Ice Cream Market Size To Be Worth US$78.8 Billion By 2025
Thursday, April 12th, 2018 | 196 Views
The global ice cream market is expected to grow at a compound annual growth rate of 4.1 percent, to reach US$78.8 billion by 2025, according to a new report by market research and consulting firm Grand View Research Incorporated.
Growing demand for premium products, especially in developed regions such as North America and Europe, is predicted to drive ice cream sales in these regions, but slow growth is expected during the forecast period.
Major growth is expected to originate from developing regions like Asia Pacific, Latin America and Middle East and Africa, and the market is forecast to be dominated by countries such as China, India, Brazil, Indonesia, Vietnam and South Africa. India and China have a large consumer base, and this is anticipated to drive sales in terms of both volume and value—in addition to the advantageous climatic condition for the consumption of ice creams.
Companies are introducing new flavours in the ice cream segment to increase their revenue. For example, Ben & Jerry’s introduced three new flavours in summer 2017 to increase their sales. The introduction of new flavours and formats is also expected to contribute to growing sales across the globe.
As the demand for premium ice creams rises, the sales of their lower quality counterparts are expected to face a decline. Such premium options include hand-made ice creams produced from high-quality ingredients.
It has also been determined that the impulse segment has outgrown the take-home segment in 2016, and is expected to dominate the ice cream market during the forecast period. Ice cream is likely to remain an impulse purchase as manufacturers in developing regions failed to lure consumers with their bulk products. Manufacturers are expected to extend their impulse product portfolio during the said period.