retail, making it a versatile product in the global food and beverage sector.
The rising consumer preference for premium and novel ice cream products is a significant driver of the ice cream market growth. With growing disposable incomes and a willingness to spend on indulgent experiences, consumers are gravitating towards high-quality ice creams made with natural ingredients, unique flavours, and artisanal processes. The trend of gourmet and craft ice cream is gaining traction, contributing to market growth.
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Ice cream’s versatility extends beyond being a standalone dessert. It is increasingly used in various culinary applications, including as a complement to pastries, in milkshakes, and as an ingredient in sophisticated desserts. This expanding culinary use has enhanced the market’s appeal, driving demand from both home cooks and professional chefs.
Continuous innovations in product development, such as the introduction of dairy-free, low-calorie, and functional ice cream variants, are propelling market growth. The rising trend of health and wellness has led to the development of ice creams enriched with probiotics, vitamins, and other beneficial ingredients, catering to health-conscious consumers without compromising on taste.
The growth of online retail and delivery services has significantly impacted the market. The convenience of ordering ice cream online and having it delivered to the doorstep has made it more accessible to a broader audience. This trend has been particularly prominent during the COVID-19 pandemic, where home delivery services surged in popularity, consequently driving up the ice cream market share.
The market is segmented by type into impulse ice cream, take-home ice cream, and artisanal ice cream. Impulse ice cream, which includes single-serve products typically consumed immediately after purchase, holds the largest market share due to its widespread availability and convenience. Take-home ice cream, including tubs and multi-packs, is also in high demand, driven by family consumption. Artisanal ice cream, known for its handcrafted and premium quality, is rapidly gaining popularity among discerning consumers.
The market is segmented by flavour into vanilla, chocolate, fruit, and others. Vanilla and chocolate remain the most popular flavours globally, appealing to a broad consumer base. Fruit-flavoured ice creams are also highly favoured, particularly during summer months. Innovative and exotic flavours are emerging as key trends, catering to adventurous consumers seeking new taste experiences.
As per the ice cream market analysis, North America holds the largest market share due to the high consumption of ice cream and the presence of major market players. The region’s strong foodservice industry and the popularity of premium and artisanal ice creams drive market growth. The U.S. is the leading market in this region, with significant contributions from Canada.
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Ice Cream Market Segmentation
The market can be divided based on flavour, category, product type, end-use, sales channel, and region.
Market Breakup by Flavour
- Chocolate
- Fruit
- Vanilla
- Others
Market Breakup by Category
- Impulse Ice Cream
- Take-Home Ice Cream
- Artisanal Ice Cream
Market Breakup by Product Type
- Cup
- Stick
- Cone
- Brick
- Tub
- Others
Market Breakup by End-Use
- Food Service
- Retailers
Market Breakup by Sales Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Ice Cream Parlours
- Hotels and Restaurants
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Middle East and Africa
- Asia Pacific
- Latin America
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the ice cream market. Some of the major players explored in the report by expert market research are as follows:
- Unilever plc
- General Mills, Inc.
- Ashby’s Ice Cream
- Tillamook County Creamery Association
- Gujarat Cooperative Milk Marketing Federation Limited (Amul)
- Turkey Hill Dairy
- HP Hood, LLC
- Wells Enterprises, Inc
- Dairy Farmers of America, Inc.
- Nestlé S.A.
- Lotte Confectionary Co, Ltd
- The Kroger Company
- Meiji Holdings Co, Ltd
- Danone S.A.
- Others
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