Ice Cream Market Size, Share, Growth Outlook & Challenges, 2032

Market Overview

The global ice cream market size was valued at USD 76.11 billion in 2023 and is projected to grow from USD 79.08 billion in 2024 to USD 132.32 billion by 2032, exhibiting a CAGR of 6.65% during the forecast period. Moreover, the ice cream market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 28.56 billion by 2032, driven by high demand for frozen dairy desserts and the rising number of fast food chains and restaurants in the country. Asia Pacific dominated the ice cream market with a market share of 32.82% in 2023.

Ice Cream Market Share, Size, & Industry Analysis, By Type (Impulse and Take Home), By Flavor (Vanilla, Chocolate, Fruit, and Others), By Packaging (Cup, Cone, Stick, Brick, Tub, and Others), By Distribution Channel (Hypermarket/Supermarket, Ice cream Parlor, Online Retailer, and Others)

List of Key Players Profiled in the Report

• Nestle S.A. (Switzerland)

• Unilever Group (U.K.)

• General Mills (U.S.)

• Amul (India)

• Dunkin Brands (U.S.)

• Blue Bell Creameries (U.S.)

• Dairy Queen (U.S.)

• Dairy Farmers of America, Inc. (U.S.)

• Cold Stone Creamery (U.S.)

• CAMAL Ltd Company (Azerbaijan)

Segments:

By Type, Impulse Segment to Record Fastest CAGR during 2024-2032

Based on type, the market is bifurcated into impulse and take-home. The impulse segment dominated the market share in 2021, owing to the rising popularity of conveniently packaged products among consumers. On the other hand, the take-home segment will record notable growth through 2032.

By Flavor, Vanilla Segment to Capture Maximum Share through 2032

In terms of flavor, the market is divided into vanilla, chocolate, fruit, and others. Among these, the vanilla segment is slated to dominate the market during 2024-2032, led by the increasing popularity of the product. The chocolate segment is expected to hold the second-largest market share.

By Packaging, Cup Segment to Exhibit Stellar Growth over 2024-2032

On the basis of packaging, the market is segmented into cup, stick, cone, tub, brick, and others. The cup segment is anticipated to capture the dominant market share till 2032, led by the tremendous popularity of cup ice creams. The convenience associated with this type of packaging makes it extremely popular among consumers.

By Distribution Channel, Online Retailer Segment to Gain Traction through 2032

According to the distribution channel, the market is segregated into ice cream parlor, supermarket/hypermarket, online retailer, and others. Among these, the online retailer segment is projected to grow substantially owing to the growing trend of home delivery. The ease of convenience of online ordering will drive the growth of this segment.

Source: https://www.fortunebusinessinsights.com/ice-cream-market-104847

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.

• Comprehensive insights into regional developments.

• List of major industry players.

• Key strategies adopted by the market players.

• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

In response to growing consumer demand for healthier snacks, the ice cream industry is innovating beyond traditional recipes. By incorporating functional and fortified ingredients, brands are positioning ice cream as a nutritious option with benefits that extend beyond simple indulgence. While this strategy is set to drive market growth, companies must navigate the logistical challenges of a short shelf life and the sales fluctuations caused by seasonal demand.

Ice Cream Market Growth

A primary factor is "premiumization," as consumers increasingly seek high-quality, artisanal, and indulgent experiences. Simultaneously, the health and wellness movement has created a surge in demand for "better-for-you" options, including plant-based, dairy-free, low-sugar, and high-protein varieties.

Innovation is also crucial, with manufacturers introducing novel flavors and formats to attract adventurous palates. Furthermore, the expansion of online food delivery services has boosted accessibility and impulse purchases. As disposable incomes rise in emerging economies, these regions represent significant new frontiers for market growth. The industry's ability to balance classic indulgence with modern dietary preferences ensures a dynamic and promising future.

Regional Insights:

Asia Pacific to Dominate Market Share, led by Increasing Disposable Income

Asia Pacific dominated the ice cream market share in 2021 and is expected to grow at a 5.63% CAGR over the forecast period. Fast food's growing popularity, increased disposable income, rapid urbanization, and the influence of Western cuisine and culture have all boosted product consumption throughout Asia Pacific.

North America is expected to capture the second-largest share of the market. The growing number of fast-food chains in the region and the widespread use of natural ingredients in the creation of frozen dairy products are pushing the consumption.

The European market has evolved as major corporations have adjusted their product portfolios in response to consumer interest and demand. 

Competitive Landscape:

Market Players Focus on New Product Development and Launches to Strengthen Position

Leading companies, such as Nestle S.A., Unilever Group, and General Mills, are focusing on new product launches and collaborative ventures with key stakeholders for portfolio expansion and product marketing. For example, Unilever Group announced the launch of the Double Red Velvet variation under its Magnum brand in January 2021.

Key Industry Development:

February 2024: Unilever partnered with leading precision fermentation innovator Perfect Day to launch Breyers Lactose-Free Chocolate, which is composed of Perfect Day's dairy protein from fermentation in the U.S.