Ice Cream Market Research Report—Global Forecast till 2030

Ice Cream Market Research Report Information By Type (Bars, Buckets/Tubs, Floats, and Others), By Claim (Lactose-Free, Low-Fat, Low-Calorie, and Others), By Distribution Channel (Store-Based, and Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/F-B & N/1998-CR | 100 Pages | Published By Varsha More on September 2022         

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Global Ice Cream Market Overview

ice cream market size was valued at USD 64.2 billion in 2022. The ice cream industry is projected to grow from USD 67.7 Billion in 2023 to USD 93.45 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.51% during the forecast period (2023 - 2030). The rising demand for innovative flavors and types and the rising demand for impulse ice creams such as cones, sandwiches, and pops in developing countries are the key market drivers enhancing the market growth.

Ice Cream Market Overview

  Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Market Trends

  • Growing expenditure on R&D and digitalization to boost the market growth

The growing expenditure by prominent players on the research and development of innovative products is anticipated to positively impact market growth. For instance, in January 2022, Unilever Group introduced vegan stick bars, magnum vegan classic and magnum vegan almond in mini-sized multi-packs. Firms are actively investing in digitalization to increase their consumer base. The market players focus on digital channels to generate awareness of their brands and products. Prominent companies are planning to shun traditional media spend and invest their finances into ads on social media platforms, such as Instagram and Facebook. Besides, influencer marketing has been an effective strategy used to reach the target audience. It mostly includes millennials and fitness & health-conscious consumers and has enhanced the ice cream market CAGR across the globe in recent years.

Further, the increasing request for lactose-free ice cream is anticipated to zest up the development of the around-the-world solidified dessert advertisement amid the evaluation period. The solidified dessert is prepared by churning and chilling a blend of high-fat drain or cream, fructose- or glucose-based sweeteners, more often than not syrup, and flavorings like vanilla and chocolate. Amid the commercial generation of ice-cream, emulsifiers and stabilizers are included. Stabilizers assist in avoiding the arrangement of colossal precious stones and lock in dampness, giving the desired rich surface to the beat item driving the ice cream market revenue growth.

Additionally, traditional ice-cream has nutritional properties but no health benefits. The growing interest of market players in the fortification and addition of functional ingredients can encourage customers to choose the product as a healthy snack option. Functional foods provide enhancement beyond basic nutrition and may play a role in decreasing or minimizing the risk of certain diseases. The growing production of fortified or functional products is expected to increase the consumption of the product globally.

Ice Cream Market Segment Insight

Ice Cream Type Insights

The ice cream market segmentation, based on type, includes bars, buckets/tubs, floats, and others. The bars segment held the majority share 2022 of the ice cream market revenue. This is primarily due to the increasing product innovations and the rising consumer for convenient product options. However, buckets/tubs is the fastest-growing category due to the growing preference for ice cream as a daily post-meal dessert is expected to fuel the product demand.

August 2020: Magnum announced the introduction of Magnum ice-creams in various tubs in the UK.

January 2020: Magnum introduced Magnum Ruby Minis with indulgent velvety ice-cream offering the ultimate premium product in the US.

Ice Cream Claim Insights

The ice cream market data has been bifurcated by claims into lactose-free, low-fat, low-calorie, and others. The lactose-free segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2022-2030. This is primarily due to the rise in demand for the development of lactose-free ice-cream. However, low-fat is the fastest-growing category over the forecast period due to the growing demand for low-fat ice cream among health-conscious customers. 

Figure 1: Ice Cream Market, by Claim, 2022 & 2030 (USD billion)

Ice Cream Market, by Claim, 2022 & 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ice Cream Distribution Channel Insights

Based on the distribution channel, the ice cream market segmentation has been segmented into store-based and non-store-based. Store-based held the largest segment share in 2022 due to the growing popularity of sundaes, a diverse range of flavors, and various products' availability in retail stores. However, non-store-based is the fastest-growing category over the forecast period due to an increase in internet penetration and a rise in the usage of smartphones.

Ice Cream Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Europe ice cream market accounted for USD 29.40 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the prominent companies that have changed their product portfolio according to consumers' interests and demands. Ice cream, which was widely considered an indulgent type in the past, has now changed to a stage where it is largely and happily perceived as a snacking option by consumers.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America ice cream market accounts for the second-largest market share over the forecast period. People in this region have become more conscious about their health and thus have been changing their preference for healthy food alternatives over conventional products. Further, the US ice cream market held the largest market share, and the Canada ice cream market was the fastest-growing market in the North America region.

