Ice Cream Market Size, Share, Trends and Industry Report | 2032

Ice Cream Market

Ice Cream Market Outlook

According to the report by Expert Market Research (EMR), the global ice cream market size attained a value of USD 83.24 billion in 2023. Aided by the growing consumer preference for indulgent treats and the increasing availability of innovative flavors and product varieties, the market is projected to grow at a CAGR of 4.3% between 2024 and 2032, reaching a value of USD 121.94 billion by 2032

Ice cream is a widely popular frozen dessert, made from dairy or plant-based ingredients, that comes in a variety of flavors, textures, and forms. It is consumed across different demographics and age groups due to its versatile appeal as a snack, dessert, or refreshment. Beyond its traditional role as a treat, ice cream also plays a role in promoting emotional well-being, as many consumers associate it with comfort and indulgence. The market is characterized by an ever-expanding range of options, including low-fat, sugar-free, and dairy-free variants to cater to shifting dietary preferences.

Key Market Drivers

The growing demand for indulgent and premium products is a major driver of the global ice cream market. Consumers are increasingly willing to pay for high-quality ice creams that provide a more indulgent experience, particularly those made from natural ingredients and featuring innovative flavors. As disposable incomes rise globally, particularly in emerging markets, the demand for premium ice cream products has seen significant growth. Furthermore, the expanding middle class in countries such as India and China has contributed to the proliferation of luxury ice cream brands in these regions.

In addition to premium offerings, the market is also witnessing a surge in demand for healthier alternatives. With growing awareness of health and wellness, there is an increasing demand for ice cream that is low in sugar, fat, or calories, as well as plant-based options. Vegan and lactose-intolerant consumers are driving the market for dairy-free ice creams, which are often made from almond milk, coconut milk, soy, or oat milk. These products are gaining popularity due to the rising trend of plant-based diets and the increasing focus on sustainability.

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Product Innovation and Flavor Diversity

The introduction of new flavors and the incorporation of unique ingredients is another major factor driving the growth of the global ice cream market. Manufacturers are constantly experimenting with innovative flavors and textures to cater to changing consumer preferences. Traditional flavors like vanilla, chocolate, and strawberry remain popular, but there is a growing interest in exotic and unusual flavors, such as matcha, lavender, salted caramel, and even savory varieties like cheese and bacon. This has allowed companies to differentiate themselves in a highly competitive market and capture consumer interest.

In addition to flavor innovation, manufacturers are focusing on the development of new formats and textures, including ice cream sandwiches, mochi ice creams, and bite-sized options. These convenient and on-the-go formats have gained popularity, particularly among younger consumers, and have contributed to the growth of the overall market.

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Ice Cream Market Segmentation

The global ice cream market can be divided based on flavour, category, product type, end-use, sales channel, and region.

Market Breakup by Flavour

  • Chocolate
  • Fruit
  • Vanilla
  • Others

Market Breakup by Category

  • Impulse Ice Cream
  • Take-Home Ice Cream
  • Artisanal Ice Cream

Market Breakup by Product Type

  • Cup
  • Stick
  • Cone
  • Brick
  • Tub
  • Others

Market Breakup by End-Use

  • Food Service
  • Retailers

Market Breakup by Sales Channel

  • Supermarkets and Hypermarkets
  • Convenience Stores
  • Ice Cream Parlours
  • Hotels and Restaurants
  • Online
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ice cream market. Some of the major players explored in the report by Expert Market Research are as follows:

  • Unilever plc
  • General Mills, Inc.
  • Ashby’s Ice Cream
  • Tillamook County Creamery Association
  • 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
  • Danone S.A.
  • Others

Challenges Facing the Ice Cream Industry

Despite the positive outlook, the global ice cream market faces several challenges. One of the main obstacles is the seasonality of demand, with higher sales during the warmer months and reduced demand in colder seasons. This fluctuating demand poses a challenge for manufacturers in terms of maintaining consistent production and supply chain operations.

Furthermore, the increasing focus on health and wellness has led to concerns about the high sugar and fat content in traditional ice creams. As consumers become more health-conscious, manufacturers are being pressured to reformulate their products to align with healthier standards without compromising on taste or texture. This has led to increased research and development (R&D) costs as companies invest in creating lower-calorie, sugar-free, and vegan options.

Sustainability is another critical issue for the ice cream industry, particularly with regard to packaging. As consumers become more environmentally conscious, there is growing demand for sustainable packaging solutions, such as biodegradable or recyclable materials. Ice cream companies are under pressure to address these concerns while maintaining the quality and freshness of their products.

Future Outlook and Trends

Looking forward, the global ice cream market is expected to witness steady growth, driven by evolving consumer preferences and continuous innovation in flavors, formats, and ingredients. The demand for premium and indulgent products will continue to grow, while health-conscious consumers will drive the demand for low-sugar, low-fat, and plant-based alternatives.

Sustainability will also play a crucial role in shaping the future of the ice cream industry. Companies that prioritize eco-friendly packaging and sustainable sourcing of ingredients are likely to gain a competitive edge in the market. Moreover, the ongoing development of functional ice creams, offering additional health benefits such as probiotics or enhanced nutritional content, is expected to attract health-conscious consumers.

The rise of digital platforms and e-commerce is likely to remain a key factor in shaping the distribution landscape of the ice cream market. As more consumers opt for online shopping and home delivery, companies will need to adapt their supply chains to ensure the timely and efficient delivery of frozen products.

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