The global GCC ice cream market accounted for US$ 543.0 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 - 2027, to account to US$ 969.1 Mn by 2027
NEW YORK, Feb. 18, 2020 /PRNewswire/ --
The global GCC ice cream market accounted for US$ 543.0 Mn in 2018 and is expected to grow at a CAGR of 6.7% during the forecast period 2019 - 2027, to account to US$ 969.1 Mn by 2027. Ice cream is a sweet frozen delicacy usually eaten as a dessert or snack. It is usually prepared from cream or milk and sweetened with sugar, corn syrup, or artificial sweetening agents. Flavoring agents such as vanilla and cocoa are also added to impart the characteristic flavor to the ice cream. Ice creams have been popular treats for hundreds of years but only became commonplace since the development of cold warehouses, and HVAC and refrigeration systems. The burgeoning popularity of ice cream has led to a number of ice cream variations including frozen yogurt, frozen custard, and even non-dairy versions of ice creams made with ingredients like coconut milk. These factors are projected to propel the growth of GCC ice cream market over the forecast period.
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The GCC ice cream market has been segmented on the basis of product type and distribution channel.Based on the product type, the ice cream market has been segmented into impulse ice cream, take-home ice cream, and artisanal ice cream.
In 2018, the impulse ice cream segment dominated the GCC ice cream market.Impulse ice creams are popular among individuals of all age groups and hence account for a significant market share.
Their rising popularity can be attributed to an array of impulse ice cream products manufactured and introduced by ice cream manufacturers to attract young school and college going buyers.On the basis of distribution channel, the GCC ice cream market has been segmented into supermarkets or hypermarkets, convenience stores, specialty stores, and others.
Convenience stores are also expected to generate significant revenue as they account for a major share of total revenue generated from ice cream sales in the GCC.
Long summers and hot climate condition is one of the major driver of the ice cream market in GCC region.The climate in GCC countries such as Saudi Arabia, UAE, Qatar, and Bahrain, among others, is very hot.
The UAE has a desert climate, characterized by pleasantly mild winters and very hot, sunny summers.Summers in the UAE are very hot, and the temperature ranges from 38 °C to 42 °C.
Likewise, Saudi Arabia is an extremely dry country, and rainfall is minimal.In summers, the country witnesses blistering heat and humid temperatures thus, making it uncomfortable to get around.
The climate of Qatar can be described as a subtropical dry, hot desert climate with low annual rainfall, very high temperatures in summer. The harsh climatic condition results in a high demand for cold food and beverages. Growing demand for gluten and lactose free ice cream is one of the major opportunity for the market.
Some of the players present in UAE ice cream market are Desert Chill Ice Cream LLC., Dunkin Brands, Inc., General Mills, Inc., Maras Turka, Mini Melts Inc., Nestle S.A., IFFCO, Mars Incorporated, Graviss Group (Pure Ice Cram Co. LLC), Unilever and Saudi Dairy & Foodstuff Co Ltd.
The overall global GCC ice cream market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the GCC ice cream market.
Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the GCC ice cream market.
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