According to a recent report published by Grand View Research Inc., the growing consumption of premium products particularly in developed regions such as Europe and North America, is accelerating the market expansion.
According to a report, “Ice Cream Market Size, Share & Trends Analysis Report By Product Type (Impulse, Artisanal, Take Home), By Region (North America, Europe, Asia Pacific, Latin America, MEA) And Segment Forecasts, 2018- 2025”, published by Grand View Research, Inc.The global ice cream market size is projected to reach USD 78.8 billion by 2025, registering a CAGR of 4.1%, as per a new report by Grand View Research Inc.The major market demand is anticipated to arise from developing countries of Latin America, Asia Pacific, and MEA. Countries including China and India have a prominent consumer base. This is a key factor driving product sales in terms of both value and volume.
Lactose-free ice creams are gaining immense traction as there is an increasing number of people suffering from lactose intolerance and food allergies. Therefore, health-conscious consumers are opting for lactose-free ice creams and this can create new opportunities for entrants to capitalize on this growing demand.
Companies are introducing many innovative flavors in the ice cream industry to increase their product acceptance. For instance, in 2017, Ben & Jerry’s introduced three new flavors in summer to increase their sale. The introduction of new flavors and variants is also projected to significantly contribute to the growing sales across the globe.
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Ice Cream Market Highlights
- Amidst the global Covid-19 pandemic, the consumer foods industry has experienced an extra mile of scrutiny to ensure food safely. In December 2020, China reported the detection of the novel coronavirus on the walls of ice cream cartons. Nearly 2000 cartons were seized in China’s eastern region
- The market is driven by continuous innovations and product launches to attract more customers. For instance, the Fruity Pebbles in January 2021 launched a rice cereal bits coated fruity cereal milk light ice cream in colorful fruity swirl and flavors. The product is set to hit the shelves in February 2021
- In January 2021, Hong Kong’s Igloo Dessert Bar entered into a partnership with the U.S. fermentation dairy food tech called the Perfect Day to launch Asia’s first-ever vegan ice cream produced with real dairy products. The brand collaboration is dubbed Ice Age! And it promises to offer a line-up of eight hormone-free, lactose-free, and vegan-friendly ice creams
- The impulse segment has dominated the market due to the presence of a large number of manufacturers, particularly in the developing economies in the Asia Pacific region