The South America 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 2022. Consumer indulgence and a rise in disposable incomes drive the growth of the regional market. In Brazil, branded products account for a majority of the market penetration, in both take-home and impulse ice cream categories. Soft ice cream accounts for more than 10% of the total production in this region.
Rising disposable incomes, in line with the improved economic condition, and indulgence in ice cream products are the major factors driving the market growth in South America. The increase in the demand for ice cream products, from consumers above 50 years, is another factor that contributes to the growth of this market. Low-frequency of ice cream consumption in the South American countries, as compared to the Rest of the World, and related health concerns are noted to be the major restraints for market growth in the region. The innovative and premium segment products are expected to experience a high demand in the future, given the changing consumption pattern among the consumers.
The South America ice cream market is segmented on the basis of product shape 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 South America ice cream market has been geographically segmented into Brazil, Argentina, and others. Brazil is a major market in the region. In the past decade, there has been a rapid growth in the market in this region, due to the rising disposable incomes. In Brazil, more than 1 billion liters of ice cream was consumed in 2013. Artisanal ice cream is the most consumed and fastest-growing segment in Argentina.
The market for ice cream is highly-fragmented, due to the presence of many large and small scale vendors, who compete for innovation, pricing, and distribution. Introducing lactose-free ice cream further increased the competition in this market. Kibon, a brand owned by Unilever, is responsible for 19.4% of the Brazilian ice cream market sales.
Some of the other major players in market include -
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