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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Ice Cream Market Size
The India ice cream market reached a value of approximately USD 3.46 billion in 2023. The market is projected to grow at a CAGR of 15% between 2024 and 2032, reaching a value of around USD 12.17 billion by 2032.
India Ice Cream Market Outlook
- The country produced 230.58 million tonnes of milk in 2022-23, according to the Ministry of Fisheries, Animal Husbandry, and Dairying.
- In 2023, Hindustan Unilever reported that Quick Commerce accounted for over 10% of their ice cream business.
- Havmor, owned by Lotte Confectionery, plans to invest Rs 450 crore over five years starting in 2023 to expand its capacity.
India Ice Cream Market Report Snapshots
India Ice Cream Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 3.46 billion in 2023.
The market is projected to grow at a CAGR of 15% between 2024 and 2032.
The revenue generated from the Ice cream market is expected to reach USD 12.17 billion in 2032.
Rising disposable incomes, retail and distribution channels, and premium and innovative flavours and health-conscious offerings are the major trends impacting the ice cream market trend in India.
The market is categorised according to the end use, which includes retail, institutional and HoReCa.
The market key players are Gujarat Co-operative Milk Marketing Federation Ltd, Vadilal Industries Ltd, Mother Dairy Fruit & Vegetable Pvt Ltd, Hindustan Unilever Limited, Devyani Food Industries Ltd, Graviss Foods Pvt Ltd, Dinshaws Dairy Foods Pvt. Ltd, Havmor Ice Cream Pvt Ltd, Ramani Icecream Company Limited, Dairy Classic Ice Creams Pvt. Ltd. and General Mills Inc. among others.
The market is broken down into North India, East and Central India, West India, and South India.
North India is the fastest-growing region in the India ice cream market, driven by the higher concentration of ice cream parlours and retail outlets due to dense populations and higher incomes.
The top five companies in the ice cream market are Gujarat Co-operative Milk Marketing Federation Ltd, Vadilal Industries Ltd, Mother Dairy Fruit & Vegetable Pvt Ltd, Hindustan Unilever Limited, and Devyani Food Industries Ltd.
India experiences intense summers, leading to increased demand for ice cream.
Amul is the No 1 ice cream brand in India.
The purchasing power of urban areas and the preference for premium ice cream varieties is increasing which will increase the demand for ice cream.
Cold chain and logistics are the major challenges in the ice cream market.
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