The global ice cream market value is expected to reach USD 89.5 billion by 2023, recording an anticipated CAGR of 4.9% during the forecast period (2018-2023). The rise in income, along with an increase in demand for sweet dishes, drives the growth of this market. Unilever dominates the global market occupying eight of the 15 top selling brands and a 22% share in the market. Nestle is the closest corporate rival of Unilever, occupying four brands in the top 15. The sales of low-quality ice cream have been declining, due to the increased preference for premium ice cream.
Key Deliverables in the Study
The new innovative flavors that companies have come up with, act as a major driver for this market. Also, private label ice-creams are cheaper, thereby increasing the demand. The emergence of private label brands, such as Kroger, has helped in establishing a market presence. The rise in demand for ice cream products from consumers above the age of 50 is another factor that contributes to the growth of the market. The availability of lactose-free ice creams is expected to enhance the ice cream market. Consumption of lactose causes several problems, such as gas, bloating, and diarrhea. This resulted in several ice-cream manufacturers formulating their lactose-free ice creams to cater to the niche market of lactose-intolerant consumers.
The ice cream market is segmented on the basis of product type, which has been further subdivided, by the recipe, into ordinary (hard), French, reduced fat, light, soft, no sugar added, lactose-free, gluten-free, and organic ice cream. By shape, ice creams come in sticks, buckets, sundae, floats, and frozen novelties, which may include frozen custard, frozen yogurt, dondurma, gelato, sherbet, snow cones, frozen soufflé, etc. By sale, the market is segmented into impulsive, take-home, and artisanal ice cream. The impulse segment dominated the market and accounted for a market share of 39% in 2016. Factors, such as the desire to indulge in ice cream and the rise in demand for a small portion of snacking options are expected to drive the market. The growing number of lactose-intolerant consumers in North America is expected to change the scenario of the North American ice cream market as only a few number of manufacturers have lactose-free ice creams in their product catalog.
The ice cream market is highly fragmented, due to the presence of a number of large- and small-scale vendors. Vendors compete for innovation, pricing, and distribution. The introduction of lactose-free ice cream has further increased competition in this market. The major players in the market, are Blue Bell Creameries, General Mills, Mars, Nestle, Lotte Confectionery, and Unilever.
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