Ice Cream Market Size Worth $114.7 Billion by 2030 at CAGR of 4.2%: Grand View Research, Inc.

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Apr 13, 2022, 08:00 ET

SAN FRANCISCO , April 13, 2022 /PRNewswire/ -- The global ice cream market size is expected to reach USD 114.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 4.2% from 2022 to 2030. The growth is attributed to the rising demand for premium ice cream products. The manufacturers in the foodservice sector are incorporating a variety of ice cream flavors and products into their menus to cater to a larger customer base. This trend is anticipated to further fuel the growth of the market.

Key Insights & Findings from the report:

In terms of type, the vegan segment is expected to showcase rapid growth in the market with a CAGR of 9.0% from 2022 to 2030. The growing demand for healthy and dairy-free alternatives and an increasing number of product launches with innovative flavors are expected to attribute to the growth.
The retail channel dominated the global market for ice creams with a revenue share of over 73.0% in 2021. Major industry players are opening new stores to cater to a larger number of customers. For instance, according to the statistics provided by the company website, the Costco Wholesale Corporation planned to open a new store in Dallas, Georgia, the U.S. in the spring of 2021.
The Asia Pacific region is expected to register the fastest CAGR during the forecast period. Countries such as China, Australia, New Zealand, and India are expected to witness a rapid surge in the consumption of ice cream. Furthermore, the increasing middle-income population and rising purchasing power in the region are factors expected to boost the sales of premium products like vegan ice cream.

Read 80-page market research report, "Ice Cream Market Size, Share & Trends Analysis Report By Product (Bars & Pops, Cups & Tub), By Type (Dairy & Water-based, Vegan), By Flavor (Chocolate, Vanilla, Fruit), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Ice Cream Market Growth & Trends

The demand for lactose-free ice cream is also expected to contribute to market growth during the forecast period. The market is driven by an increase in the cases of food intolerances and allergies. Consumers suffering from lactose intolerance prefer dairy-free and vegan ice creams. Health-conscious consumers also prefer these variants to meet their demand for healthy foods.

In terms of product, the bars & pops segment is expected to register the second-highest CAGR during the forecast period. A significant rise in product launches by well-established players across the globe is expected to fuel the demand for bars and pops. For instance, White Rabbit, a leading brand in Shanghai launched a pack of five pieces of ice cream candies and bars with natural and high-quality milk ice cream candies packaged in a retro box. Such product developments are expected to boost the demand for ice cream bars and provide a fillip to the segment.

The retail distribution channel segment contributed the largest revenue share of the global market in 2021. Most of the products launched by companies are debuted at big supermarkets such as Walmart, Tesco, and Kroger due to their large customer base. According to the article published in The Grocer in March 2021, brands such as Twister Peek-a-Blue, Guud Passion Fruit, Cornetto Go have been launching their products in supermarkets every summer.

The key players already have a large consumer base, strong brand recognition, and vast distribution networks with brand loyalty among consumers across the globe, all of which will favor these companies in the global market.

Ice Cream Market Segmentation

Grand View Research has segmented the global ice cream market based on product, type, flavor, distribution channel, and region:

Ice Cream Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

Bars & Pops
Cups & Tubs
Others

Ice Cream Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

Dairy & Water-based
Vegan

Ice Cream Market - Flavor Outlook (Revenue, USD Million; 2017 - 2030)

Chocolate
Vanilla
Fruit
Others

Ice Cream Market - Distribution Channel Outlook (Revenue, USD Million; 2017 - 2030)

Foodservice
Retail

Ice Cream Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.

Europe

Germany
U.K.
France

Asia Pacific

China
Japan
India

Central & South America

Brazil

Middle East and Africa

South Africa

List of Key Players in the Ice Cream Market

Unilever
Inspire Brands, Inc.
General Mills, Inc.
Kwality Wall's
American Dairy Queen Corporation
Nestlé
Blue Bell Creameries
Cold Stone Creamery
Danone S.A.
NadaMoo

Check out more related studies published by Grand View Research:

U.S. Frozen Dessert Market - The U.S. frozen dessert market size is expected to reach USD 82.00 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2021 to 2028. The market is highly dynamic as a large number of international and domestic companies can be seen competing for their share. Players are continually innovating and experimenting with new ingredients and flavors to ensure there is something for everyone. One of the most popular consumer preference that has emerged as a significant trend in the industry is the demand for low-calorie and low-sugar options.
Artisanal Ice Cream Market - The global artisanal ice cream market size is expected to reach USD 9.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% over the forecast period. Increasing desert consumption and rising adoption of natural and organic sweet dishes are projected to remain prominent trends in the market.
Soy Dessert Market - The global soy dessert market size is expected to reach USD 90.2 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.2% over the forecast period. Growing awareness about the health benefits, rising lactose intolerance, and shifting trends to healthy sweets are expected to drive the market in the forecast period.

Browse through Grand View Research's Consumer F&B Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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