Ice Creams Market By Type (Impulse and Take Home), By Flavour (Vanilla, Chocolate, Fruit, and Others), By Packaging (Cup, Cone, Stick, Brick, Tub, and Others), By Distribution Channel (Hypermarket/Supermarket, Ice cream Parlour, Online Retailer, and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Ice Creams Market size is projected to reach a CAGR of 5.0% from 2023-2030.
Ice cream is a dairy product, which is sweetened with either natural sugar or artificial sweeteners. Various ice creams are provided by the companies present in the market, including hard ice cream, soft ice cream, light ice cream, low-fat ice cream, and others. Summer is an undisputed season for the consumption of ice cream and related products.
The ice cream market across the globe is majorly driven by product innovations, especially in terms of taste profile and nutritional value. There is also a rise in demand for premium ice creams, which will be one of the primary factors driving the market growth. Premium ice creams have become a popular product among health-conscious consumers due to the presence of high-quality ingredients and a lower amount of aeration compared to regular ice creams.
On the other hand, ice cream is a frozen dairy product and is bound to spoil in a limited time (usually in 2-3 months), but if it is not stored properly, it can spoil within a few days. The product stored in a stale storage atmosphere will usually develop a foul smell and microorganisms. It can also pick absorbed volatile flavours from the storage environment such as paint and ammonia. So, the high storage cost of the product is expected to hamper the market growth.
The ice cream industry suffered during COVID-19 due to supply chain disruptions, majorly owing to the logistical restrictions on trucking and shipping that impacted ice cream sales. Furthermore, the shortage of the large labour force needed in the manufacturing units and the break of on-premise sales through speciality stores, supermarkets, and convenience stores due to the subsequent lockdowns and the closure of retail stores further affected the market sales. Despite witnessing a major hit due to the pandemic, several companies reported that the industry is facing a major boost in the take-home consumption segment by the end of 2020.
High-end ice creams made with top-notch ingredients and containing less air have emerged as a preferred choice for health-conscious customers who value quality over quantity and due to this it is a primary factor for driving the growth of the market. However, being a frozen dairy product, ice cream is perishable and prone to spoilage, usually within 2-3 months, unless it is stored properly. If not stored under appropriate conditions, it can spoil in just a matter of days, developing unpleasant odours and harbouring harmful microorganisms. Moreover, ice cream can absorb volatile flavours from the storage environment, including but not limited to paint and ammonia, thereby affecting its taste and quality.
Asia Pacific to Dominate the Market