The Asia-Pacific ice cream market is expected to grow at a CAGR of X.X% during the forecast period to reach a value of USD XX million by 2023. China is the world’s largest ice cream market, having moved ahead of the United States. Rising disposable incomes, coupled with a shift in consumer preferences, drive the growth of this market. In 2014, the ice cream market in China was valued at USD 11.4 billion. The demand for artisanal ice creams is gradually increasing in the region. South Korea invented an ice cream based hangover cure called Gyeondyo-bar, which translates as “hang in there”.
Indulgence and an increase in urbanization drive the growth of this market. A rise in the demand for ice cream products from consumers above 50 years is another factor that also contributes to the growth. However, health concerns and infrastructure and supply chain issues pose a threat to the market. People suffering from lactose intolerance cannot eat ice creams, thus creating an opportunity for vendors to introduce lactose-free ice creams. The developing countries of the region would experience a high CAGR during the forecast period.
Asia-Pacific ice cream market is segmented by shape, type, and sales. By shape, the market is segmented into sticks, buckets, sundae, floats and frozen novelties. By sales, the market is discussed for impulsive ice cream, take-home ice cream and artisanal ice cream.
The Asia-Pacific ice cream market has been geographically segmented into China, Japan, India, Australia and others. China overtook the US as the world’s biggest ice cream market in 2014, for the first time. Rising incomes and an increasingly developed retail infrastructure and cold chain network are driving the growth of the ice cream market in China. India’s ice cream market is growing at a fast pace, with brands mostly dividing into one of the two camps of happiness or health. In 2015, the market value rose by around 17% in India.
The market for ice creams is highly fragmented due to the presence of many large and small scale vendors, who compete for innovation, pricing and distribution. The vendors are focussed on producing new and varieties of ice cream, like the organic ice cream and gluten-free ice cream. Private brands are expected to increase their market share during the forecast period. Some of the major players in market include -
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