latest ice cream trend

Rising R&D Expenditures & Growing Popularity of Premium Products to Fuel Industry Growth

Increasing research and development expenditures by key players are anticipated to bolster the global Ice Cream Industry growth. Additionally, the swift digitization witnessed during the pandemic has enabled major Industry players to increase their consumer bases. The increasing investments in digitization by major Industry players are also expected to complement the Industry growth.

The increasing consumer demand for functional and healthier food is predicted to favor Industry growth. The rising innovations in the industry are likely to amplify the Industry growth during theIce Cream Industry forecast period. The launch of healthy products by adding opulent and functional ingredients is expected to aid the Industry growth. 

Furthermore, the premiumization of products is likely to fuel global Industry growth. The rising popularity of premium products and the growing numbers of artisanal shops are expected to complement Industry growth.

However, the low shelf life of the product may hinder the Industry growth.

Impulse Ice Cream Segment to Grow at the Fastest Pace

On the basis of type, the Industry is bifurcated into take-home and impulse Ice cream. On the basis of flavor, the Industry is categorized into fruit, chocolate, vanilla, and others. On the basis of packaging, the Industry is segmented into tub, brick, stick, cone, cup, and others. On the basis of distribution channels, the Industry is fragmented into online retailers, Ice cream parlors, hyper Industry/super Industry’s, and others. Geographically, the Industry is classified into South America, the Middle East & Africa, Asia Pacific, Europe, and North America.

The global Ice Cream Industry size is anticipated to reach USD 97.85 billion by 2028 and exhibit a CAGR of 4.58% during the forecast period. The rising innovations in the industry are expected to boost product demand and foster Industry growth. TM presented this information in its Research titled “Ice cream Industry, 2021-2028”. The Industry size stood at USD 69.79 billion in 2020 and USD 71.52 billion in 2021.

The Industry growth is also ascribable to the rising premiumization of products. A premiumized product is made using innovative production methods and is made from rare, expensive luxury ingredients. Moreover, the escalating consumer expenditure on high-end products is expected to favor Industry growth.

COVID-19 Impact-

The novel coronavirus pandemic has hampered the Industry. The shutdowns and closures of manufacturing facilities have negatively impacted the Industry growth. In the wake of the pandemic, manufacturers are launching immunity-boosting products to capture growth. For instance, Amul launched a new Haldi Ice cream that contains the Haldi (turmeric), pepper, honey, dry fruits, and other healthy ingredients.

Research Coverage-

The Research covers the Industry’s competitive landscape and profiles key Industry players accordingly. It showcases the impact of the Ice Cream Industry coronavirus outbreak and its effect on the Industry growth.

Rising R&D Expenditures & Growing Popularity of Premium Products to Fuel Industry Growth

Increasing research and development expenditures by key players are anticipated to bolster the global Ice Cream Industry growth. Additionally, the swift digitization witnessed during the pandemic has enabled major Industry players to increase their consumer bases. The increasing investments in digitization by major Industry players are also expected to complement the Industry growth.

The increasing consumer demand for functional and healthier food is predicted to favor Industry growth. The rising innovations in the industry are likely to amplify the Industry growth during the forecast period.

Furthermore, the premiumization of products is likely to fuel global Industry growth.

However, the low shelf life of the product may hinder the Industry growth.

Improving Income Levels to Boost Growth in Asia Pacific

Asia Pacific is predicted to attain the largest global Ice Cream Industry share. The escalating disposable income levels, swift urbanization, and the growing popularity of fast food are expected to amplify the regional Industry growth. Large consumer bases, rising product acceptability, and cutthroat competition are also anticipated to amplify the regional Industry growth.

North America is expected to rank second in the global Industry. The rising number of fast-food chains and the high use of natural ingredients to produce frozen dairy products are expected to boost the Industry growth. 

Europe is projected to witness substantial growth due to the growing preference for snacking. The altering consumer interests and product portfolios of key players in the region are expected to influence the region’s Industry growth.

South America and the Middle East & Africa are expected to exhibit considerable growth. The growing popularity of the product and improving income levels are anticipated to fuel the Industry growth.

Key Players Launch New Products to Acquire Growth

The key players emphasize new product launches to amplify their global Industry presence and revenues. They adopt ingenious growth strategies, including joint ventures, mergers, acquisitions, and others, to boost their rankings in the global Industry. For instance, Eclipse, a U.S.-based brand, launched six Ice cream flavors in June 2021. The new flavors are Caramel Butter Pecan, Strawberry Fields, Dark Side of the Spoon, Mango Passion Fruit, Mint Chip, and Coffee Chip.

Industry Developments-

  • June 2021: Mondelez International entered into a partnership with Hindustan Unilever Ltd. to expand Hindustan Unilever Ltd.’s frozen dessert portfolio with Cadbury Crackle Tub launch by Kwality Wall’s.
  • May 2021: Froneri unveiled a new Cadbury Dairy Milk Ice cream in a partnership with Cadbury.

List of Key Players in the Global Industry:

Nestle SA (Vevey, Switzerland) Unilever Group (London, U.K.) General Mills (Minnesota, U.S.) Amul (Gujarat, India) Dunkin Brands (Canton, U.S.) Blue Bell Creameries (Texas, U.S.) Dairy Queen (Edina, U.S.) Dairy Farmers of America, Inc. (Kansas, U.S.) Cold Stone Creamery (Arizona, U.S.) Ben & Jerry (Vermont, U.S.)

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