Global Ice Cream Market Report and Forecast 2024-2032

Global Ice Cream Market Size

The global ice cream market size attained a value of USD 83.24 billion in 2023. The market is expected to grow at a CAGR of 4.3% between 2024 and 2032, reaching almost USD 121.94 billion by 2032.

Key Takeaways

• In the USA, ice cream makers churned out around 1.38 billion gallons of ice cream in 2022, with families positioned as the primary customers for ice cream retailers.

• The world consumes around 15 billion litres of ice cream annually.

• In 2022, the European Union produced 3.2 billion litres of ice cream, an increase of 5% over 2021.

Ice cream manufacturers are experimenting with different varieties of toppings and mix-ins on ice creams to make their products look more premium and expand their customer base. The demand for artisanal ice cream is on the rise due to consumer preferences shifting towards unique and high-quality desserts. Artisanal ice cream offers distinct flavours, premium ingredients, and traditional craftsmanship, appealing to consumers seeking a more indulgent and authentic ice cream experience.

Some of the factors driving the ice cream market growth are the availability of ice creams on various distribution channels, demand for healthier products using natural ingredients, and the expansion of ice cream parlours.

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Key Trends and Developments

Rising demand for premium ice creams, non-dairy ice creams, and the adoption of sustainable production methods are the key trends in the ice cream market development.

Ice Cream Market Trends

As consumer preferences continue to shift and diversify, staying ahead of the curve with creative and unique ice cream offerings can capture the attention of new customers and retain existing ones. By introducing novel flavours, textures, and ingredient combinations, ice cream manufacturers can create an engaging and delightful experience for consumers, encouraging repeat purchases and building brand loyalty.

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Ice Cream Market Segmentation

Global Ice Cream Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Chocolate is expected to hold a significant ice cream market share as chocolate flavoured ice creams are versatile products

According to the ice cream market analysis, chocolate-flavoured ice creams are versatile and find use in preparing various ice cream-based shakes, cold coffees, and smoothies. Further, cocoa used to produce chocolate ice cream is rich in flavanol, which can improve cardiovascular health.

Vanilla is a globally popular flavour. Consumers who are not very fond of strong flavours or scents prefer vanilla ice creams that are creamy and lightly flavoured.

The use of natural fruits, either canned or fresh, in ice creams, aids their demand among consumers demanding healthier ice cream versions. Consumer interest in premium and healthy ice creams supports the demand for fruit-flavoured ice creams.

The impulse ice cream segment is expected to hold a significant ice cream market share owing to various strategies adopted by retail stores

Retail stores use point-of-sale (PoS) materials and branded cabinets placed strategically in visible locations to support impulse ice cream sales. The warmer months are crucial for impulse ice cream sales in varied formats, such as cups, cones, and sandwich ice creams.

Factors influencing the demand for take-home ice creams are improved packaging and widespread availability of family packs and bricks support the market for take-home ice creams. Vegan artisanal ice creams made with organic ingredients, which are sugarless and low-fat are rising in popularity as a healthy indulgence. Ice cream parlours often provide a wide variety of artisanal and gourmet ice cream flavours, allowing customers to explore and indulge in unique taste experiences.

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Competitive Landscape of Ice Cream Market

Market players compete to offer high-quality products at different price points for each type of consumer.

Other key players in the ice cream market include Gujarat Cooperative Milk Marketing Federation Limited (Amul), Turkey Hill Dairy, HP Hood, LLC, Wells Enterprises, Inc, Dairy Farmers of America, Inc., Nestlé S.A., Lotte Confectionary Co, Ltd, The Kroger Company, Meiji Holdings Co, Ltd, and Danone S.A.,   among others.

Ice Cream Market Analysis by Region

Asia Pacific is a prominent region for ice creams due to the rising popularity of ice cream parlours

According to ice cream market analysis, investments in frozen foods, including frozen dairy products, in countries like China and the fast-gaining popularity of ice cream parlours in India support the growth of the market. Small regional brands and shops in the region are increasingly innovating ice creams inspired from the local flavours to expand their customer base. Wafer-thin ice cream called Thai Rolled Ice Cream, is popular in Southeast Asian countries like Thailand, Malaysia, Cambodia, and the Philippines, where it is frequently sold by street vendors.

In Europe regulations based on ice cream production ensure their high quality. For instance, Germany has stringent regulations dealing with various kinds of ice cream and their ingredients. For instance, milk ice cream must be 70% milk, ice cream must have 10% milk fat, and cream ice cream should consist of 50% milk and at least 270 grams of egg per litre. This further ensures the production of high-quality ice cream.

Figure: Top 5 Ice Cream Exporters in the European Union, 2022 (Million Kilograms)

Key Highlights of the Report

Ice Cream Market Report Snapshots

Ice Cream Market Size

Ice Cream Market Trends

Ice Cream Market Share

Ice Cream Companies

Ice Cream Market Regional Analysis