• The ice cream market is analyzed by Allied Market Research in a study for the period 2020-2031.
The global ice cream market was valued at USD 68.052,20 million in 2020 and is expected to reach USD 122.051,10 million by 2031, growing at a CAGR (Compound Annual Growth Rate) of 5% from 2022 to 2031.
The analysis was carried out by Allied Market Research and was structured into three distinct segments: by product type (single portion ice cream, homemade ice cream, artisanal ice cream), by flavor (vanilla, chocolate, fruit, others), by distribution channel (supermarkets and hypermarkets, convenience stores, specialized stores, online store) and by region.
Gelateria products – enjoyed in any season
Ice cream is a favorite dessert of a wide range of consumers. If before summer was the undisputed season for the consumption of ice cream and related products, the growth of the ice cream industry and the existence of the multitude of variants of this product turn it into a constant presence in any season. The companies present in the market offer a variety of flavors and consistencies, constantly increasing their portfolio of gelato products to meet consumer demands.
According to Allied Market Research, the pandemic period had a negative impact on the profile market, due to supply chain disruptions and isolation restrictions, but the current trend is upward.
Manufacturers are continuously expanding their range of products using new ingredients, flavors and colors obtained from plants to align with the global trend. In addition, health-conscious customers prefer low-calorie, lactose-free, sugar-free and low-fat ice cream. If the health concerns associated with ice cream could limit the growth of the profile market, the demand for specific products such as lactose-free ice cream and the openness of manufacturers to offer this kind of products, tilts the balance towards the positive. Thus, the innovation of ice cream products leads to the growth and development of the market at the global level.
Market segments
Allied Market Research segments the global ice cream market by product type, flavor, distribution channel and region.
Based on product type, it divides the gelato market into: single serving ice cream, home ice cream and artisanal ice cream.
On the basis of flavor, the market is segmented into vanilla, chocolate, fruit, and others.
The distribution network is classified into supermarkets and hypermarkets, convenience stores, specialized stores (ice cream shops) and online stores.
The regions considered in the study are North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East and Africa).
The artisanal ice cream segment dominated the market with the highest CAGR of 5,2%. Single serving ice cream has proven to be the most profitable type of ice cream product in the global market as it is easy to transport and enjoys great popularity, especially among the younger generation.
There is also significant growth in the home ice cream segment, as it is preferred by consumers when they want a sweet treat in the comfort of their own home. It is predicted that until 2031 this segment will grow continuously, especially due to the diversification of the offers of ice cream manufacturers.
Vanilla in the top of preferences
Vanilla flavor dominated the gelato market with the highest CAGR (Compound Annual Growth Rate) of 5,6%, but also the highest market share. Vanilla ice cream is still at the top of preferences, being a traditional flavor sought after by consumers of all age groups.
Online sales, with a CAGR of 6,3%, saw the fastest growth in the global ice cream market. This is due to the increase in the use of the Internet and smartphones, but also the convenience of shopping at a click away. In addition, the online sales channel offers benefits such as discounts, loyalty points and free home delivery.
The growing European ice cream market
By region, Asia-Pacific dominated the market with the highest CAGR of 5,8% and is expected to register the highest growth rate due to high demand from rapidly developing economies such as India, China, and Indonesia. Australia is the most attractive market for ice cream manufacturers, as the gelato segment in Australia has a share of about 10% of the country's food industry. As for Europe, it is estimated that by 2031, the region's ice cream market will hold the largest share globally.
The top global manufacturers considered for the Ice Cream market report by Allied Market Research are Unilever Group, Nestle SA, General Mills Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill , Mihan Dairy Inc. and Meiji Holdings Co. Ltd.
Article written by Gabriela Dan, Editor of Arta Albă
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