Ice Cream Market Size to Reach USD 95200 Million by 2027 at a CAGR of 4.9% | Valuates Reports
BANGALORE, India, Aug. 11, 2021 /PRNewswire/ -- Ice Cream Market is Segmented by Type (Soft Ice Cream, Hard Ice Cream), by Application (Commercial, Residential) and Geography – Global Forecast 2021 - 2027.
The global Ice Cream market size is projected to reach USD 95200 Million by 2027, from USD 67940 Million in 2020, at a CAGR of 4.9% during 2021-2027.
The ice cream market is highly fragmented with the top 3 players occupying about 25% shares of the global Ice Cream market.
Major factors driving the growth of the ice cream market are:
- The proliferation of retail ice cream outlets along with increasing disposable income is also anticipated to exhibit a positive impact on the ice cream market.
- Significant dairy sector expansion, rising convenience food demand, and expanding product premiumization are all contributing to higher ice cream consumption in the coming years. Due to the presence of high-quality ingredients and less aeration than conventional ice creams, premium ice creams have become a popular product among health-conscious consumers.
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TRENDS INFLUENCING THE GROWTH OF THE ICE CREAM MARKET
- Continuous Innovation in the ice cream industry is expected to drive the growth of the market. Market participants' growing interest in fortification and the addition of beneficial ingredients may encourage consumers to select the product as a healthy snack option. This in turn is expected to drive the growth of the ice cream market.
- Rising Expenditure on R&D and Digitalization to Drive Growth. The rising expenditure by prominent players on the research and development of innovative products is anticipated to positively impact the market growth.
- Furthermore, the availability of various flavored ice creams in modern retail formats such as departmental stores, hypermarkets, supermarkets, and convenience stores is also driving the market growth.
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ICE CREAM MARKET SHARE
Based on region, Europe and North America are the main markets, they occupy about 55% of the global market. Soft Ice Cream is the main type, with a share of about 80%. Commercial and Residential are two main applications.
Based on type, the Soft Ice Cream segment is expected to hold the largest market share of about 80%.
ICE CREAM MARKET SEGMENTATION
By the product type, the market is primarily split into
- Soft Ice Cream
- Hard Ice Cream.
By the end users/application, this report covers the following segments
- Commercial
- Residential.
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Key Companies
- Unilever
- Nestlé
- Lotte Confectionery
- Dean Foods
- General Mills
- Mars
- Yili Group
- Morinaga
- Meiji
- Mengniu
- Turkey Hill
- Blue Bell Creameries
- Amul.
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SIMILAR REPORTS
- Ice Cream Machine market size is projected to reach USD 1178.9 Million by 2027, from USD 927 Million in 2020, at a CAGR of 3.5% during 2021-2027.
- Soft Ice Cream Machines market size was USD 774 Million and it is expected to reach USD 1007.8 Million by the end of 2027, with a CAGR of 3.9% during 2021-2027.
- Hard Ice Cream Machines market size is expected to grow from USD 421.3 Million in 2020 to USD 477.3 Million by 2027; it is expected to grow at a CAGR of 1.8% during 2021-2027.
- Non Dairy Ice Cream market size is projected to reach USD 803.2 Million by 2027, from USD 497.8 Million in 2020, at a CAGR of 8.3% during 2021-2027.
- Organic Ice Cream market size was USD 817.9 Million and it is expected to reach USD 958.7 Million by the end of 2027, with a CAGR of 2.3% during 2021-2027.
- Retail Ice Cream Market is segmented by Type Impulse, Artisanal, Take Home and by various regions.
- Sugar Free Ice Cream Market is segmented by Type Less than 720 calories, 720 to 1,000 calories, More than 1,000 calories, by Application Specialty stores, Modern Trade, Online retail, Convenience stores, Small groceries stores and by various regions.
- Liquor Flavored Ice Cream Market is segmented by Type Wine, Vodka, Rum, by Application Direct Sales Channel/ B2B, Indirect Sales Channel/B2C and by various regions.
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