Ice cream market to grow by USD 26.30 billion from 2022 to 2027 | North America will account for 48% of the market growth - Technavio
NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The ice cream market size is set to grow by USD 26.30 billion between 2022 and 2027, and register a CAGR of 5.93%, according to Technavio's latest market research report estimates. North America will account for 48% of the market growth during the forecast period. Factors such as the rising number of new product launches and the rising investments by market participants have been crucial in driving the growth of the regional market. In addition, the expansion of production capacities by vendors and the introduction of products comprised of healthy ingredients will drive the growth of the ice cream market in North America. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Get a comprehensive report summary describing the market size and forecast along with research methodology. Read Sample Report
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Agropur Dairy Cooperative, Blue Bell Creameries LP, Dairy Farmers of America Inc., Eclipse Foods, Erhard Patissier Glacier, Froneri International Ltd., Gujarat Cooperative Milk Marketing Federation Ltd., Humphry Slocombe Group LLC, Inspire Brands Inc., Lotte Confectionery Co. Ltd., Morinaga and Co. Ltd., Nestle SA, New Forest Ice Cream Ltd., Nightfood Holdings Inc., Oatly Group AB, Perfect Day Inc., Unilever PLC, Vadilal Industries Ltd., Wells Enterprises Inc., and Mars Inc. are some of the major market participants.
Although product launches, the increasing popularity of plant-based ice cream, and increase in the number of ice cream parlors will offer immense growth opportunities, to leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Ice Cream Market 2023-2027: Segmentation
- Product
- Impulse
- Take Home
- Artisanal
- Type
- Dairy
- Non-Dairy
- Geography
- North America
- APAC
- Europe
- South America
- Middle East and Africa
By product, the market growth will be significant in the impulse segment during the forecast period. Some of examples of impulse ice creams are ice cream bars, ice cream sandwiches, ice lollies, ice cream cones, ice cream cups, and ice cream sticks. The increasing demand for small-portion snacks is driving the growth of the segment. In addition, vendors in the market are introducing new products and adding new flavors to their existing product lines. They are also investing in new and innovative marketing campaigns to attract consumers. Such factors will foster the growth of the segment during the forecast period.
The report comprises of various segments as well as analysis of the trends and factors that are playing a substantial role in the market. Download a Sample Report
Ice Cream Market 2023-2027: Vendor Analysis and Scope
The global ice cream market is fragmented and the competition in the market is fierce as tastes and preferences shift. There are both large and small businesses operating in the market. When it comes to products, some of them are more specialized than others, and some of them have more resources than others. Product launches and marketing initiatives are examples of how market vendors compete. Vendors distinguish their products by their flavor and product type. The threat of new entrants was moderate in 2022 and is anticipated to remain at the same level throughout the forecast period. Some of the key vendors covered in the report include:
- Agropur Dairy Cooperative - The company offers ice cream under the brand name Iceberg.
- Dairy Farmers of America Inc. - The company offers ice creams such as Bison Crunch Ice Cream, Chocolate Chip Cookie Dough Ice Cream, and Chocolate Reduced Fat Ice Cream.
- Eclipse Foods - The company offers ice creams such as Cookie Butter, Dark Side of the Spoon, and Mint Chip.
- Erhard Patissier Glacier - The company offers ice cream solutions such as TUBS and POTS.
- Froneri International Ltd.
- Gujarat Cooperative Milk Marketing Federation Ltd.
- Humphry Slocombe Group LLC
- Inspire Brands Inc.
- Lotte Confectionery Co. Ltd.
- Morinaga and Co. Ltd.
- Nestle SA
- New Forest Ice Cream Ltd.
- Nightfood Holdings Inc.
- Oatly Group AB
- Perfect Day Inc.
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Ice Cream Market 2023-2027: Market Dynamics
- Driver – The market is driven by the increasing popularity of plant-based ice cream. With consumers becoming more health conscious, the demand for plant-based products is increasing steadily. Plant-based food products are rich in folate, magnesium, potassium, and vitamins A, C, and E. These foods lower the risk of cardiovascular disease and other metabolic diseases. Such benefits have increased the demand for plant-based food products, including plant-based ice creams. This has encouraged vendors to introduce a wide variety of plant-based ice cream products, which is driving the growth of the market.
- Trend - The rising popularity of vegan ice cream among millennials is identified as the key trend in the market. The trend of veganism is increasing rapidly among millennials in countries such as Australia, Germany, the United States, and China. In addition, the growing purchasing power of this population segment has increased the demand for vegan alternatives to food products. To capitalize on this trend, vendors are developing novel and inventive vegan ice cream flavors. Thus, the rising popularity of vegan ice cream is expected to have a positive impact on the growth of the market during the forecast period.
- Challenge - The rising number of lactose-intolerant people across the globe is identified as the major challenge hindering the growth of the market. The number of people with lactose intolerance is increasing worldwide. Hence, many consumers opt for products that are free from dairy. Most ice cream products are dairy-based and contain lactose. Therefore, the rising number of lactose-intolerance people across the world will negatively impact the growth of the market during the forecast period.
Ice Cream Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist ice cream market growth during the next five years
- Estimation of the ice cream market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the ice cream market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of ice cream market vendors
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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