The Brainy Insights estimates that the USD 80.36 Billion in 2022 ice cream market will reach USD 133.92 Billion by 2032. The increasing demand for ice cream snacks including sandwiches, cones, and pops in developing countries, together with the growing desire for new flavours and types, are expected to fuel the market’s growth. It is also projected that in the upcoming years, consumers’ increasing health concern will drive up demand for high-quality ice creams. Because they have better ingredients and less air circulation than regular ice cream, premium ice creams have become popular among consumers who are health conscious. To gain a competitive edge and attract more consumers, ice cream manufacturers are creating products with high-quality and creative ingredients. Consequently, this also expands their clientele. Additionally, the positive trends also address the changes in the market that are taken into consideration.
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Key Insight of the Ice Cream Market
North America is anticipated to expand at the highest CAGR of 7.35% over the projection period.
North America is expected to grow at the highest CAGR of 7.35% over the forecast period. Individuals in North America have been choosing healthier food options over traditional ones as a result of growing health consciousness. 60% of people in the area preferred healthier substitutes for common food items including candy, sweets, and ice cream. It is anticipated that these market developments would increase North America’s demand for vegan goods. Several product choices have been introduced by manufacturers to meet the needs of the region’s sizable consumer base. For example, Cold Stone Creamery introduced its first vegan ice cream with almond milk and several toppings across the US in January 2022.
The bars & pops segment is expected to register the highest CAGR of 8.62% over the projected period in the ice cream market.
The bars & pops segment is anticipated to grow at the highest CAGR of 8.62% in the ice cream market. The factors anticipated to drive the demand for bars & pops are the growing number of product developments and the growing need among consumers for convenient product options. For example, Magnum introduced Magnum Ruby Minis, the highest luxury product in the United States, with rich, velvety ice cream, in January 2020.
Over the projected period, the vegan segment is expected to register the highest CAGR of 8.28% in the ice cream market.
Over the forecasted period, the vegan segment is anticipated to grow at the highest CAGR of 8.28% in the ice cream market. In the United States, 32 million persons experienced food allergies in 2019. The study found that dairy, seafood, and eggs are the main causes of food allergies. The factors anticipated to fuel demand for vegan products and thus contribute to the segment’s growth are the rise in food allergies and the growing popularity of veganism.
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Driver: A rise in the convenience meal preferences of millennials
Demand for the global ice cream market will be driven over the projected period by factors such as rising consumer disposable income, millennials’ growing preference for convenience foods, and the introduction of ice cream in a variety of flavours to attract customers. The rise in consumer per capita income has made it possible for them to live better lifestyles and buy more expensive goods. The global ice cream market is being driven by the increasing consumer awareness of various ice cream brands caused by rapid urbanisation and globalisation. Ice cream manufacturers can keep their products looking good for longer because of advancements in deep freezer technology and the creation of an effective supply chain. Customers’ brand knowledge and visibility are increased when market participants employ eye-catching marketing techniques, such as investing in social media campaigns, billboards, posters, and successful advertising. Industry participants are releasing ice creams with more nutrients and less sugar than traditional ice creams in response to customers’ growing health consciousness.
Restraint: Higher prices
Market expansion is probably going to be hampered by the higher prices compared to competitors. Over the anticipated period, strict laws regarding ingredient standardisation are anticipated to present challenges for the organic ice cream business. While ice cream will eventually go bad (typically in two to three months), incorrect storage can accelerate the deterioration process. Consequently, it is anticipated that the product’s high storage cost will limit market expansion. Moreover, market participants may observe a steep decline in product demand throughout the winter and monsoon seasons, which could further impede market expansion. The busiest time of year for the product is usually during the summer.
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Some of the major players operating in the ice cream market are:
• Inspire Brands, Inc.
• Kwality Wall’s
• Cold Stone Creamery
• American Dairy Queen Corporation
• Danone S.A.
• General Mills, Inc.
• Blue Bell Creameries
Key Segments cover in the market:
• Cups & Tubs
• Bars & Pops
• Dairy & Water-based
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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