Pune, India, Feb. 21, 2021 (GLOBE NEWSWIRE) -- 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.
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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.
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List of Top Manufacturers Operating in the Ice Cream 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)
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.
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.
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Top Regional Insights-
Rapid Urbanization to Help Asia Pacific Gain Prominence
Asia Pacific is estimated to dominate the global 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.
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.
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.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview on the Ice Cream Market
- Supply Chain Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and
- New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities Due to COVID-19
- Global Ice Cream Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Impulse Ice Cream
- Take Home
- By Flavour (Value)
- By Packaging (Value)
- By Distribution Channel (Value)
- Ice Cream Parlour
- Online Retailer
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type (Value)
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