Ice cream Market Update: Sanofi Partners with MedImmune to Develop Prophylactic Agent Nirsevimab
Apr 08, 2021 (The Expresswire) —
The global ice cream market size is anticipated to showcase eminent growth owing to the constant product innovation from major players. The market size reached USD 70.85 billion in 2019 and is anticipated to reach USD 91.90 billion by 2027, exhibiting a CAGR of 4.01% during the forecast period.
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The COVID-19 pandemic has had a drastic impact on the global economy. Nationwide lockdowns and traveling restrictions have disrupted the global supply chain, negatively impacting businesses across the globe. Countries across the world are constantly working on addressing the challenges that have arisen during the crisis. At Fortune Business Insights, we are constantly analyzing these challenges in order to provide feasible solutions.
Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers and Restraints-
Increasing Use of Functional Ingredients in Products to Drive Growth
Prominent enterprises are expanding their resources in research and development activities to offer options that include healthy and functional ingredients for optimum nutrition. This is due to the increasing health awareness among consumers globally. This trend is estimated to drive the ice cream market growth. In addition, the increasing adoption of premium sized ice creams made from rich ingredients is anticipated to further enhance growth. However, the seasonal nature of the primary product is projected to hinder growth during the forecast period.
Premium Vanilla Extracts to Drive Segment Growth
On the basis of flavor, the vanilla segment dominates the market with a total share of 30.22%. The increasing expenditure on premium quality vanilla-flavored products from these companies due to the high demand of the flavor is predicted to drive the segment growth. On the basis of type, the impulse segment is projected to rise at a considerable ice cream market share stoked by innovation and consumer-oriented packaging.
Rapid Urbanization to Help Asia Pacific Gain Prominence
Asia Pacific is estimated to dominate the global market with a market value of USD 15.43 billion in 2019. The increasing disposable income and rapid urbanization in major countries including China, India, and Japan are estimated to drive the growth in the region. In addition, the rising popularity of fast food in the region is estimated to enhance the demand in Asia Pacific.
The market in North America is projected to exhibit significant growth in the forecast timeline. A wide range of fast-food chains, coupled with the increasing demand for natural products is set to further propel the need for ice-creams in the region.
Introduction of New Products to Aid Key Players Expand their Product Lines
The global ice cream industry comprises various producers and multinational corporations contributing to the development of the industry. Key players are focusing on innovative product launches in order to expand their businesses, as well as their product portfolios. For Instance, in January 2021, Unilever Group announced the launch of a double red velvet variant under its Magnum brand. This helped the company expand its product line.
List of Key Manufacturers Operating in the Market:
- Nestle S.A. (Vevey, Switzerland)
- Unilever Group (London, United Kingdom)
- General Mills (Minnesota, United States)
- Dunkin Brands (Canton, United States)
- Blue Bell Creameries (Texas, United States)
- Dairy Queen (Edina, United States)
- Cold Stone Creamery (Arizona, United States)
- Amul (Gujarat, India)
- Ben and Jerry (Vermont, United States)
- Dairy Farmers of America, Inc. (Kansas, United States)
October 2020: Amul announced the launch of a new camel milk ice cream. The product is made from 100 percent camel milk, and it is said to be good for health-conscious consumers as it contains less fat than cow milk.
July 2020 Mother Dairy, one of the leading dairy players in India, introduced a brand named Rocket, with two exciting flavors of French Vanilla and Belgian Chocolate.
June 2020: Dairy Day launched Dairy Day Plus — a range of ice creams with immunity-boosting ingredients.
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About the Author
Name: Shubham Khampariya
Shubham Khampariya is a part of a talented team of content writers working in Fortune Business Insights™, one of the most promising market research firms in the industry. He has experience in creating quality content and is highly motivated. He enjoys putting ideas and thoughts into words to enable the reader to experience a seamless perusal.
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