The Asia-Pacific ice cream Market is expected to grow at the fastest CAGR from 2022 to 2030. The region has been witnessing huge demand, especially from young consumers. Key manufacturers have been launching a range of products to cater to the increasing preference for premium products. Moreover, China ice cream market held the largest market share, and the India ice cream market was the fastest-growing market in the Asia-Pacific region.

Ice Cream Key Market Players & Competitive Insights

Prominent market players are spending a lot of money on R&D to expand their product lines, which will help the ice cream market grow even more. Market participants are also taking various strategic initiatives to grow their footprint globally, with key market developments such as new product introductions, contractual agreements, mergers and acquisitions, product innovation, increased investments, and collaboration with other organizations. Competitors in the ice cream industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the ice cream industry to benefit clients and expand the market sector. The ice cream market major player such as Unilever (UK), General Mills Inc. (US), Blue Bell Creameries (US), and others are working on expanding the market demand by investing in research and development activities.

Havmor Ice Cream Company Private Limited is an Indian ice-cream manufacturer. Havmor was founded in 1944, and its registered office is in Ahmedabad, Gujarat. Satish Chona, an engineer by profession, decided to turn his dream of making high-quality and great tasting Ice Cream into reality. He began small by making it at home utilizing a hand-cranking machine and selling it under Havmor.' In September 2021, Havmor, a brand in India, introduced the world cone, the largest ice cream cone in the region, with three flavors, such as Double Belgium Chocolate, Swiss Choco Brownie, and Nutty French Vanilla.

Also, Vadilal Enterprises Ltd. distributes ice-cream products and processed food products. The Company provides chemicals and quick-treat food products. Vadilal Enterprises serves customers in India. In March 2022, Vadilal Enterprises Ltd introduced a Gourmet Natural Ice Cream line. It is available in five tub flavors (Kesar Pista, Classic Malai, Gulab Jamun, Alphonso Mango, and Falooda) and two kulfi flavors (Badam Pista Kesar and Rajwadi).

Key Companies in the 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 SA.

  • NadaMoo, among others

Ice Cream Industry Developments

March 2022: The Little Moons dessert brand, one of the premier dessert brands in the United Kingdom, teamed up with L Catterton Europe to accelerate its growth and expansion. Little Moons also announced that a private equity firm focused on consumer businesses acquired a substantial minority stake in the company.

March 2022: Yuengling's Corporation, an American ice cream manufacturing company, acquired Revolution Desserts, LLC, an Atlanta-based ice-cream manufacturing firm that owns Gelato Fiasco, Art Cream, Sweet Scoops, and SoCo Creamery brands. Revolution Desserts works in more than 600 retail stores globally.

January 2022: The Ice Cream Factory, an ice cream manufacturing company in the US, expanded its manufacturing footprint by buying an 86,000-square-foot factory in Missouri. The firm invested nearly USD 9 million and is anticipated to create 130 new jobs over the next five years.

April 2021: Starbucks has launched a new range of ice-creams encouraged by customers' favorite beverages. The new category of Starbucks such as indulgent flavors, formats, and personalized options.

Ice Cream Market Segmentation

Ice Cream Type Outlook

  • Bars

  • Buckets/Tubs

  • Floats

  • Others

Ice Cream Claim Outlook

  • Lactose-Free

  • Low-Fat

  • Low-Calorie

  • Others

Ice Cream Distribution Channel Outlook

  • Store-Based

  • Non-Store-Based

Ice Cream Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 64.2 billion
Market Size 2023 USD 67.7 billion
Market Size 2030 USD 93.45 billion
Compound Annual Growth Rate (CAGR) 5.51% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2019 - 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Claim, Distribution Channel, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Unilever (UK), General Mills Inc. (US), Blue Bell Creameries (US), Nestlé (Switzerland), Lotte Confectionery Co. Ltd (South Korea), Mars Inc. (US), Amul (India), and Amy’s Ice Cream (US)
Key Market Opportunities Rising demand for impulse ice creams such as cones, sandwiches, and pops
Key Market Dynamics Rising demand for innovative flavors

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Frequently Asked Questions (FAQ) :

The ice cream market size was valued at USD 64.2 Billion in 2022.

The market is projected to grow at a CAGR of 5.51% during the forecast period, 2022-2030.

North America had the largest share of the market

The key players in the market are Unilever (UK), General Mills Inc. (US), Blue Bell Creameries (US), Nestlé (Switzerland), Lotte Confectionery Co. Ltd (South Korea), Mars Inc. (US), Amul (India), and Amy’s Ice Cream (US).

The bars category dominated the market in 2022.

The lactose-free had the largest share in the market.