Ice Cream Market By Type (Bars, Buckets/ Tubs), Chain (Lactose-Free, Low-Fat), Distribution Channel (Store-Based, Non-Store-Based), & Region for 2024-2031

Report ID: 137215|No. of Pages: 202

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Ice Cream Market By Type (Bars, Buckets/ Tubs), Chain (Lactose-Free, Low-Fat), Distribution Channel (Store-Based, Non-Store-Based), & Region for 2024-2031

Report ID: 137215|Published Date: Nov 2024|No. of Pages: 202|Base Year for Estimate: CAGR of ~4.41% from 2024 to 2031|Format:   Report available in PDF formatReport available in Excel Format

Ice Cream Market Valuation – 2024-2031

The growing demand for ice cream is mostly driven by shifting customer preferences toward premium and artisanal products. With rising disposable incomes and a growing indulgence trend, people are willing to pay extra for high-quality ice creams with unusual flavors, organic ingredients, and inventive packaging. Brands are diversifying their offerings to include gelato, frozen yogurt, and non-dairy alternatives catering to health-conscious consumers and those with dietary limitations by enabling the market to surpass a revenue of USD 90.46 Billion in 2024 and reach a valuation of around USD 127.76 Billion by 2031.

The convenience of home delivery services has increased consumer access to ice cream, particularly during the COVID-19 pandemic when at-home consumption spiked. Furthermore, the increased availability of specialized ice cream parlors and the developing trend of experiential retail where customers may personalize their ice cream with toppings and mix-ins has improved the entire consumer experience by enabling the market to grow at a CAGR of 4.41% from 2024 to 2031. 

Ice Cream Market is estimated to grow at a CAGR of 4.41% & reach US$ 127.76 Bn by the end of 2031

Ice Cream Market: Definition/ Overview

Ice cream is a frozen delicacy produced from dairy products such as milk and cream together with sugars, flavorings, and stabilizers. It is churned and frozen to achieve a smooth and creamy consistency. Traditionally, vanilla, chocolate, and strawberry were the most popular flavors, but today, ice cream is available in a wide range of tastes including exotic flavors, dairy-free alternatives, and premium artisan mixes.

It is widely utilized in the food service business, appearing as a principal product or an ingredient in sundaes, milkshakes, and ice cream cakes at restaurants, cafes, and fast-food establishments. Ice cream’s adaptability allows it to be combined with a wide range of tastes, toppings, and sauces making it a vital ingredient for confectionery and dessert manufacturers.

The ice cream market is predicted to continue to evolve as functional and fortified ice creams become more popular. These goods may include additional nutrients, probiotics, or additives that promote health benefits which aligns with the expanding trend of functional foods. Sustainability will also play an important role in the industry’s future, as more companies implement eco-friendly packaging and sourcing procedures to suit consumer demand for ecologically sensitive products.

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Will the Rise in the Convenience Meal Preferences of Millennials Drive the Ice Cream Market?

The surge in convenience meal preferences among millennials is an important driver for the ice cream business, reflecting shifting living patterns and evolving consumer habits. According to research from the United States Department of Agriculture (USDA), millennials spend 55% less time preparing meals than Generation X. According to the National Restaurant Association’s 2023 State of the Restaurant Industry study, 63% of millennials prioritize the availability of takeaway and delivery alternatives when making food decisions.

The Food and Agriculture Organization (FAO) forecasts that single-serve ice cream products will expand by 18% in 2023 compared to the previous year, reflecting millennials’ penchant for on-the-go eating. According to the National Confectioners Association’s poll, 72% of millennial ice cream buyers desire to explore new and exotic tastes. This choice has resulted in a 22% increase in premium ice cream sales in 2023, according to the International Dairy Federation. The health-conscious trend among millennials is also influencing the market with the World Health Organization predicting a 15% year-over-year growth in consumption of low-fat and plant-based ice cream alternatives by 2023.

Will the Higher Prices Hamper the Ice Cream Market?

Higher pricing may offer a challenge to the ice cream market, especially in price-sensitive areas or among consumers with little disposable money. Rising production expenses such as ingredients, packaging, and shipping can result in price rises for ice cream products. Inflation, for example, might have an even greater impact on pricing. Because ice cream is sometimes considered a discretionary or luxurious purchase, major price increases may cause some consumers to limit their intake or migrate to less expensive alternatives such as private-label or locally manufactured brands.

Higher prices on the ice cream market may be offset by increased demand for premium and artisanal ice creams. Brands that distinguish themselves by creative flavors, healthier ingredients (such as low-sugar or plant-based choices), or eco-friendly packaging may persist despite price hikes. While overall consumption may decline due to rising prices, there may be a trend toward premiumization, in which a part of the market continues to grow as customers seek value in terms of product quality and experience rather than just price.

