Ice Cream Market Worth $97.3 Billion, by 2023 at 5.4% CAGR, Says AMR
PORTLAND, Oregon, January 24, 2019 /PRNewswire/ --
High demand for ultra-premium ice creams, rise in disposable income of consumers, proliferation of online food delivery platforms, and increase in inclination toward lactose-free ice creams are expected to propel the growth of the global ice cream market
Allied Market Research recently published a report, titled, Ice Cream Market by Sales Type (Impulse Ice Cream, Take-home Ice Cream, and Artisanal Ice Cream): Global Opportunity Analysis and Industry Forecast, 2017 - 2023. The report offers extensive analyses of the key winning strategies, industry dynamics, market size & estimations, top investment pockets, and competitive landscape. As per the report, the global ice cream market garnered $70.8 billion in 2017, and is estimated to reach $97.3 billion by 2023, growing at a CAGR of 5.4% from 2017 to 2023.
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High demand for ultra-premium ice-cream products consisting high-quality ingredients, surge in the number on online food delivery platforms, and increase in preference for lactose-free ice cream drive the growth of the market. However, growing health consciousness among consumers to curb sugar consumption and increasing incidence of lactose intolerance worldwide are expected to hinder the market growth. Conversely, expansion of retail channels such as hypermarkets, supermarkets, convenience stores, and grocery stores coupled with expansion of the cold storage industry would provide lucrative opportunities to the market.
Take-home ice cream segment to dominate, artisanal segment to register fastest growth by 2023
Among sales types, the take-home segment held the largest share in 2017, accounting for almost three-fifths of the total revenue in 2017. This segment is expected to retain its dominance through 2023 due to the growing preference for take-home ice creams as a snack in Western Europe and North America and innovations in packaging for more convenience, storage and longevity. However, the artisanal segment is projected to register the fastest CAGR of 5.7% from 2017 to 2023 due to rise in demand for handmade ice creams containing high quality ingredients, and surge in the number of artisanal franchisees, especially in the emerging economies. Furthermore, impulse ice cream segment is projected to witness steady growth during the study period.
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Europe to accrue highest revenue, Asia-Pacific to grow the fastest through 2023
The ice cream market in Europe contributed more than one-third of the total market share in 2017 and is projected to retain its lion's share through 2023. This is on account of the increase in off-season sales, rise in availability of premium offerings, and growing trend of eating ice cream as a snack. However, the Asia-Pacific region would register the highest CAGR of 6.5% from 2017 to 2023 due to the growing demand for innovative products in the Asia-Pacific countries such as India and China owing to the expansion of the retail sector and increase in disposable income. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
Key industry players
The key market players analyzed in the report include Unilever Group Nestle S.A., General Mills, Inc., Mars, Blue Bell Creameries, Lotte Confectionery, Wells Dairy Inc., Turkey Hill, Mihan Dairy Inc., and Meiji Holdings Co. Ltd. New product launches, joint ventures, expansions, mergers & acquisitions, partnerships, collaborations, and others are some of the strategies implemented by these players to gain a lead position in the industry.
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