The global ice cream market is anticipated to reach $78.8 billion by 2025, growing at a CAGR 4.1%, according to a new report by Grand View Research, Inc., San Francisco. The growing demand for premium products, especially in developed regions such as North America and Europe, is expected to drive the ice creams sales in these regions. The major growth is expected to come from developing regions such as Asia Pacific, Latin America and MEA. Countries such as India and China have a large consumer base, which is expected to drive the sales in terms of both volume and value. However, growing number of health-conscious consumers is expected to limit the market growth over the forecast period.
The demand for lactose-free is also expected to contribute to the market growth during the forecast period. The increase in demand for lactose-free ice creams is driven by increase in cases of food intolerances and allergies. Thus, the consumers having lactose intolerance pick lactose-free ice creams. Also, these products are opted by health-conscious consumers who prefer healthy foods.
Additional key findings from the report suggest:
- The impulse segment has outgrown the take-home segment in 2016, and is expected to dominate the market during the forecast period. The ice cream market is likely to remain an impulse purchase, as manufacturers in the developing regions have failed to lure consumers with bulk products. Manufacturers are expected to extend their impulse product portfolio during the forecast period.
- The ice cream market is dominated by various countries, including China, United States, Japan, Brazil, Italy and Germany. Asia Pacific held the largest market share in 2016, and is expected to dominate the market over the forecast period. Growth is shifting toward emerging countries such as China, India, Brazil, Indonesia, Vietnam and South Africa, and developed regions such as North America and Europe are expected to show slow growth during the forecast period.