Category-Wise Acumens

Will Versatility and Cost-Effectiveness Drive Growth in the Type Segment?

Buckets/tubs are dominant because of their versatility and low cost, especially for families or big parties. Buckets or tubs provide bigger volumes at a lower cost per serving making them an affordable option for families. These formats are also popular for home consumption due to their ease of storage and sharing. The convenience of purchasing bigger servings of ice cream combined with the great variety of flavors available in tubs has contributed to their market dominance.

Buckets/tubs enable firms to meet expanding consumer desires for indulgence, premium ingredients, and specialized flavors by providing additional areas for branding and showing quality. They also meet the growing demand for healthier options such as low-fat, low-sugar, or dairy-free ice cream which are typically provided in larger containers to provide greater variety. While bars and single-serve formats are popular for on-the-go consumption, the trend to at-home indulgence, particularly following the pandemic has cemented tubs’ position as the market’s main segment.

Will Consumer Trust and Satisfaction Drive the Distribution Channel Segment?

The store-based distribution channel, particularly supermarkets and hypermarkets continues to dominate the ice cream business. These stores offer a diverse range of brands, tastes, and product quantities, giving customers plenty of options. Supermarkets and hypermarkets profit from big-scale operations which enable them to maintain competitive pricing and appealing promotions that attract a huge number of customers. Furthermore, the cold storage capabilities of these businesses ensure that ice cream is correctly stored, preserving product quality which is critical for consumer trust and happiness.

Non-store-based channels such as e-commerce platforms and direct-to-consumer models are gaining traction, particularly with the advent of online shopping and food delivery services. While these channels now have a smaller market share, they are expanding rapidly due to changing consumer desires for convenience. Busy lifestyles and the demand for home delivery have led to an increase in online ice cream purchases.

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Country/Region-wise Acumens

Will Increasing Consumer Demand for Low-Sugar and Sugar-Free Ice Creams Drive the Market in the Asia Pacific Region?

The Asia Pacific ice cream market is primarily driven by rising consumer demand for healthier alternatives, specifically low-sugar and sugar-free ice creams. This trend is particularly strong due to expanding health consciousness, rising diabetes prevalence, and shifting food choices throughout the region’s diverse and populous marketplaces. Several crucial facts show that demand for healthy ice cream varieties is increasing. According to the World Health Organization (WHO), the prevalence of diabetes in the Western Pacific region which includes much of Asia is anticipated to rise by 27% by 2030, to 212 million people.

Government programs promoting healthy eating habits add to the trend’s momentum. For example, Singapore’s Health Promotion Board implemented the Healthier Choice Symbol initiative, resulting in a 25% rise in certified low-sugar ice cream products by 2023. In India, the Food Safety and Standards Authority of India (FSSAI) reported a 20% increase in product registrations for sugar-free and low-sugar ice creams during fiscal year 2023-24. According to the Australian Bureau of Statistics, 68% of Australian adults actively strive to restrict their sugar intake which has contributed to an 18% increase in the low-sugar ice cream market. Furthermore, market innovation is fueling this trend; the Korean Food Research Institute reports that patents for low-sugar ice cream recipes in South Korea grew by 35% in 2023.

Will the Increasing Air Travel Demand and Escalating Investments in Airport Infrastructure Drive the Market in the North American Region?

The North American ice cream business is expanding rapidly with the airport and travel retail sectors seeing the most development as a result of rising air travel demand and significant investments in airport infrastructure. This rapid expansion is being fueled by the region’s thriving tourism business and the growing tendency to consider ice cream as a premium, on-the-go delight for travelers. According to the United States Bureau of Transportation Statistics, domestic air travel passengers in the United States will reach 785 million in 2023, up 12% from the previous year.

The FAA’s Airport Improvement Program awarded USD 3.18 Billion in 2023 to airport development projects around North America, several of which included concession area improvements. This investment pattern is paralleled in Canada, where the Canadian Airports Council reports that airports will invest CAD 10 billion in infrastructure enhancements over the next five years. These enhancements frequently involve expanded food and beverage selections which benefits ice cream vendors.

