Global ice cream market projected to reach $138.55 billion by 2031, driven by demand for healthier options
From GlobeNewswire: 2024-10-23 10:54:00
According to a report by The Insight Partners, the ice cream market was valued at US$ 97.94 billion in 2023 and is projected to reach US$ 138.55 billion by 2031 with a CAGR of 4.4%. Asia Pacific held the largest market share due to flavored options and plant-based trends. Increased demand for healthier options and premium products is driving market growth.
The universal appeal of ice cream across all age groups has significantly contributed to market growth, with children, adults, and seniors enjoying it for various reasons. Ice cream’s emotional connection with positive experiences and celebrations makes it a versatile treat for different occasions, leading to lifelong customers and consistent demand.
The rising popularity of functional ice cream, containing high-quality ingredients and fulfilling nutritional requirements, is creating opportunities in the market. Low-sugar and high-protein ice creams appeal to health-conscious consumers, with manufacturers launching innovative probiotic ice cream options. The COVID-19 pandemic further influenced the demand for healthier ice cream alternatives.
The chocolate segment held the largest market share in 2023, with various types of chocolates like milk, dark, and white being popular. Consumer interest in organic and minimally processed ingredients is driving growth in premium chocolate ice cream offerings. The balance between indulgence and wellness in chocolate ice cream products positions the market for continued growth.
The ice cream market is divided into conventional and sugar-free categories, with conventional ice creams being cheaper and more readily available. Consumers may choose conventional options for affordability, while functional ingredients in ice cream may appeal to those seeking healthier alternatives. Manufacturers are focused on adding functional ingredients to provide healthier options for consumers.
Cups and tubs are the most popular form of ice cream packaging, offering convenient and customizable options for consumers. Cup ice cream provides a single-serving option, while tub ice cream is suitable for sharing during gatherings. Sustainable packaging solutions are becoming important due to increasing consumer awareness about environmental concerns in the ice cream industry.
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