Market Synopsis
According to Market Research Future Reports (MRFR), Global Chocolate Ice Cream Market is predicted to witness a CAGR of 4.73% and hold a value of USD 25,521.7 million by the end of 2023. Rapid urbanization is estimated to be the most pivotal element driving the global chocolate ice-cream market 2020. The increased per capita disposable income of individuals is estimated to drive the global market further. In addition, the increasing availability of the product in the emerging economies is estimated to further fuel the market. Also, the increasing number of launches in products by the established players in the global chocolate ice cream market is anticipated to fuel the market during the assessment period. The key players are launching the product accompanied by innovation, which prospers the market. Also, the moody attribute and the impulse purchasing by various individuals are proven to be lucrative for market growth. The enhancement of ice-cream quality is another factor leading to market growth.
Also, the growing number of ice-cream outlets is likely to boost the global market. However, the addition of preservatives and artificial additives are likely to impede the market. Further, the changing preferences are other factors hampering the global chocolate ice cream market during the assessment period.
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Also, the market is estimated to be affected significantly due to the spread of COVID-19. Nevertheless, the growing demand for artisanal ice creams and the production of lactose-free chocolate ice cream is estimated to produce several opportunities of market expansion during the assessment period.
Key Players
The renowned entities of the Worldwide Chocolate Ice Cream Market are Nestlé S.A.(Switzerland), Jude’s Ice Cream (UK), Gujarat Cooperative Milk Marketing Federation Ltd (India), Straus Family Creamery (US), Unilever PLC (UK), Halo Top Creamery (US), General Mills, Inc. (US) and a few more.
Market Segmentation
Global Chocolate Ice Cream Market can be distinguished based on product type, distribution channel, and region.
On the grounds of product type, the market for chocolate ice cream can be distinguished into Cups, Tubs & bricks, Sticks/Bars, Cones, and others.
On the grounds of distribution channel, the market for chocolate ice cream can be distinguished into specialty stores, supermarkets & hypermarkets, convenience stores, and others.
Based on geography, the worldwide market for chocolate ice cream can be distinguished into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
Regional Analysis
Global Chocolate Ice Cream Market for is estimated to grow significantly during the assessment period. On the grounds of geography, the worldwide market can be disitnguished into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). As per the study by MRFR, the APAC zone is projected to acquire the largest market share. China is lone of the most prosperous markets of the APAC region.
On the other hand, India is anticipated to acquire the highest growth rate during the assessment period from 2020 to 2023. The North American market is projected to hold a market value of USD 5,535.8 million by the end of 2023. The most eminent factor growing the regional market is the manufacturers’ initiative to expand their portfolios. Further, the innovation of new flavors is further driving the regional market. Among all, the US is anticipated to make the most pivotal participation in expanding the market.
The US is projected to retain its position during the forecast period, and the national-level market is estimated to display a growth rate of 2.48% during the assessment period from 2020 to 2023.
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