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US & Canada, Oct. 23, 2024 (GLOBE NEWSWIRE) -- US & Canada, Oct. 23, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the “Ice Cream Market Size and Forecast (2021–2031) was valued at US$ 97.94 billion in 2023 and is projected to reach US$ 138.55 billion by 2031; it is estimated to register a CAGR of 4.4% from 2023 to 2031. The ice cream market growth is attributed to the popularity of ice cream among all age groups.
In 2023, Asia Pacific held the largest share of the ice cream market. The availability of various flavored ice creams, especially seasonal fruit flavors, and an increase in flavor innovations by manufacturers drive the ice cream market in Asia Pacific. Consumer inclination toward plant-based products due to the increasing adoption of healthier products is expected to create new plant-based and vegan ice cream trends in the Asia Pacific ice cream market during the forecast period. The increasing demand for vegan ice creams has resulted in the innovation and the launch of plant-based ice creams in the region. For instance, in November 2023, OATSIDE, a Singaporean oat milk maker, introduced a line of vegan ice creams in three flavors available at major retailers nationwide. A rise in disposable income, rapid urbanization, and improved living standards also propel the ice cream market growth. Consumers are also seeking healthier and more nutritious food items, leading to increased demand for ice creams with probiotics, prebiotics, and functional ingredients. Moreover, the rise in popularity of premium products, increased demand for artisanal ice creams, and availability of plenty of flavors in ice cream are expected to create lucrative opportunities for the market.
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Over the past few years, the demand for ice cream across all groups has significantly driven the market growth, ensuring a broad and consistent consumer base. Unlike other products that cater to specific demographics, ice cream appeals to children, adults, and seniors. Children enjoy it as a fun and tasty treat, while adults often consume it as a nostalgic comfort food or an indulgent dessert. This universal appeal reduces market segmentation, allowing producers to market their products to a wide audience, which in turn drives market growth. In addition, people's social and emotional connection with ice cream is often associated with positive experiences, celebrations, and comfort, making it a versatile treat for various occasions. This emotional resonance transcends age, creating lifelong customers who continue to enjoy ice cream throughout their lives. The increasing number of product launches in the frozen dairy products segment by key players in the market is driving the ice cream market. For instance, in June 2024, Perry's Ice Cream completed the expansion of its production facility of ice cream in Akron, US. The expansion aimed to increase the production of frozen desserts to cater to the growing demand for ice cream.
Rising Popularity of Functional Ice Cream to Create Opportunities for Ice Cream Market During Forecast Period
Functional ice cream is becoming more popular than regular ice cream among health-conscious consumers as it contains high-quality ingredients and can fulfill consumers' nutritional requirements. Ice cream manufacturers' increasing interest in fortification and adding functional ingredients may influence the consumer's decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases, such as nutrient deficiency. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. The COVID-19 pandemic further influenced the demand for functional ice creams, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice creams have become especially popular among athletes and consumers looking for non-staple food and beverage products with better nutritional content. In January 2023, the Museum of Ice Cream, a Singapore-based manufacturer, launched an innovative probiotic ice cream to fulfill the demand for functional ice creams. The probiotic ingredients in the ice cream have immunity-boosting properties, and they aid in a healthy digestive system.
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Ice Cream Market: Segmental Overview
Based on flavor, the ice cream market is segmented into vanilla, chocolate, berries, matcha, and others. The chocolate segment held the largest share of the market in 2023. Chocolate is derived from roasted and ground cocoa seed kernels. It is consumed in a liquid, solid, or paste form and used as a flavoring agent in various foods. There are different types of chocolates, such as milk chocolate, dark chocolate, white chocolate, bittersweet chocolate, and brute chocolate. Pure chocolate extract provides a smooth and rich chocolate flavor without any added sweetness. The flavor, particularly dark chocolate, has high antioxidant content, which is helpful for heart health by reducing inflammation and improving blood flow. Moreover, the trend of organic and minimally processed ingredients is driving the market for premium chocolate ice cream offerings that appeal to those seeking both taste and health benefits. As consumers become more conscious of the nutritional content of their food choices, the chocolate ice cream market is positioned for growth with products that maintain a balance between indulgence and wellness.
Based on category, the ice cream market is divided into conventional and sugar free. The conventional segment held a larger share of the market in 2023. Conventional ice creams are dairy products sweetened with natural or artificial sweeteners. They are available in the market in various flavors, such as vanilla, chocolate, berries, and matcha. Recently, the demand for ice cream has increased due to the increasing post-meal consumption of frozen desserts as an effective digestive product. Manufacturers usually use artificial stabilizers, emulsifiers, and other synthetic substances to increase ice cream shelf life and maintain its texture. Conventional ice creams are cheaper than sugar-free ones; however, using sweeteners and stabilizers in conventional ice creams primarily affects the end product's nutrient levels. So, the increasing interest of ice cream manufacturers in adding functional ingredients may influence consumers' decision to select a healthy alternative. In contrast, consumers may prefer conventional ice creams due to their affordability and easy availability.
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Based on form, the ice cream market is segmented into cups and tubs, bars and sticks, and others. The cups and tubs segment held the largest share of the market in 2023. Cup ice cream provides a neat, clean, easy-to-store option, making it popular and convenient for consumers. It is generally sold in a single-serving container to consumers, allowing individuals to enjoy it in their preferred flavors without requiring extra serving utensils. Manufacturers in the cup segment offer various flavors, including classic options and innovative combinations. The single-serving cup helps with the customization for incorporating mix-ins or toppings. Tub ice cream comes in large containers, making it suitable for sharing during gatherings. Tubs offer swirls, mix-ins, and layers, enhancing the ice cream experience. The demand for tub ice cream is increasing with premium and artisanal varieties featuring unique flavors and quality ingredients. Also, sustainable packaging solutions are gaining importance, which reflects the increasing consumer awareness about environmental concerns.
In terms of distribution channel, the ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the market in 2023. Supermarkets and hypermarkets are large self-service shops that sell numerous products, such as groceries, food and beverages, and other household goods. They are also an important distribution channel for ice cream products. Various flavors, brands, and formats are available under one roof, providing plenty of options for buyers. Additionally, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Many supermarkets and hypermarkets have modern storage facilities to ensure ideal storage conditions for frozen products such as ice cream. Thus, ice cream manufacturers prefer selling their products through supermarkets and hypermarkets and also expanding their offerings. For instance, in December 2023, New Zealand's Aotearoa company launched its ice cream product portfolio and started selling it across 90 Woolworths stores nationwide.
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Ice Cream Market: Competitive Landscape and Key Developments
Blue Bell Creameries, Unilever Plc, Nestle SA, General Mills Inc, Mars Inc, Wells Enterprises, Turkey Hill Dairy, Dairy Farmers of America Inc, Cold Stone Creamery, Morinaga Milk Industry Co Ltd, Kwality Foods LLC, Baskin-Robbins, David Chapman's Ice Cream Limited, Lotus Bakeries NV, and IMURAYA GROUP CO., LTD. are among the prominent players profiled in the ice cream market report. These market players focus on providing high-quality products to fulfill customer demand. They are also adopting various strategies such as new product launches, capacity expansions, partnerships, and collaborations to maintain a competitive edge in the market. For instance, in August 2021, Magnum launched a mini-sized multi-pack of vegan ice cream and a new and improved recipe for its vegan core range.
Check out more related reports by The Insight Partners:
Plant-Based Ice Cream Market Overview, Growth, Trends, Analysis, Research Report 2021-2031
Non-Dairy Ice Cream Market Analysis and Forecast by Size, Share, Growth, Trends 2031
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