Ice Cream Market Share, High Demand, Industry Growth Expected to Reach USD 91.90 Billion by 2027, Right Time to Invest says Fortune Business Insights
The
global ice
cream market size is anticipated to showcase eminent growth owing to the
constant product innovation from major players, observes Fortune Business
Insights™ in its report, titled, “Ice
cream Market Size, Share & COVID-19 Impact Analysis, By Type (Impulse Ice
cream and Take Home), Flavor (Vanilla, Chocolate, Fruit, and Others), Packaging
(Cup, Cone, Stick, Brick, Tub, and Others), Distribution Channel
(Hypermarket/Supermarket, Ice cream Parlor, Online Retailer, and Others), and
Regional Forecast, 2020-2027.” The market
size reached USD 70.85 billion in 2019 and is anticipated to reach USD 91.90
billion by 2027, exhibiting a CAGR of 4.01% during the forecast period.
Traveling
Restrictions to Have Adverse Impact on Businesses amid COVID-19
The
COVID-19 pandemic has had a drastic impact on the global economy. Nationwide
lockdowns and traveling restrictions have disrupted the global supply chain,
negatively impacting businesses across the globe. Countries across the world
are constantly working on addressing the challenges that have arisen during the
crisis. At Fortune Business Insights, we are constantly analyzing these
challenges in order to provide feasible solutions.
List
of Key Manufacturers Operating in the Market:
•
Nestle
S.A. (Vevey, Switzerland)
•
Unilever
Group (London, United Kingdom)
•
General
Mills (Minnesota, United States)
•
Dunkin
Brands (Canton, United States)
•
Blue
Bell Creameries (Texas, United States)
•
Dairy
Queen (Edina, United States)
•
Cold
Stone Creamery (Arizona, United States)
•
Amul
(Gujarat, India)
•
Ben
& Jerry (Vermont, United States)
•
Dairy
Farmers of America, Inc. (Kansas, United States)
•
Others
Browse Summary of This Research Report:
https://www.fortunebusinessinsights.com/ice-cream-market-104847
Highlights
of the Report:
While
making the report, we segmented the market on the basis of product, type,
consumption, distribution channel, and region. Based on the segmentation, we
made a list of companies and conducted a detailed analysis of their financial
positions, product portfolios, and growth strategies. Our next step included
the study of core competencies of key players and their market share to
anticipate the degree of competition. The bottom-up procedure was conducted to
arrive at the overall size of the market.
Drivers
& Restraints-
Increasing
Use of Functional Ingredients in Products to Drive Growth
Prominent
enterprises are expanding their resources in research and development activities
to offer options that include healthy and functional ingredients for optimum
nutrition. This is due to the increasing health awareness among consumers
globally. This trend is estimated to drive the ice cream market growth. In
addition, the increasing adoption of premiumized ice creams made from rich
ingredients is anticipated to further enhance growth. However, the seasonal
nature of the primary product is projected to hinder growth during the forecast
period.
Segment-
Premium Vanilla Extracts to Drive Segment Growth
On the basis of flavor, the vanilla segment
dominates the market with a total share of 30.22%. The increasing expenditure
on premium quality vanilla-flavored products from these companies due to the
high demand of the flavor is predicted to drive the segment growth. On the
basis of type, the impulse segment is projected to rise at a considerable ice
cream market share stoked by innovation and consumer-oriented packaging.
Regional
Insights-
Rapid
Urbanization to Help Asia Pacific Gain Prominence
Asia
Pacific is estimated to dominate the global ice cream market with a market
value of USD 15.43 billion in 2019. The increasing disposable income and rapid
urbanization in major countries including China, India, and Japan are estimated
to drive the growth in the region. In addition, the rising popularity of fast
food in the region is estimated to enhance the demand in Asia Pacific.
The
market in North America is projected to exhibit significant growth in the
forecast timeline. A wide range of fast-food chains, coupled with the
increasing demand for natural products is set to further propel the need for
ice-creams in the region.
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Competitive
Landscape-
Introduction
of New Products to Aid Key Players Expand their Product Lines
The
global ice cream industry comprises various producers and multinational
corporations contributing to the development of the industry. Key players are
focusing on innovative product launches in order to expand their businesses, as
well as their product portfolios. For Instance, in January 2021, Unilever Group announced
the launch of a double red velvet variant under its Magnum brand. This helped
the company expand its product line.
Industry
Developments-
October
2020: Amul announced the
launch of a new camel milk ice cream. The product is made from 100 percent
camel milk, and it is said to be good for health-conscious consumers as it
contains less fat than cow milk.
July 2020 –
Mother Dairy, one of the leading dairy players in India, introduced a brand named
Rocket, with two exciting flavors of French Vanilla and Belgian
Chocolate.
June 2020: Dairy
Day launched Dairy Day Plus — a range of ice creams with immunity-boosting
ingredients.
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