Ice Cream Global Market Report 2024

The ice cream market size has grown strongly in recent years. It will grow from $40.27 billion in 2023 to $42.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historical period can be attributed to several factors, including brand loyalty among consumers, seasonal demand fluctuations, effective marketing and advertising strategies, innovations in packaging, trends emphasizing health and wellness, and the expansion of distribution channels.

The ice cream market size is expected to see strong growth in the next few years. It will grow to $54.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to several factors, including the incorporation of plant-based and alternative ingredients, a focus on health-conscious choices, the trend towards premiumization, personalized offerings, sustainability practices, and innovative textures and formats in the ice cream industry. Major trends expected in the forecast period include the introduction of innovative flavors and combinations, the development of functional and nutrient-enhanced ice cream, the adoption of sustainable practices and packaging, a focus on local and artisanal products, the offering of indulgent and premium selections, and the increasing prominence of online and direct-to-consumer sales.

The anticipated growth of the ice cream market is expected to be driven by the increasing consumer expenditure on fast food. Consumer expenditure on fast food represents the total amount spent by individuals and families on fast food items. Both fast food and ice cream are considered indulgent and convenient meal options that appeal to similar consumer preferences. Fast-food establishments often offer ice cream as a dessert option, making it easily integrated into customer purchases. Additionally, the rising café culture among millennials has contributed to increased consumer spending on fast food. As of September 2022, a report from the US Bureau of Labor Statistics revealed that the average expenditure on food away from home in the United States increased from $2375 in 2020 to $3030 in 2021, marking a significant rise of 27.6%. Hence, the upward trend in consumer expenditure on fast food is expected to propel the ice cream market.

The anticipated growth of the ice cream market is also attributed to the increasing consumption of confectionery products. Confectionery products encompass a diverse range of sweet food items, often rich in sugar or chocolate. Ice cream, being a sweet and indulgent frozen dessert, falls under the category of confectionery products. It is typically crafted with ingredients such as sugar, dairy products, and flavorings, offering a delightful and sweet experience. For instance, in March 2023, the National Confectioners Association reported that total confectionery sales reached $42.6 billion in 2022, reflecting a 15% growth from $36.9 billion in 2021. Consequently, the rising consumption of confectionery products is a significant driver for the growth of the ice cream market.

Product innovations have emerged as a prominent trend, with major companies concentrating on developing innovative offerings to strengthen their market positions. In January 2022, Magnum, a Danish-based Belgian brand of ice cream, introduced a mini-sized multi-pack of vegan ice creams, along with an enhanced recipe for its vegan ice cream line, featuring two popular vegan flavors, Magnum Vegan Classic and Magnum Vegan Almond. The new line, which has earned the PETA Vegan Food Award, delivers the richness and pleasure of a vegan Magnum with the use of pea protein and high-quality Madagascan vanilla, offering a creamy sensation without the inclusion of dairy components.

Major companies in the ice cream market are also focused on introducing sustainable products, such as ice creams with 50% recycled plastic lids, to gain a competitive edge. A 50% recycled plastic lid for ice cream refers to a lid made from recycled plastic material used to cover ice cream containers. In March 2021, Unilever PLC launched a soft-serve Cornetto with a 50% recycled plastic lid in three flavors, chocolate, salted caramel, and strawberry. This initiative is part of Unilever's broader efforts to enhance packaging sustainability and reduce plastic waste.

In September 2021, Nomad Foods Ltd., a UK-based frozen foods company, acquired Fortenova Group's frozen food division for approximately $649.37 million (€615 million). This strategic acquisition is expected to enhance the combined businesses' ability to generate value through market-leading brands, operational excellence, and a strategic focus on frozen food. Fortenova Group, based in Croatia, offers a diverse range of frozen food products, including fish, fruits, vegetables, ready meals, pastry, and ice cream.

Major companies operating in the ice cream market report are Nestle S.A., Unilever Group Plc, General Mills Inc., Blue Bell Creameries LP, Cold Stone Creamery Inc., American Dairy Queen Corporation, Danone S.A., Lotte Confectionery Co.Ltd., Inspire Brands Inc., Dairy Farmers of America Inc., Turkey Hill Dairy LP, Wells Enterprises Inc., NadaMoo! R&D Room LLC, Mars Inc., Inner Mongolia Yili Industrial Group Co. Ltd., Froneri International Limited, Tilamook CCA, Amul, Amy's Ice Creams, Agropur Dairy Cooperative, Arla Foods AMBA, Chapman's, Prairie Farms Dairy Inc., Giffords Dairy Inc., Van Leeuwen Ice Cream, Adirondack Creamery Inc., Yasso Inc., Graeter's Ice Cream, Jeni's Splendid Ice Creams, Humphry Slocombe, Coolhaus, Ben & Jerry's Homemade Holdings Inc., Häagen-Dazs, Baskins Robbins.

Asia-Pacific was the largest region in the ice cream market in 2023. Asia-pacific is expected to be the fastest-growing region in the ice cream market report during the forecast period. The regions covered in the ice cream market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ice cream market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of ice cream include impulse ice cream, take-home ice cream, and artisanal ice cream. Impulse ice creams are frozen snacks on a stick with a liquid base. They come in various flavors such as chocolate, fruit, and others, and are packaged in cups, cones, sticks, bricks, tubs, and more. Ice cream is available in both dairy and non-dairy categories and is sold in various retail outlets including hypermarkets, supermarkets, ice cream parlors, online retailers, and other channels.

The ice cream market research report is one of a series of new reports that provides ice cream market statistics, including the ice cream industry global market size, regional shares, competitors with ice cream market share, detailed ice cream market segments, market trends, and opportunities, and any further data you may need to thrive in the ice cream industry. This ice cream market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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