Study: Ice cream market worth $97.3B by 2023
The high demand for ultra-premium ice creams, rise in disposable income, proliferation of online food delivery platforms and increase in availability of lactose-free ice creams are expected to propel the growth of the global ice cream market.
The global ice cream market garnered $70.8 billion in 2017, and is estimated to reach $97.3 billion by 2023, growing at a CAGR of 5.4% from 2017-2023, according to “Ice Cream Market by Sales Type (Impulse Ice Cream, Take-home Ice Cream, and Artisanal Ice Cream): Global Opportunity Analysis and Industry Forecast, 2017-2023,” a study released by Allied Market Research, Portland, Ore.
The high demand for ultra-premium ice creams, rise in disposable income, proliferation of online food delivery platforms and increase in availability of lactose-free ice creams are expected to propel the growth of the global ice cream market. Likewise, expansion of retail channels such as hypermarkets, supermarkets, convenience stores and grocery stores coupled with expansion of the cold storage industry provide lucrative opportunities to the market.
Among sales types, the take-home segment held the largest share in 2017, accounting for almost three-fifths of the total revenue in 2017. This segment is expected to retain its dominance through 2023 due to the growing preference for take-home ice creams as a snack in Western Europe and North America and innovations in packaging for more convenience, storage and longevity.
However, the artisanal segment is projected to register the fastest CAGR of 5.7% from 2017-2023 due to the rise in demand for handmade ice creams containing high-quality ingredients and the surge in artisanal franchisees, especially in emerging economies. Furthermore, the impulse ice cream segment is projected to witness steady growth during the study period.
The European ice cream market contributed more than one-third of the total market share in 2017, and is projected to retain its lion's share through 2023. This is on account of the increase in off-season sales, rise in availability of premium offerings and growing trend of eating ice cream as a snack. However, the Asia-Pacific region would register the highest CAGR of 6.5% from 2017-2023 due to the growing demand for innovative products in the Asia-Pacific countries such as India and China, thanks to the expansion of the retail sector and increase in disposable income. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).