Ice cream, typically consumed as a dessert or a snack, is one of the most popular milk-based products among all age-groups worldwide. Ice cream is considered a colloidal system comprising of ice crystals, air, milk fat, sweeteners and milk solids like proteins, lactose and minerals. It also contains emulsifiers, stabilizers, flavourings and is often combined with fruits and other ingredients. However, ice cream composition varies greatly from country to country and is largely defined by their food standards.
Notwithstanding the fact that the ice cream market faces competition from many frozen desserts and non-dairy ice creams, health concerns and dieting issues among consumers as well as perpetual challenge of unseasonable weather, the market continues to grow steadily. According to IMARC Group, the global ice cream market reached the volume of 19.68 Million Tons in 2016, growing at a CAGR of around 6% during 2009-2016. The market is further estimated to reach a volume of 28.13 Million Tons by 2022.
Growth Inducing Factors
Traditionally consumed as dessert or snack, ice creams are now being served with numerous dishes, desserts and beverages. They are also being paired with other desserts such as sundaes, milkshakes, smoothies, ice cream floats, etc. The feature of ice creams as an addition to other food and beverages is therefore an important factor driving the growth of the ice cream market. Another key driving factor is the availability of numerous flavours, ranging from as standard as vanilla and chocolate to as novel as maple walnut and parmesan cheese which gives consumers a variety of choices that suits their individual needs and tastes. Moreover, constantly developing retail infrastructure and cold chain networks in developing countries such as India and China are also facilitating the growth of the market. Other factors like growing population, increasing disposable incomes, rising demand for premium products and innovative flavours along with added nutrients are also promoting the growth of the global ice cream market.
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Regional segmentation and key players
Currently, Asia-Pacific region represents the largest consumer of ice cream with a market share of around 40%. Within Asia-Pacific, China has been witnessing steady growth over the past several years and has recently overtook the United States as the largest market for ice cream. Asia-Pacific is followed by North America, Europe and other regions.
Some of the key global manufacturers of ice-cream include Mars Ice Cream, General Mills Inc., Nestle, Unilever, R&R Ice cream and Blue Bell Creameries.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the ice cream market, which has enabled the clients to successfully set up and expand their businesses. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development
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