Ice Cream Industry Overview
The global ice cream market size is expected to reach USD 114.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 4.2% from 2022 to 2030. The growth is attributed to the rising demand for premium ice cream products. The manufacturers in the foodservice sector are incorporating a variety of ice cream flavors and products into their menus to cater to a larger customer base. This trend is anticipated to further fuel the growth of the market.
The demand for lactose-free ice cream is also expected to contribute to market growth during the forecast period. The market is driven by an increase in the cases of food intolerances and allergies. Consumers suffering from lactose intolerance prefer vegan and dairy-free ice creams. Health-conscious consumers also prefer these variants to meet their demand for healthy foods.
Ice Cream Market Segmentation
Grand View Research has segmented the global ice cream market based on product, type, flavor, distribution channel, and region:
Based on the Product Insights, the market is segmented into Bars & Pops, Cups & Tubs, and Others
- The cups & tubs segment held the largest revenue share of over 73.0% in 2021. The segment is projected to register a CAGR of 4.0% during the forecast period.
- The growing preference for ice cream as a daily post-meal dessert is expected to fuel the product demand.
- The bars & pops segment is expected to register the second-fastest growth of over 3.0% during the forecast period.
- The increasing product innovations and the rising consumer for convenient product options are the factors expected to fuel the demand for bars & pops.
Based on the Type Insights, the market is segmented into Dairy & Water-based and Vegan
- The dairy & water-based segment accounted for the largest revenue share of over 95.0% in 2021 and is expected to maintain dominance during the forecast period.
- With the rapidly growing urbanization and advancement in technology in the European dairy sector, the demand for luxury ice cream and daily ice cream desserts products continues to rise steeply in Europe.
- The utilization of novel ingredients like whole milk, skim milk, and sweetening & flavoring agent is the main factor driving the annual revenue of the Europe market.
- The vegan segment is projected to exhibit the fastest CAGR of over 9.0% from 2022 to 2030.
- A rise in food allergies and the increasing popularity of veganism are the factors expected to drive the demand for vegan products and thereby contribute to the growth of the segment.
Based on the Flavor Insights, the market is segmented into Chocolate, Vanilla, Fruit, and Others
- The vanilla flavor segment held the second-largest revenue share of over 28.0% in 2021. The vanilla flavor is one of the most popular flavors around the world.
- The ability of vanilla flavor to blend with most desserts and enhance the taste is expected to contribute to the demand.
- The others segment is anticipated to register the fastest CAGR of 5.0% from 2022 to 2030. The increasing preference for innovative and different flavors is expected to fuel the demand for the other flavors in the ice cream market.
Based on the Distribution Channel Insights, the market is segmented into Foodservice and Retail
- The retail segment held the largest revenue share of more than 74.4% in 2021 and is expected to maintain dominance over the forecast period.
- The growing popularity of sundaes, as well as a diverse range of flavors and availability of a wide variety of products in the retail stores, is expected to drive sales through this channel.
- The foodservice distribution channel is expected to register the second-fastest CAGR of 3.9% from 2022 to 2030.
Ice Cream Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Numerous small and mid-size players operating in various countries contribute to the overall growth of the market. The manufacturers are introducing new flavors and formats to enhance their sales volume which has been decreasing especially in developed regions such as North America and Western Europe. Nowadays, ice creams with natural ingredients, low calories, and health claims appeal the most to consumers, thus, manufacturers are focused on launching products with these attributes.
Some prominent players in the global Ice Cream market include:
- Unilever
- Inspire Brands, Inc.
- General Mills, Inc.
- Kwality Wall’s
- American Dairy Queen Corporation
- Nestlé
- Blue Bell Creameries
- Cold Stone Creamery
- Danone S.A.
- NadaMoo
Order a free sample PDF of the Ice Cream Market Intelligence Study, published by Grand View Research.
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