Ice Cream Market Size, Share, Trends, Growth, Types, Analysis 2032

Ice Cream Industry Prospective:

The global ice cream market size was evaluated at $72 billion in 2023 and is slated to hit $105 billion by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.

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Ice Cream Market: Overview

Ice cream is a dairy item which is sweetened by making use of either artificial sweeteners or natural sugar. Furthermore, various kinds of ice-creams are offered by firms established in various parts across the globe. Ice cream is available in various forms such as light ice cream, hard ice cream, low-fat ice cream, and soft ice cream. Reportedly, ice cream is consumed largely during the summer season.

Key Insights

• As per the analysis shared by our research analyst, the global ice cream market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the global ice cream market size was evaluated at nearly $72 billion in 2023 and is expected to reach $105 billion by 2032.
• The global ice cream market is anticipated to grow rapidly over the forecast timeline owing to a surge in the ice cream parlors in the emerging economies.
• In terms of product type, the stick/bars segment is slated to register the highest CAGR over the forecast period.
• Based on flavor type, the chocolate segment is predicted to lead the segmental space in the upcoming years.
• Based on category, the dairy-based segment is predicted to record the fastest CAGR in the ensuing years.
• Based on distribution channel, the store-based segment is projected to dominate the segmental sphere in the years ahead.
• Region-wise, the North American ice cream industry is projected to register the fastest CAGR during the projected timespan.

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Ice Cream Market: Growth Factors

Surge in the intake of the product by consumers to boost the global market elevation by 2032

Growing customer preference for frozen desserts is likely to spearhead the growth of the global ice cream market. In addition to this, thriving organized retail activities is anticipated to favorably impact the ice cream sales globally. Apart from this, a surge in the ice cream parlors in the emerging economies will uplift the global market expansion. Rise in the availability of ice creams in the specialty retail stores and hypermarkets will drive the global market trends. Launching of new ice cream flavors will provide impetus to the expansion of the global market. An increase in the promotions of the product on social media will spur the growth of the market globally in the upcoming years. For instance, in first half of 2022, Unilever declared the launching of new vegan ice cream under its new product line referred to as magnum in Germany.

Ice Cream Market: Restraints

Fluctuating costs of the raw materials can hinder the expansion of the industry globally over 2024-2032

Changing costs of raw components along with rise in the milk costs can restrict the growth of the ice cream industry globally. A rise in the operational costs and manufacturing costs as well as labor costs can pose a huge threat to the growth of the global industry.

Ice Cream Market: Opportunities

A surge in the consumption of artisanal ice cream to open a slew of growth opportunities for the global market

An increase in the demand for artisanal ice cream among consumers is likely to open new avenues of growth for the global ice cream market. Furthermore, ice creams are considered as delicate and consumers purchase it based on their impulsive consumer behavior. Hence, ice cream manufacturers tap this behavior of customers for increasing their sales.

Ice Cream Market: Challenges

Less raw material supply can impede the growth of the global industry over forecast timeline

Lack of raw material supply and changing government policies related to ice cream production along with ban on the use of colors in ice creams can diminish the growth of the global ice cream industry. Growing chanced of throat infections due to large consumption of ice cream can put brakes on the expansion of the industry across the globe.

Ice Cream Market: Segmentation

The global ice cream market is sectored into product type, flavor type, category, distribution channel, and region.

In product type terms, the ice cream market across the globe is segregated into sticks/bars, tubs & bricks, cones & cups, and others segments. Furthermore, the sticks/bars segment, which acquired nearly 57% of the global market earnings in 2023, is likely to record the highest CAGR in the ensuing years. The progression of the segment in the analysis timeline can be due to easy access to ice cream bars made through freezing of sugar water, puree, and fruit juice. Moreover, ice cream bars or ice cream sticks are available in various flavors such as buko, orange, avocado, mango, and grapes.

Based on the flavor type, the global ice cream industry is sectored into chocolate, blends, vanilla, tutti-frutti, and others segments. Additionally, the chocolate segment, which garnered a major share of the global industry in 2023, is expected to lead the segment in the next decade. The segmental expansion during the period from 2024 to 2032 can be due to rise in the intake of chocolate flavored ice cream as smoothies.

In terms of category, the ice cream market across the globe is divided into dairy-based and non-dairy-based segments. Furthermore, the dairy-based segment, which acquired nearly 88% of the global market proceeds in 2023, is likely to record the fastest CAGR in the upcoming years. The progress of the segment in the projected timeframe can be due to growing intake of dairy products in developed as well as developing countries.

Based on the distribution channel, the global ice cream industry is sectored into store-based and non-store-based segments. Additionally, the store-based segment, which amassed a major share of the global industry in 2023, is predicted to lead the segment in the next few years. The segmental growth during the time-interval from 2024 to 2032 can be owing to rise in the sale of ice creams form supermarkets & hypermarkets.

Ice Cream Market: Report Scope

Ice Cream Market: Regional Insights

Europe is projected to maintain the leading position in the global ice cream market in the forecast period

Europe, which accounted for nearly 38% of the global ice cream market revenue in 2023, is likely to be a leading continent in the coming seven years. In addition to this, the regional market elevation over the forecast timeline can be attributed to large-scale consumption in the countries such as Denmark, France, and Italy. Furthermore, Denmark is famous for its ice cream production in various flavors. Apart from this, presence of reputed ice cream manufacturers in Europe will upsurge the growth of the market in Europe 

North American ice cream industry is set to register the fastest cumulative growth rate in the forecast timespan. The expansion of the industry in North America can be due to increase in the availability of various flavors of ice creams such as mint chocolate dip and cookie dough in the countries such as the U.S. Moreover, large-scale demand for the product by children and youth will proliferate the industry size of the region.

Ice Cream Market: Competitive Space

The global ice cream market profiles key players such as:

• Nestle S.A.
• Turkey Hill
• Wells Dairy Inc.
• General Mills Inc.
• Meiji Holdings Co. Ltd
• Blue Bell Creameries
• Lotte Confectionery
• Mars
• Unilever Group
• Mihan Dairy Inc.

The global ice cream market is segmented as follows:

By Product Type

• Sticks/Bars
• Tubs & Bricks
• Cones & Cups
• Others

By Flavor Type

• Chocolate
• Blends
• Vanilla
• Tutti-Frutti
• Others

By Category

• Dairy-Based
•  Non-Dairy-Based

By Distribution Channel

• Store-Based
• Non-Store-Based

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa