July 28, 2022 15:30 ET | Source: The Insight Partners The Insight Partners
New York, July 29, 2022 (GLOBE NEWSWIRE) -- The Insight Partners has published a new research report titled Global Ice Cream Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Flavor (Vanilla, Chocolate, Fruit, and Others), Category (Sugar-free and Conventional), Form (Cups & Tubs, Bars & Sticks, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)" includes the description of factors fueling the ice cream markets’ growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a ice cream market share analysis.
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Ice Cream Market - Strategic Insights
Ice Cream Market: Competitive Landscape and Key Developments
Some players operating in the market are Unilever; Nestlé SA; General Mills Inc.; Mars, Incorporated; LOTTE CONFECTIONERY CO., LTD; Wells Enterprises; Baskin-Robbins; Turkey Hill Dairy; Dairy Farmers of America, Inc.; and Blue Bell Creameries. These companies are emphasizing on new product launches and geographical expansions to meet the growing consumer demand worldwide. These companies have a widespread global presence, which provides them to serve a large set of customers from all over the world and subsequently increases their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios.
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Asia Pacific is expected to register the fastest CAGR in the Ice Cream market during the forecast period.
The Asia Pacific ice cream market is segmented into China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific. These emerging countries are witnessing an upsurge in extreme weather and climate change, which offers ample opportunities for key players in the ice cream market. Due to extreme summers, consumers in the region extensively consume various desserts after dinner or lunch. Asia Pacific is a prominent global ice cream market due to the rising disposable income, rapid urbanization, and increasing living standards of the population. Since the COVID-19 pandemic, the region's population has rigorously adopted healthy and nutritious food items. This has increased the demand for ice cream containing prebiotics, probiotics, and functional ingredients.
Over the past few years, the region has seen a surge of novelty products made using extrusion technology. Also, manufacturers are adopting such technologies to provide richness and desired tastes to their consumers. Further, Gujrat Cooperative Milk Marketing Federation Limited (GCMMF) (Amul), Unilever, Baskin Robbins, and Tip Top are prominent ice cream manufacturers operating actively in Asia Pacific. They provide a wide range of ice cream, with the premium packaging solutions such as cups and tubs, bars and sticks, cones, and party packs. Thus, the presence of the major ice cream manufacturers in the region is propelling the market.
The global popularity of functional ice cream is majorly driven by product innovations, especially in taste profile and nutritional value. For instance, in 2020, ice cream brand Dairy Day launched Dairy Day Plus, a range of ice cream with immunity-boosting ingredients. In the launch phase, the company has introduced Haldi (turmeric) flavor ice cream and Chyawanaprash ice cream. These products were launched to help consumers follow and maintain their health goals and enjoy a good meal simultaneously as health became a priority for consumers during the COVID-19 crisis. Manufacturers are launching nutritionally enriched frozen desserts as people have started focusing on convenience food products while maintaining the nutritional balance in their diets. Such product innovations help them extend their reach and gain a competitive edge in international markets. Thus, the rising demand for functional ice cream is expected to create lucrative growth opportunities in the ice cream market.
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Based on flavor, the ice cream market is segmented into vanilla, chocolate, fruit, and others. The vanilla segment held the largest share of the market in 2020. The vanilla flavor is derived through macerating and percolating vanilla pods in ethanol and water solution.
Vanilla is aromatic and has a creamy and delicious taste, which is suitable for many items. Hence, vanilla is a widely used flavoring agent in ice creams and is highly demanded worldwide. Moreover, consumption of vanilla provides a calming effect, helps curb sugar intake, eases toothache, and prevents colds and respiratory infections. It has antioxidant properties as it is a rich magnesium, calcium, phosphorous, and potassium source. Hence, the rising awareness about the benefits of vanilla consumption is fueling the demand for the flavor.
Based on category, the ice cream market is segmented into conventional and sugar-free. Sugar-free is expected to register a higher CAGR during the forecast period. The sugar-free ice cream includes sugar-alcohol ingredients, such as xylitol, maltitol, and erythritol. Also, the ‘go-natural’ ice cream markets’ trend encourages manufacturers to add sugar substitutes as sweeteners. These substitutes can be derived from plants and fruits containing lower calories than regular sugar. On March 4, 2015, World Health Organization (WHO) issued guidelines on sugar intake for children and adults. These guidelines recommended that adults and children should reduce their daily intake of free sugars to less than 10% of their total energy intake. A further reduction to below 5% or roughly 25 grams (6 teaspoons) per day would provide additional health benefits.
Based on form, the market is segmented into cups and tubs, bars and sticks, and others. The bars and sticks segment is expected to register the highest CAGR during the forecast period. Bars and sticks are often made of softwood, such as birchwood or plastics. Ice-cream sticks come individually in flowpack bags. Bars and sticks are durable, tasteless, food-safe, and biodegradable. However, splinters of wood and plastic parts may harm the consumer, hindering the ice cream markets’ growth of the bars and sticks segment.
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Over the past few years, the lifestyles of people have evolved drastically. Changes in consumer food taste and convenience are the major reasons for the global demand for frozen dessert products. Moreover, increasing disposable income and introducing various products in the dessert category to cater to the choices of a vast group of consumers are driving the ice cream market. The surge in the consumption of high-quality frozen desserts is one of the biggest ice cream markets’ trends in the food industry. The growing ice cream markets’ trend of consuming frozen desserts after a meal as an effective digestive product is boosting the demand for frozen desserts.
The ice cream market is segmented into five main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). North America held the largest share in the ice cream market in 2020, and Asia Pacific is expected to register the fastest CAGR during the forecast period. Availability of numerous flavors, increasing demand for premium ice creams, rising adoption of non-preservatives and natural ingredients, and significant presence of market players are among the prominent factors propelling the ice cream market growth in North America and hence results in expansion of size of the market..
In addition, the increasing ice cream markets’ trend of vegan, GMO-free, lactose-free, and dairy-free desserts encourages manufacturers to develop such products to meet consumer demand. For instance, JD's vegan has been developing and distributing plant-based, GMO-free, and lactose-free ice cream flavors containing fresh-cut slices of fruits and nuts. Hence, including fresh fruit pieces, candy, cake particles, and nuts in ice cream is a fast-growing premium trend in the market, which drives the growth of the ice cream market.
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Over the past few years, the lifestyles of people have evolved drastically. Changes in consumer food taste and convenience are the major reasons for the global demand for frozen dessert products. Moreover, increasing disposable income and introducing various products in the dessert category to cater to the choices of a vast group of consumers are driving the ice cream market. The surge in the consumption of high-quality frozen desserts is one of the biggest ice cream markets’ trends in the food industry. The growing ice cream markets’ trend of consuming frozen desserts after a meal as an effective digestive product is boosting the demand for frozen desserts.
Impact of COVID-19 Pandemic on Ice Cream Market
North America was one of the worst affected regions by the COVID-19 pandemic. The US recorded the highest number of COVID-19 confirmed cases, followed by Mexico. The significant disruption in manufacturing facilities and raw material sourcing negatively impacted the growth of the ice cream market in the region. However, due to the lockdown and work-from-home mandates, the in-home consumption of ice cream increased in the region, positively impacting the sales of Ice cream. Due to the strong foothold of e-commerce in the region, people had access to various products even during lockdowns. This factor also contributed to the ice cream market growth across North America in the initial months of the pandemic.
In 2021, the regional market started recovering from financial losses. The US government announced relaxation in various restrictions, including reopening manufacturing units. All these factors positively influenced the growth of the ice cream market across North America.
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