Market Snapshot
| Study Period: | 2016 -2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | North America |
| CAGR: | 5.5 % |
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Market Overview
The frozen desserts market is projected to register a CAGR of 5.5% during the forecast period (2022-2027).
The COVID-19 pandemic has had a significant impact on businesses across industries in a very short time, including the frozen dessert food and food supply chains and momentous shifts in demand. As a result of the pandemic, consumers have become health conscious and shifted their preferences toward healthy products. Increasing demand for low-sugar and low-calorie desserts is expected to drive market growth. Innovation in products, flavors, and packaging has proven to be a crucial growth factor.
Numerous innovative products have been launched in the frozen bakery and desserts category in recent years. Nestle offers “Outshine Frozen Yogurt Bars,” which holds huge popularity among children in a short span of time. Consumers are paying more attention to their health and wellness. This has resulted in the emergence of innovative flavors, and low-fat, gluten-free products are expected to impact the market dynamics over the forecast period.
The market is being driven by rising disposable incomes, the introduction of new flavors, increasing impulse purchasing, and huge demand for frozen desserts among consumers globally. Ice creams emerged as the leading product category. The factors affecting growth are flavors and fat content, along with sweetness and texture. Lactose-free frozen ice cream is one of the emerging trends expected to gain traction in the ice cream market in the coming years. The market is driven by increasing rates of food allergies and intolerances, which will drive the growth of non-dairy products.
Scope of the Report
Frozen desserts are made by freezing liquids, semi-solids, and sometimes even solids. They may be based on flavored water, fruit purées, milk and cream, custard, and mousse. Most of these products are prepared from dairy products, such as milk and cream. The frozen desserts market is segmented by product type segmented into ice cream, frozen yogurt, and other products, by distribution channel into supermarkets and hypermarkets, specialist retailers, convenience stores, and other distribution channels, and by geography into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
| By Type | |
| Frozen Yogurt | |
| Ice Cream | |
| Frozen Cakes | |
| Other Types |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Speciality Stores | |
| Other Distribution Channels |
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Key Market Trends
Demand for Low-fat and Non-dairy Products Increasing Consumption
Non-dairy products such as ice creams consist of high content of lipids, vitamins, albumin, carbohydrates, and casein that provide significant health benefits. Shifting trends toward vegan lifestyles owing to increasing health consciousness and socialization trends are propelling the industry and shifting consumers' preferences toward low-fat products. High per capita ice cream consumption, particularly in the United States and European countries, has enhanced the product demand. Rising incidences of lactose intolerance and other milk-related allergies are fostering product demand. Comprehensive product variations through materials including coconut, almond, and soy milk will positively influence the industry's growth. Innovative flavor offerings, mainly including blended flavors, have enhanced product development. Increasing consumer spending on take-home and impulse products will further boost the non-dairy ice cream demand.
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Asia-Pacific is the Fastest Growing Market
The growing demand for frozen desserts has led to significant growth in the total number of ice creams and frozen dessert retail shops in China. Frozen desserts are bound to achieve great success in the Chinese market, as the increasing demand for low-fat, healthy food will encourage people to spend more on these products. The growth of specialized brands like Yili Chocliz, Mengniu Ice, Cornetto, and Magnum has been a key factor in the growth of the frozen desserts market in China. These brands are responding to augmenting health consciousness among consumers with the launch of mini sticks and other products. These products come in many flavors and new attractive packaging that features images of popular singers. A huge population, a large young generation, increasing disposable incomes, and changes in dining habits are the major factors that support the frozen desserts market in this region. The rising income level of consumers, drastic development of manufacturing capabilities, premiumization trend in the country, and increasing adoption of premium products among consumers are projected to cater to the increasing demand for frozen desserts in China.
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Competitive Landscape
The frozen desserts market is a highly fragmented one and comprises regional and international competitors. The market is dominated by players like Unilever, Nestle, General Mills, and Yili Industrial Group Limited. The leading players in the frozen snacks market enjoy a dominant presence worldwide. These players focus on leveraging opportunities posed by emerging markets to expand their product portfolios so that they can cater to the requirements of various product segments, especially ice cream. Companies compete on different factors, including product offerings, quality, taste, flavors, price, functionality, size, packaging, and marketing activities, in order to gain a competitive advantage in the market.
Recent Developments
- In 2021, General Mills Inc. announced its plan to invest USD 65 million to upgrade technology and equipment at its Pillsbury refrigerated and frozen dough products plant and Yoplait yogurt in Murfreesboro, United States.
- In 2021, Yasso Frozen Greek Yogurt, the world's first frozen Greek yogurt bar, launched its first snackable offering with the debut of Yasso Poppables, creamy frozen Greek yogurt bites covered in a chocolatey coating and sprinkled with quinoa crunch in Boulder Colo, United States.
- In 2021, The Caterforce Group launched a range of 10 innovative new frozen cakes and dessert products under its ‘Chefs’ Selections by Caterforce’ brand in the United Kingdom.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Frozen Yogurt
5.1.2 Ice Cream
5.1.3 Frozen Cakes
5.1.4 Other Types
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Speciality Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 Germany
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 South Africa
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Key Staretegies Adopted
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 General Mills Inc.
6.4.2 Unilever
6.4.3 Nestle SA
6.4.4 Fonterra Co-operative Group Limited
6.4.5 Dunkin' Brands Group Inc.
6.4.6 Meiji Holdings Co. Ltd
6.4.7 Inner Mongolia Yili Industrial Group Co. Ltd
6.4.8 Bulla Dairy Foods
6.4.9 Dairy Farmers of America
6.4.10 Yasso Inc.
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Frozen Desserts Market market is studied from 2016 - 2027.
What is the growth rate of Frozen Desserts Market?
The Frozen Desserts Market is growing at a CAGR of 5.5% over the next 5 years.
Which region has highest growth rate in Frozen Desserts Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Frozen Desserts Market?
North America holds highest share in 2021.
Who are the key players in Frozen Desserts Market?
General Mills Inc., Unilever, Nestle, Fonterra Co-operative Group, Meiji Holdings Co. Ltd are the major companies operating in Frozen Desserts Market.
