Ice Cream Market is expected to reach US$ 138.55 Billion by 2031

Popularity of Ice Cream Among All Age Groups Bolsters Ice Cream Market

According to our latest study on "Ice Cream Market Size and Forecast (2021–2031), Global and Regional Growth Opportunity Analysis – by Flavor, Category, Form, and Distribution Channel," the market was valued at US$ 97.94 billion in 2023 and is expected to reach US$ 138.55 billion by 2031; it is estimated to register a CAGR of 4.4% from 2023 to 2031. The ice cream market report highlights key factors driving the market growth and prominent players along with their developments in the market.

Over the past few years, the demand for ice cream market across all groups has significantly driven the ice cream market, ensuring a broad and consistent consumer base. Unlike other products that cater to specific demographics, ice cream appeals to children, adults, and seniors. Children enjoy it as a fun and tasty treat, while adults often consume it as a nostalgic comfort food or an indulgent dessert. This universal appeal reduces market segmentation, allowing producers to market their products to a wide audience, which in turn drives ice cream market growth. In addition, people's social and emotional connection with ice cream is often associated with positive experiences, celebrations, and comfort, making it a versatile treat for various occasions. This emotional resonance transcends age, creating lifelong customers who continue to enjoy ice cream throughout their lives. The increasing number of product launches in the frozen dairy products segment by key players in the market is driving the ice cream market. For instance, in June 2024, Perry's Ice Cream completed the expansion of its production facility of ice cream in Akron, US. The expansion aimed to increase the production of frozen desserts to cater to the growing demand for ice cream. Further, several initiatives, such as mergers and acquisitions and collaborations by various manufacturing companies, contribute to the increasing demand for frozen desserts. For instance, in June 2024, Bidcorp UK announced the acquisition of Northern Bloc Ice Cream Ltd. The acquisition was aimed at expanding its brand presence across the market. Moreover, consumers are seeking different flavors in ice creams; thus, key players are making significant innovations and launching new flavors in the ice cream market. Hence, strategic initiatives by key players, a high level of disposable income, and the presence of various frozen dairy products with innovative flavors are boosting the ice cream market.

Ice Cream Market Breakdown – by Region

Functional ice cream is becoming more popular than regular ice cream among health-conscious consumers as it contains high-quality ingredients and can fulfill consumers' nutritional requirements. Ice cream manufacturers' increasing interest in fortification and adding functional ingredients may influence the consumer's decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases, such as nutrient deficiency. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. The COVID-19 pandemic further influenced the demand for functional ice creams, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice creams have become especially popular among athletes and consumers looking for non-staple food and beverage products with better nutritional content. In January 2023, the Museum of Ice Cream, a Singapore-based manufacturer, launched an innovative probiotic ice cream to fulfill the demand for functional ice creams. The probiotic ingredients in the ice cream have immunity-boosting properties, and they aid in a healthy digestive system.

The ice cream market analysis has been performed by considering the following segments: flavor, category, form, and distribution channel. Based on flavor, the market is segmented into vanilla, chocolate, berries, matcha, and others. The chocolate segment is anticipated to hold a significant ice cream market share by 2031.

Ice cream manufacturers are investing significantly in product innovation to expand their customer base and meet emerging consumer demands. Many market players are launching innovative limited edition and seasonal flavors for frozen delight in collaboration with local players to attract consumers. For instance, in July 2021, Kraft Macaroni & Cheese launched a limited-edition ice cream in collaboration with Van Leeuwen—a Brooklyn-based ice cream brand. These two brands collaborated to launch a Kraft Macaroni & Cheese summer treat that claims to have no artificial flavors or preservatives. Kraft Macaroni & Cheese ice cream would be available at Van Leeuwen scoop shops and online platforms such as Amazon and Walmart in various countries. In April 2024, Unilever announced the launch of its first ice cream with mood-inspired flavors such as Magnum Pleasure Express. The launch was aimed at expanding its premium ice cream portfolio. Therefore, the availability of innovative ice cream flavors is propelling the ice cream market growth.

In terms of revenue, Asia Pacific dominated the ice cream market share in 2023. China is a major market for ice cream in Europe. In the past few years, China has been experiencing the longest and hottest summer, owing to which the consumption of frozen dairy products has increased. The ongoing trend of "Eat with Eyes" is driving the ice cream market in the country, as consumers believe that colorful ice creams have a strong visual impact on their sensory experience of consumers. In China, caramel brown, milk white, strawberry red, matcha green, butterfly bean blue, potato purple, and charcoal black are among the common flavors of ice cream. Consumers nowadays also demand marble soda inclusion in ice cream. Health and wellness are becoming more mainstream in China. Therefore, increasing awareness of health and wellness and growing interest in new flavors lead to product developments by the leading players. For instance, China Mengniu Dairy Company Limited, the leading ice cream market player, has developed Mengniu Green Mood Condensed Milk Red Bean Mung Bean Flavor Ice Cream.

Veganism has gained momentum in recent years which is also one of the significant ice cream market trends. Consumers are highly inclined toward plant-based products as they perceive them as healthier than conventional products. Further, the increasing awareness regarding animal protection and environmental sustainability is boosting the popularity of these food products. The proliferation of veganism among people in Southeast Asia is highly influencing innovations in the ice cream market. According to data published by Veganuary, a nonprofit organization that encourages people to become vegan for the whole month of January, ~5.8 million people signed up for the "Veganuary Campaign" in 2021.

The ice cream market forecast can help stakeholders plan their growth strategies. Blue Bell Creameries, Unilever Plc, Nestle SA, General Mills Inc, Mars Inc, Wells Enterprises, Turkey Hill Dairy, Dairy Farmers of America Inc, Cold Stone Creamery, Morinaga Milk Industry Co Ltd, Kwality Foods LLC, Baskin-Robbins, David Chapman's Ice Cream Limited, Lotus Bakeries NV, and IMURAYA GROUP CO., LTD are among the prominent players profiled in the ice cream market report. These market players are focusing on providing high-quality products to fulfill customer demand. They are also adopting strategies such as new product launches, capacity expansions, partnerships, and collaborations to stay competitive in the market. For Instance, in March 2022, Turkey Hil introduced its all-new Dipped Duos, featuring two premium ice cream flavors swirled together in one bar and covered in a rich milk chocolate coating.

The ice cream market is segmented on the basis of flavor, category, form, distribution channel, and geography. Based on flavor, the market is vanilla, chocolate, berries, matcha, and others. Based on category, the market is divided into conventional and sugar free. By form, the market is segmented into cups and tubs, bars and sticks, and others. By distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. By geography, the ice cream market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America ice cream market is further segmented into the US, Canada, and Mexico. The market in Europe is segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. The Asia Pacific ice cream market is further segmented into China, Japan, India, Australia, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Philippines, Vietnam, New Zealand, Hong Kong, Myanmar, and the Rest of Asia Pacific. The ice cream market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The market in South & Central America is sub-segmented into Brazil, Argentina, and the Rest of South &and Central America.

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