According to the latest report by IMARC Group, titled “Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global ice cream market size reached US$ 62 Billion in 2019, registering a CAGR of 4.4% during 2012-2019. Ice cream is a frozen dessert that is prepared using milk, butterfat, cream, sugar, eggs, fruits, sweeteners, food colorings, and artificial or natural flavorings. Characterized by a soft, smooth and creamy texture, it is rich in calcium, niacin, folate, thiamine, riboflavin, phosphorus, carbohydrates, and vitamins A, C, D, E, K, B-6 and B-12. Consequently, its consumption is associated with numerous health benefits, such as providing energy, strengthening bones, lowering blood pressure, stimulating brain functions and repairing muscle tissue. Some of the most common flavors of ice cream available in the market include vanilla, chocolate, strawberry, butterscotch and chocolate chip.
Ice Cream Industry Top Companies-
1. Unilever PLC (UL)
2. NESTLE S A/S ADR (OTCMKTS: NSRGY)
3. Inner Mongolia Yili Industrial Group Co. (SHA: 600887)
4. General Mills, Inc. (NYSE: GIS)
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Global Ice Cream Market Trends-
The global market is primarily driven by the confluence of various factors, such as the rising demand for convenience foods, especially sweet dishes and the thriving food and beverage industry. Furthermore, ice cream is an essential ingredient used in the preparation of numerous desserts and beverages, such as cakes, waffles, milkshakes, sundaes, cold coffee and floats, which is facilitating the sales of ice creams across the globe. Proliferating online food delivery services are acting as another major growth-inducing factor. This can be attributed to the hectic lifestyle led by the majority of the population and increasing per capita income levels, along with the convenience and discounts offered by these online food delivery portals. Moreover, numerous key players are investing in research and development (R&D) activities to introduce innovative flavors and variants, which is creating a positive outlook for the market. For instance, there is a continual launch of healthy options, such as sugar-, gluten-, and lactose-free ice creams, along with organic and natural ingredients and exotic flavors, by the leading industry players to cater to a diversified consumer base. Other factors, such as significant growth in the dairy industry, the rising demand for convenience foods, and the increasing product premiumization, are expected to further create a positive outlook for the market in the coming years. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 98 Billion by 2025, growing at a CAGR of 7.8% during 2020-2025.
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Key Market Segmentation-
- Based on the flavor, the market has been divided into chocolate, fruit, vanilla and others. At present, vanilla represents the most preferred flavor.
- On the basis of category, the market has been categorized into impulse, take-home and artisanal ice creams. Amongst these, the impulse segment exhibits a clear dominance in the market.
- Based on the product, the market has been classified into cup, stick, cone, brick, tub and others. Currently, ice cream cups account for the majority of the total market share.
- On the basis of the distribution channel, the market has been segregated into supermarkets/hypermarkets, convenience stores, ice cream parlors, online stores and others. Presently, supermarkets/hypermarkets represent the dominant market segment.
- On the geographical front, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Among these, Asia Pacific holds the leading position in the market.
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