Latest Scoop: Asia Has Fastest Growing Ice Cream Markets

  • Friday, 14 July 2017 10:00
  • Published in Business News
  • Read 779 times

India, Indonesia and Vietnam are among the world’s fastest growing markets, according to market intelligence company Mintel.

India’s ice cream market has experienced a compound annual growth rate (CAGR) of 13 percent over the past five years, and volume sales in India this year are set to overtake those of more established markets, including the UK. Ice cream sales in India are forecast to reach 381 million litres in 2017, with the nation’s market forecast to reach 657 million litres in 2021.

India’s strong CAGR is closely followed by Indonesia (11 percent), Vietnam (nine percent), Turkey (nine percent) and Malaysia (eight percent). Meanwhile, volume sales of ice cream in Thailand have a CAGR of minus two percent, Denmark (minus two percent), the UK (minus two percent) and the US (minus one percent).

One in three (32 percent) ice cream products were launched in Asia Pacific in 2016, up from 26 percent in 2013. China is currently the world’s biggest ice cream market, with sales estimated at 4.3 billion litres in 2016, followed by the US (2.7 billion litres) and Japan (756 million litres).

“The rate at which Western ice cream makers are looking to the East for inspiration promises to see renewed momentum,” said Alex Beckett, global food and drink analyst at Mintel. “The rapidity with which India’s ice cream market is expanding is worth noting.”

Western consumers are increasingly looking to try ice cream products with more Eastern inspired flavours. Over a quarter (30 percent) of Canadians would be interested in ethnically-inspired ice cream flavours, such as green tea or mango, while 23 percent would be interested in internationally inspired ice cream formats, such as Japanese mochi ice cream or Indian kulfi.

The market research also revealed that ice cream aisles throughout the world have been experiencing a dairy-free makeover. The share of global dessert and ice cream launches featuring a vegan claim has increased from three percent in 2015 to four percent in 2016, with Europe accounting for 59 percent of all launches in 2016. The rise in innovation comes as many consumers are looking to cut down on their dairy consumption.

“Consumers’ aspirations to live healthier and ‘cleaner’ lifestyles are motivating them to increasingly prioritise fruits, vegetables, nuts, grains, spices and botanicals. Consequently, plant ingredients and vegan claims are becoming more prominent in a variety of food categories—including ice cream,” Mr Beckett concluded.

APFI About Us

Asia Pacific Food Industry (APFI) is Asia’s leading trade magazine for the food and beverage industry. Established in 1985, APFI is the first BPA-audited magazine and the publication of choice for professionals throughout the industry with its editorial coverage on the latest research, innovative technologies, health and nutrition trends, and market reports.

Asia Pacific Food Industry is published by Eastern Trade Media Pte Ltd. The company owns numerous trade and consumer titles, including Asia Pacific Metalworking Equipment News and Industrial Automation Asia.

Ebook

View Now