Between the periods of 2011-2018, the global market for ice cream has reached the sum of 57.7 Billion dollars. This means that the CAGR registered during that period was 4,5%.
Ice cream is defined as a dessert that has a sweet taste and represents a frozen combination of artificial flavors along with different kinds of milk and cream. Additionally, there can be ingredients like eggs which is common for ice creams made in France for example. In a chemical sense, ice creams represent a good source to obtain calcium, thiamine, and carbohydrates along with small amounts of foliates, niacin and vitamins like A, B-6, B-12, C, D, E, and K. There are a very large number of ice creams that you can find on the market. So you can have strawberry ice cream, chocolate ice cream, vanilla ice cream, and many others.
With commercial production since the 1850s, ice cream represents one of the oldest desserts known on the market. During that period, it was the first time when a big manufacturing plant appeared in Baltimore (in Maryland), with the purpose of large-scale ice cream production. From that moment on, the ice cream industry started to advance rapidly, adding all sorts of improvements to the production process and logistics used for transportation, and positioning this dessert on the market. Soon enough manufacturers could deliver ice creams to every supermarket, restaurant, coffee shop and corner store they could think of.
Over the past decade, people have become more aware of the health risks and their health consciousness started to grow in general. For ice cream manufacturers this meant that their consumers start to look for up-market trends and shift toward them which lead to products that are made from organic ingredients. So nowadays there are more and more ice creams that are not made with a traditional combination of ingredients but rather with healthier and more expensive ones. We would note that at the same time, few governments and their related bodies all over the world started working on new regulations and implementing them. These new regulations are mostly concerning the production of ice creams and the way they are labeled while being on the market.
For example, one of the most influential bodies in this aspect, FSSAI (the Food Safety and Standards Authority of India) has a plan to set labeling requirements that every manufacturer has to respect by the end of 2020. These norms, if set, will include all food business operators, and will oblige them to put the percentage of vegetable proteins and oils used in all frozen desserts. This information will be obligatory on each label that manufacturers put on the market. Another thing has changed in the 21st century that made the progress of this industry even bigger and it is rapid urbanization. Now we don’t have only restaurants and small shops, there are all sorts of hypermarkets, departmental and convenience stores that are increasing the ice creams’ sale.
One of the latest reports says that because of the elastic nature of ice cream consumption there will be a rise in disposable incomes which means that the purchasing power of consumers will increase and it will escalate. This is especially connected to escalation per capita consumption and in the reports connected to big regions like China and India. In the future, it is expected that the ice cream industry will be worth 91.2 Billion dollars by 2024 and that the CAGR will rise to 8% by the same year.
When it comes to flavors, here is the list of the more popular ones:
- The first place is vanilla flavor second place is chocolate
- The third place is fruit
- And all other flavors that have lower numbers than the first three places.
As you can see, vanilla is the most preferred flavor by most of the consumers, and one of the reasons is the fact that it is used not only in single-flavored ice creams but also in multi-flavored ones.
When it comes to categories, the most popular are the impulse ones, the second place belongs to take-home ice creams and the third place goes to artisanal.
When it comes to ice cream market share, the biggest impact is expected from economic growth, product innovation, and retail market expansion. The power of product innovation lays in versatile offers to satisfy the demands of the customers. On the other hand, if economic power increases, it will mean that the customers will have bigger spending power.
When asked for the ice cream as a kind of food, most of the customers see it as a snack which is one of the main reasons why the take-home category is a fast-growing one.
When it comes to the market production of the ice cream by the region, one the first place we have the United States, the second place is for Europe, and the third place is between China and Japan.
Student by day, tech writer by night! I’m passionate about all things tech, and working on my 2nd degree.