Competitive Landscape

The Ice Cream Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the ice cream market include:

  • Unilever PLC
  • American Dairy Queen Corporation
  • Wells Enterprises
  • Nestlé SA
  • Blue Bell Creameries
  • General Mills, Inc.
  • Inspire Brands, Inc. (Baskin Robbins)
  • Cold Stone Creamery
  • Danone S.A.
  • NadaMoo

Latest Developments

Ice Cream Market Key Developments And Mergers

  • In April 2024, Unilever’s Magnum brand debuted the Magnum Pleasure Express, a trio of mood-inspired ice cream flavors that mark a considerable departure from the brand’s previous offerings.
  • In April 2024, Cold Stone Creamery released a limited-time product dubbed the Waffle Ice Cream Taco which will be offered exclusively at its stores nationwide. This one-of-a-kind concoction combines Sweet Cream Ice Cream with a freshly cooked waffle taco shell, coated in rich chocolate and topped with crunchy peanuts.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~4.41% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Type
  • Chain
  • Distribution Channel
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Unilever PLC, American Dairy Queen Corporation, Wells Enterprises, Nestlé SA, Blue Bell Creameries, General Mills, Inc., Inspire Brands, Inc. (Baskin Robbins), Cold Stone Creamery, Danone S.A., NadaMoo

Customization

Report customization along with purchase available upon request

Ice Cream Market, By Category

Type:

  • Bars
  • Buckets/ Tubs
  • Floats
  • Others

Chain:

  • Lactose-Free
  • Low-Fat
  • Low Calorie
  • Others

Distribution Channel:

  • Store-Based
  • Non-Store-Based

Region:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Verified Market Research

Research Methodology of VMR

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.
• Provision of market value (USD Billion) data for each segment and sub-segment.
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled.
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis.
• Provides insight into the market through Value Chain.
• Market dynamics scenario, along with growth opportunities of the market in the years to come.
• 6-month post-sales analyst support.

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

Frequently Asked Questions

Key players leading in the market include Blue Bell Creameries, Nestlé, Unilever, General Mills, Inc., Mars, Inc., Amul, Havmore, Vadilal, Lotte Confectionery Co., Ltd, and Amy’s Ice Cream.

The increasing demand for indulgent and premium products is the primary factor driving the ice cream market. Consumers seek innovative flavors, healthier options like low-fat or non-dairy varieties, and high-quality ingredients. Additionally, growing disposable incomes and expanding retail channels including online platforms are boosting the accessibility and consumption of ice cream worldwide.

The ice cream market is estimated to grow at a CAGR of 4.41% during the forecast period.

The ice cream market was valued at around USD 90.46 Billion in 2024.

The sample report for the Ice Cream Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

TABLE OF CONTENT

1 INTRODUCTION OF GLOBAL ICE CREAM MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL ICE CREAM MARKET OVERVIEW
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis

5 GLOBAL ICE CREAM MARKET, BY TYPE
5.1 Overview
5.2 Bars
5.3 Buckets/ Tubs
5.4 Floats
5.5 Others

6 GLOBAL ICE CREAM MARKET, BY CHAIN
6.1 Overview
6.2 Lactose-Free
6.3 Low-Fat
6.4 Low Calorie
6.5 Others

7 GLOBAL ICE CREAM MARKET, BY DISTRIBUTION CHANNEL
7.1 Overview
7.2 Store-Based
Supermarkets and Hypermarkets
Convenience Stores
Specialty Stores
Others
7.3 Non-Store-Based

8 GLOBAL ICE CREAM MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa

9 GLOBAL ICE CREAM MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies

10 COMPANY PROFILES

10.1 Nestlé (Switzerland)
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments

10.2 Unilever (UK)
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments

10.3 General Mills, Inc. (US)
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments

10.4 Blue Bell Creameries (US)
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments

10.5 Mars, Inc. (US)
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments

10.6 Amul (India)
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Development

10.7 Havmore (India)
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments

10.8 Vadilal (India)
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments

10.9 Lotte Confectionery Co., Ltd (South Korea)
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments

10.10 Amy’s Ice Cream (US)
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments

11 Appendix
11.1 Related Research

Report Research Methodology

Research methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

expert data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

PerspectivePrimary ResearchSecondary Research
Supplier side
  • Fabricators
  • Technology purveyors and wholesalers
  • Competitor company’s business reports and newsletters
  • Government publications and websites
  • Independent investigations
  • Economic and demographic specifics
Demand side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customer

Econometrics and data visualization model

data visualiztion model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

  • Market drivers and restraints, along with their current and expected impact
  • Raw material scenario and supply v/s price trends
  • Regulatory scenario and expected developments
  • Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

  • Established market players
  • Raw data suppliers
  • Network participants such as distributors
  • End consumers

The aims of doing primary research are:

  • Verifying the collected data in terms of accuracy and reliability.
  • To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysisQuantitative analysis
  • Global industry landscape and trends
  • Market momentum and key issues
  • Technology landscape
  • Market’s emerging opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2027
  • Market revenue estimates and forecasts up to 2027, by technology
  • Market revenue estimates and forecasts up to 2027, by application
  • Market revenue estimates and forecasts up to 2027, by type
  • Market revenue estimates and forecasts up to 2027, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

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