Report: Ice Cream Market to Grow at over 8.0% CAGR until 2024
Ice Cream Market Estimated to Reach US 91.2 Billion Globally By 2024
United States, 13 June 2019 -- The global ice cream market has experienced strong growth in recent years on account of rapid urbanization, altering food patterns, rising disposable incomes, bolstering fast food industry and the emerging trend of product premiumization and value addition.
According to the latest report by IMARC Group, titled “Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global ice cream market reached a value of US$ 57.7 Billion in 2018, growing at a CAGR of 4.5% during 2011-2018.
Ice cream refers to a dessert prepared using flavorings, milk and frozen cream which are churned together to acquire a smooth consistency. It is a rich source of calcium, thiamine, riboflavin, niacin, folate, phosphorus, carbohydrates, and vitamins A, C, D, E, K, B-6 and B-12. It is associated with various health advantages such as providing energy, strengthening bones and lowering blood pressure. Owing to these attributes, ice cream has become one of the most popular snacks worldwide. It is consumed on its own as well as used with other food products to enhance their flavor and texture.
On account of rapid urbanization, changing food patterns and inflating income levels, the fast food industry is growing at a steady rate. As ice cream is used in the preparation of several desserts and beverages such as sundaes, milkshakes, floats, cakes and other confectionary goods, its demand is increasing across the globe. Moreover, with the emerging trend of premiumization and value addition, manufacturers are incorporating finer-quality ingredients, and introducing innovative flavors and such as organic, low-fat and sugar-free product variants. Manufacturers are also launching gluten- and lactose-free ice creams to expand their consumer base. Looking forward, the ice cream market size is projected to reach US$ 91.2 Billion by 2024, growing at a CAGR of 8.0% during the forecast period (2019-2024).
Insights on Market Segmentation:
Market Breakup by Flavour:
Based on flavors, the market has been segmented into chocolate, fruit, vanilla and others. Currently, vanilla flavor dominates the market, holding the largest share.
On the basis of categories, the market has been classified into impulse, take-home and artisanal ice cream. Amongst these, the impulse segment accounts for the majority of the total market share as it is available in single-serve formats aimed for immediate consumption.
Market Breakup by Product:
The market has been segregated on the basis of products which include cup, stick, cone, brick, tub and others. At present, most of the consumers prefer purchasing ice cream cups in comparison with other product types.
Based on distribution channels, the market has been divided into supermarkets/hypermarkets, convenience stores, ice cream parlors, online stores and others. Presently, supermarkets/hypermarkets represent the dominant segment as they offer a large shelf-space and vast product choice to consumers.
Market Breakup by Region:
2. North America
4. Latin America
5. Middle East and Africa
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share. This can be accredited to the easy availability of innovative and healthier product variants in the market.
1. Market Structure
2. Key Players
The competitive landscape of the global market has been analyzed in the report along with the detailed profiles of the key players operating in the industry.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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