The global ice cream market size is anticipated to showcase eminent growth owing to the constant product innovation from major players, observes Fortune Business Insights™ in its report, titled, “Ice Cream Market Size, Share & COVID-19 Impact Analysis, By Type (Impulse Ice cream and Take Home), Flavor (Vanilla, Chocolate, Fruit, and Others), Packaging (Cup, Cone, Stick, Brick, Tub, and Others), Distribution Channel (Hypermarket/Supermarket, Ice cream Parlor, Online Retailer, and Others), and Regional Forecast,2020-2027.” The market size reached USD 70.85 billion in 2019 andis anticipated to reach USD 91.90 billion by 2027, exhibiting a CAGR of 4.01%during the forecast period.
Traveling Restrictions to Have Adverse Impact on Businesses amidCOVID-19
The COVID-19 pandemic has had a drastic impact on the globaleconomy. Nationwide lockdowns and traveling restrictions have disrupted theglobal supply chain, negatively impacting businesses across the globe.Countries across the world are constantly working on addressing the challengesthat have arisen during the crisis. At Fortune Business Insights, we areconstantly analyzing these challenges in order to provide feasible solutions.
Highlights of the Report:
While making the report, we segmented the market on the basis ofproduct, type, consumption, distribution channel, and region. Based on thesegmentation, we made a list of companies and conducted a detailed analysis oftheir financial positions, product portfolios, and growth strategies. Our nextstep included the study of core competencies of key players and their marketshare to anticipate the degree of competition. The bottom-up procedure wasconducted to arrive at the overall size of the market.
Drivers & Restraints-
Increasing Use of Functional Ingredients in Products to DriveGrowth
Prominent enterprises are expanding their resources in researchand development activities to offer options that include healthy and functionalingredients for optimum nutrition. This is due to the increasing healthawareness among consumers globally. This trend is estimated to drive the icecream market growth. In addition, the increasing adoption of premiumized icecreams made from rich ingredients is anticipated to further enhance growth.However, the seasonal nature of the primary product is projected to hindergrowth during the forecast period.
Segment-
Premium Vanilla Extracts to Drive Segment Growth
On the basis of flavor, the vanilla segment dominates the marketwith a total share of 30.22%. The increasing expenditure on premium qualityvanilla-flavored products from these companies due to the high demand of theflavor is predicted to drive the segment growth. On the basis of type, theimpulse segment is projected to rise at a considerable ice cream market sharestoked by innovation and consumer-oriented packaging.
Top Regional Insights-
Rapid Urbanization to Help Asia Pacific Gain Prominence
Asia Pacific is estimated to dominate the global market with amarket value of USD 15.43 billion in 2019. The increasing disposable income andrapid urbanization in major countries including China, India, and Japan areestimated to drive the growth in the region. In addition, the rising popularityof fast food in the region is estimated to enhance the demand in Asia Pacific.
The market in North America is projected to exhibit significantgrowth in the forecast timeline. A wide range of fast-food chains, coupled withthe increasing demand for natural products is set to further propel the needfor ice-creams in the region.
Competitive Landscape-
Introduction of New Products to Aid Key Players Expand theirProduct Lines
The global ice cream industry comprises various producers andmultinational corporations contributing to the development of the industry. Keyplayers are focusing on innovative product launches in order to expand theirbusinesses, as well as their product portfolios. For Instance, in January 2021,Unilever Group announced the launch of a double red velvet variant under itsMagnum brand. This helped the company expand its product line.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/ice-cream-market-104847
