Global ice cream market size was valued at USD 114 billion in 2021, and it is expected to reach a value of USD 177.15 billion by 2028, at a CAGR of 6.5% over the forecast period (2022–2028).
Westford, USA, Nov. 21, 2022 (GLOBE NEWSWIRE) — According to a report by SkyQuest the global ice cream market will grow at a CAGR of 6.5% until 2028, reaching $177.15 billion by 2028. This is driven in part by increasing popularity of dairy-free and vegan regimes and in part by growing demand for ethnic flavors such as Indian sweet and Chinese green tea. However, intense competition from alternative food products (particularly beverages) is likely to curb growth slightly during the forecast period.
Favorable factors for the growth of the global ice cream market include strong population growth in developing countries (+6%), rising income levels (+7%) and increasing health consciousness (+8%). Combined, these factors are expected to drive demand for premium ice cream brands with added health benefits, such as antioxidant and detoxing properties. We forecast that India will become the largest market for ice cream by 2028, overtaking China. The United States will remain the largest ice cream consuming country with a market share of 23%.
According to our study published on global ice cream market earlier this year, 43% of US consumers want specialty grocery stores to carry more vegan food items overall and 39% specifically want more vegan ice cream products. In addition, other ethical concerns such as animal welfare are also gaining traction with millennials who are increasingly looking for information about what they eat before making decisions. This is driving growth not only in vegan ice cream but also dairy-free and plant-based alternatives across all categories within the market including yogurt, treats, milkshakes/smoothies, frozen desserts etc.
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Top Trends in Global Ice Cream Market
The ice cream industry has seen a lot of change lately, with new flavors and toppings hitting the market. Here are some of the top trends in ice cream that you can expect to see in the coming years:
1. Increased experimentation with new flavors and toppings: Ice cream companies are constantly pushing the envelope with new flavors and toppings, testing new recipes and seeing what consumers like best. This year we saw hazelnut flavor take over as a popular choice among customers, and we can expect to see even more unique flavors and combinations in the years to come.
2. Growing popularity of vegan ice cream: With growing awareness of environmental issues and people’s increasing preference for healthy eating options in the global ice cream market, vegan ice cream is becoming increasingly popular. Not only is it gluten-free, dairy-free, and soy-free, but it also has a ton of health benefits – including reducing inflammation and fighting cancer.
3. Rise in milk alternatives: Milk alternatives are on the rise in popularity due to their health benefits – including being low in fat and cholesterol – as well as their affordability. Products like almond milk ice cream are becoming more popular due to their versatility; they can be used both in recipe creations as well as for standalone products.
4. Proliferation of frozen desserts dotting grocery stores everywhere: Frozen desserts have become quite commonplace in most grocery stores, with options ranging from classic ice creams to novelty flavors like hot chocolate chip cookie dough ice cream.
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SkyQuest Survey Says Consumers are More Likely to Prefer Unique and innovative Flavors
In a recent survey, SkyQuest found that while millennials are embracing new flavors and creative recipes, they are not yet significantly influencing the ice cream market. In fact, family-owned or chains with recognizable brands still lead the way in sales volume. While there is no lack of innovation in the ice cream market – it is constantly evolving to please consumers – millennials may not have as much of an impact as some would hope. For example, about 34% of all respondents said they liked using unique flavors to highlight unique aspects of their food; however, when asked what flavor categories were most popular with millennials, novelties such as cotton candy and churros came up only rarely (2%).
7 out of 10 consumers in the global ice cream market said they would be willing to pay more for premium ice cream brands. Additionally, almost two thirds (63%) of consumers surveyed said that flavor is the most important factor when selecting an ice cream brand. The report also found that nearly half (48%) of ice cream customers are willing to experiment with new flavors every once in a while.
63% of consumers say that flavor is the most important factor when selecting an ice cream brand. In addition, 48% of respondents are willing to experiment with different flavors every now and then. These findings underscore the importance of creating unique and flavorful options for consumers in order to differentiate your product from others on the ice cream market.
While premium awareness is growing among many ice cream fans, pricing still remains a top concern. Almost two thirds (64%) of consumers say they feel price is very important when trying to decide which brand or type of ice cream to purchase. For those who care about wallet-friendly options
Nonetheless, SkyQuest sees opportunity for growth in this mark ice cream market. For one thing, given that 87% of millennials say they like experimenting with new flavors, manufacturers can focus on extending their flavor repertoire beyond the common fare enjoyed by older generations. Additionally, new technology such as VR can be used to immerse customers in different worlds or experiences where they can buy and enjoy various types of ice cream.
1. Consumer behavior studies have consistently shown that millennials lead all age groups in ice cream consumption.
2. Frozen desserts continue to account for the largest share of retail sales volume in ice cream category and is forecast to dominate this segment through 2021.
3. social media has had a profound impact on the way people shop for ice cream, with 71% of consumers citing it as an influential factor when making their purchasing decisions.
4. Premiumization of certain products continues, with market leaders shifting their focus towards premium flavors and packaging options such as Tetra Pak cartons and glass jars which can be reused multiple times.
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Premium Ice Cream Brands are at the Forefront of Changing Dietary Habits
While the global ice cream market continues to grow, SkyQuest warns that certain pockets of the market are seeing a slowdown as consumers increasingly turn to healthier diets. This has led to a decline in sales for premium ice cream brands such as Ben & Jerry’s and Haagen-Dazs, although overall sales for these types of products are still high. This shift is being driven by several factors, including increasing health consciousness among consumers and increased regulatory scrutiny around ingredients used in these types of products.”
According to this report on the global ice cream market, there are many reasons behind the growth of healthy eating trends: economy-driven changes such as people eating out less; changes in dietary habits as patients become more aware of their health needs; and social media influencing people’s purchasing decisions. Additionally, other countries have started implementing stricter regulations on food additives that some companies may not be able to afford or comply with due to their small size relative to their overall revenue.
Premium brands have been impacted more than mass ice cream market brands because they rely more heavily on naturally occurring ingredients.
Top Players in Global Ice Cream Market
Nestle SA (Switzerland)
Unilever Group (UK)
General Mills (US)
Dunkin Brands (US)
Blue Bell Creameries (US)
Dairy Queen (US)
Dairy Farmers of America, Inc. (US)
Cold Stone Creamery (US)
CAMAL Ltd Company (Azerbaijan)
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Global Snacks Market
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy customers globally.
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