Market Research Future has published a half cooked research report on the Global Functional Ice Cream Market, 2019–2028.
The global functional ice cream market is projected to exhibit a CAGR of 8.56% during the forecast period of 2021 to 2028.
Market Research Future has recognized the following companies as the key players in the global functional ice cream market: Nightfood(United States), The Brooklyn Creamery(India), Foxy's Thoughtful Icecream(United Kingdom), LightWhey(Dubai), One Earth Functional Food Ltd(Canada), LOHILO(Sweden), Wells Enterprises Inc.(United States), Guudy Icecream (United States), The Urgent Company(United States), and Coolhull Farm(Ireland).
The global functional ice cream market is projected to be valued at USD 319.8 million by 2028, recording a CAGR of 8.56% during the forecast period. The growth of functional ice cream market is anticipated to be driven by several factors during the forecast period from 2021 to 2028. Growing awareness of health benefits of nutrition and usage of functional food products has been observed in multiple regions. Changing consumer lifestyles have led to increase in demand for multiple functional products. Functional ice cream demand highly benefited by this increased adoption of healthy lifestyle and is expected to show high growth during the forecast period.
Worldwide lockdown due to the outbreak of COVID-19 has affected multiple industries detrimentally, which has highly impacted the supply of the raw materials and processed products. But the impact on functional ice cream market has been positive. While effect on sales at end nodes were observed during the early stages of the covid-19 crisis, increased demand from the online retail channels mitigated the impact during later stages of the lockdowns. Increased demand for functional products in consumers further increased the demand of functional ice cream during the COVID-19 crisis. Decreased discretionary income of consumers has lowered purchasing power, but is expected to be revitalized with easement in lockdowns.
The global functional ice cream market has been segmented based on flavor type, claim, distribution channel, and region.
Based on flavor type, the global functional ice cream market has been divided into chocolate, vanilla, blends, and others. The vanilla segment accounted for the largest market share in 2020. This can be attributed to the consumer level demand for mild and low-calorie flavors. The demand for cleansers has shown moderate growth during historical period and is expected to continue positive growth during the forecast.
Based on claim, the global functional ice cream market has been divided into lactose-free, sugar free, vegan, multi-claim, and others. Vegan segment accounts for highest share in the market in 2020. Shift of consumer to plant based diets is one of the key factor attributed to this high demand.
Based on distribution channel, the global functional ice cream market has been segmented into store-based and non-store based. The store-based segment is further segmented into supermarkets & hypermarkets, specialty stores, and others. The non-store based segment accounted for higher share during 2020 due to surge in demand for food among other products through e-commerce and other delivery vendors.
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Geographically, the global functional ice cream market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, North America constituted a dominant share of the functional ice cream market in 2020. Early advent of commercialized sales of plant based and vegan products in the region is one of the key drivers for dominant share and is expected portray robust demand during the forecast period. The region has also seen multiple budding players, and is expected to supplement in growth of the market. Growth of functional ice cream market in Europe is still in development stages, but demand in the region is expected to significantly increase during the forecast period.
Key Findings of the Study: