Developing countries in Europe with similar ice-cream expenditure – Categories map

Ice Cream Market Outlook – 2023

The Global Ice Cream Market was valued at $68,072 million in 2016, and is projected to reach $97,301 million by 2023, registering a CAGR of 5.4% from 2017 to 2023. Ice cream is dairy product, which is sweetened with either natural sugar or artificial sweeteners. Various ice creams are provided by the companies present in the market, including hard ice cream, soft ice cream, light ice cream, low-fat ice cream, and others. Summer is an undisputed season for the consumption of ice cream and related products. The growth of the ice cream industry is driven by availability of various flavored ice creams. As a result, the ice cream consumers pay a premium price for these products, which in turn increases the revenue of the market.

Manufacturers are increasing their product range by including functional ingredients, organic herbal fillings, and exotic flavors in product formulations to meet the changing consumers’ demands. For instance, companies are including other exotic flavors such as tropical fruits, lemons, and coconuts to cater to changing taste of consumers. In addition, for health-conscious customers prefer a low-calorie and low-fat ice cream called Skinny Cow. In this way, product innovation in ice cream products drive growth and development of the market globally. Apart from this, retail channels such as hypermarkets, supermarkets, convenience stores, discounters, forecourt retailers, and grocery stores act as global marketing tool that assist in building an impressive premium image and increase brand exposure of wide variety of ice cream products. Expansion of these retail channels contributing in the growth of ice cream market size. However, the health concerns associated with ice creams restrain the ice cream market growth. Furthermore, rise in demand for innovative products and development of lactose-free ice cream provide growth opportunities for ice cream market size expansion.

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