Ice Cream Market Report By Insights, Size, and Growth - 2031

The ice cream industry is anticipated to expand significantly, with projections indicating that the market size will grow from US$ 97.94 billion in 2023 to US$ 138.55 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 4.4% over the forecast period from 2023 to 2031.

Ice cream, a beloved dessert, is offered in a multitude of flavors. The expansion of the ice cream sector is largely attributed to the diverse range of flavors available, particularly seasonal fruit varieties, alongside innovative flavor developments by manufacturers. Recently, there has been a surge in the popularity of functional ice creams, which appeal to health-conscious consumers due to their use of high-quality ingredients that meet nutritional needs more effectively than traditional ice creams. The growing focus on fortifying ice cream with functional ingredients is likely to sway consumers towards healthier options. Furthermore, the demand for sugar-free and low-fat functional ice creams is on the rise, driven by their perceived health benefits.

Manufacturers are increasingly creating products that incorporate nutritional elements, organic herbal ingredients, and unique flavors to differentiate themselves in a competitive market. Exotic flavors such as coconut, lemon, and various tropical fruits are being introduced to cater to evolving consumer preferences. As health awareness rises, manufacturers are adjusting their ingredient choices to align with consumer demands and are launching new products to stand out. For instance, Ben & Jerry's has introduced an ice cream infused with CBD, while liquor-infused ice creams are becoming a trend in the United States. These products, which contain less than 0.5% alcohol, are readily available in grocery and specialty stores. In September 2021, H?agen-Dazs unveiled a spirit-infused ice cream featuring flavors inspired by Irish cream, rum, bourbon, and stout. Additionally, in November 2023, LiQ and Baileys announced a collaboration to produce liquor-infused ice cream pralines.

The ice cream market can be categorized by flavor, including vanilla, chocolate, berries, matcha, and others. In 2023, the chocolate segment dominated the market. Chocolate, derived from roasted and ground cocoa seeds, is enjoyed in various forms?liquid, solid, or paste?and serves as a flavoring agent in numerous food products. There are several types of chocolate, including milk, dark, white, bittersweet, and unsweetened varieties. Pure chocolate extract offers a rich and smooth chocolate flavor without added sweetness. Dark chocolate, in particular, is noted for its high antioxidant content, which can benefit heart health by reducing inflammation and enhancing blood circulation. The trend towards organic and minimally processed ingredients is also propelling the market for premium chocolate ice creams, appealing to consumers who seek both indulgence and health benefits. As awareness of nutritional content grows, the chocolate ice cream segment is poised for further growth, balancing taste with wellness.

Key players in the ice cream market include Blue Bell Creameries, Unilever Plc, Nestle SA, General Mills Inc, Mars Inc, Wells Enterprises, Turkey Hill Dairy, Dairy Farmers of America Inc, Cold Stone Creamery, Morinaga Milk Industry Co Ltd, Kwality Foods LLC, Baskin-Robbins, David Chapman's Ice Cream Limited, Lotus Bakeries NV, and IMURAYA GROUP CO., LTD, among others. These companies are dedicated to delivering innovative and health-oriented products at competitive prices to meet consumer demand.

The overall size of the ice cream market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the ice cream sector.