Ice Cream Market Outlook, 2029

Ice cream, a delightful frozen treat that transcends age and culture, has been captivating taste buds for centuries. From its humble beginnings as a simple mixture of snow and fruit juices in ancient China to the myriad of flavors and textures we enjoy today, ice cream has evolved into a global phenomenon. The origins of ice cream can be traced back to ancient China, where a mixture of snow, honey, and fruit juices was enjoyed as a refreshing treat. As the concept spread through trade routes, it reached Persia, where people began to flavor their iced treats with various spices and fruits. Eventually, this frozen delight made its way to Europe, where it underwent further transformations to become the creamy dessert we recognize today.

In the 17th century, Italian chefs mastered the art of making gelato, a smoother and denser version of ice cream, by incorporating milk and cream into the mixture. The secret to the creamy texture was discovered when the mixture was continuously stirred while freezing, preventing the formation of ice crystals. This technique laid the foundation for modern ice cream production. At its core, ice cream is a delicate balance of fat, sugar, and air. The base typically consists of cream, milk, sugar, and sometimes egg yolks. The fat content contributes to the richness, while sugar controls the freezing point, preventing the formation of large ice crystals.

The incorporation of air during the freezing process gives ice cream its smooth and velvety texture. Modern technology has allowed for the creation of countless flavors and textures. From classic vanilla and chocolate to exotic options like lavender honey or balsamic strawberry, the possibilities are endless. Additionally, alternative bases like coconut milk and almond milk cater to those with dietary restrictions, ensuring that everyone can indulge in the frozen pleasure of ice cream. Ice cream parlors around the world have become laboratories of creativity, with chefs experimenting with unique and unexpected flavor combinations.

The familiar vanilla, chocolate, and strawberry trio has expanded to include exotic options like matcha green tea, black sesame, and cardamom rose. Savory flavors, such as bacon or olive oil, challenge traditional notions of sweetness and provide a delightful twist to the ice cream experience. Innovative toppings, ranging from artisanal caramel sauces to chunks of cookie dough and even edible flowers, further enhance the sensory experience. The versatility of ice cream extends beyond the cone, with sundaes, floats, and milkshakes offering endless possibilities for customization.

According to the research report, 'Global Ice Cream Market Outlook, 2029', the market is anticipated to cross USD 115 Billion by 2029, increasing from USD 88.34 Billion in 2023. The market is expected to grow with 5.29% CAGR by 2024-29. The ice cream industry, a frozen empire built on innovation and timeless indulgence, stands as a testament to the enduring appeal of this beloved treat. From the iconic ice cream parlors of yesteryears to the modern artisanal creations, the industry has witnessed a constant evolution, adapting to changing consumer preferences and culinary trends.

The ice cream industry is characterized by a diverse array of players, ranging from multinational giants like Unilever and Nestlé to artisanal producers and local creameries. The market has witnessed a shift towards premium and artisanal products, with consumers showing a growing interest in high-quality ingredients, unique flavors, and sustainable practices. Innovation has become a driving force in the industry, with companies experimenting with flavors, textures, and even alternative bases like plant-based options to cater to changing dietary preferences.

The rise of niche markets, such as lactose-free, gluten-free, and low-sugar ice creams, reflects the industry's adaptability to consumer demands for healthier alternatives without compromising on taste. As the ice cream industry continues to evolve, the future looks promising and flavorful. Advancements in technology, such as cold storage and transportation, allow for greater global accessibility. The demand for unique and premium flavors, as well as healthier options, is likely to drive further innovation.

Local, artisanal producers are thriving in a market that values authenticity and craftsmanship. Social media plays a significant role in shaping trends, with visually appealing and shareable creations gaining popularity. Customization and personalization, whether through made-to-order ice cream or interactive in-store experiences, are becoming key strategies for engaging consumers in an increasingly competitive market.

Market Drivers

• Flavor Innovation and Premiumization: One of the primary drivers propelling the global ice cream market is the continuous innovation in flavors and the trend towards premiumization. Ice cream manufacturers are constantly exploring unique and exotic flavor profiles to cater to changing consumer preferences. From unconventional combinations such as lavender-honey or chili-infused chocolate to premium ingredients like Madagascar vanilla or Belgian chocolate, flavor innovation drives consumer interest and creates a sense of exclusivity. This driver stimulates market growth by attracting consumers seeking new taste experiences. Premiumization, in particular, allows for higher profit margins as consumers are willing to pay more for artisanal, high-quality ice cream products.
• Health and Wellness Trends: The increasing focus on health and wellness is steering the global ice cream market towards healthier alternatives. With a growing awareness of dietary choices and nutritional considerations, there is a rising demand for low-sugar, low-fat, and even plant-based ice cream options. Manufacturers are responding by introducing innovative formulations using ingredients like coconut milk, almond milk, or natural sweeteners to create healthier frozen treats.

Market Challenges

• Health Concerns and Obesity Issues: A significant challenge facing the global ice cream market is the increasing awareness of health issues related to high sugar and fat content in traditional ice cream products. Consumers are becoming more health-conscious, leading to a shift in preferences towards healthier alternatives or reduced consumption. This poses a challenge for traditional ice cream manufacturers to adapt their formulations to align with healthier lifestyles.
• Supply Chain Disruptions: The ice cream industry, like many others, faces challenges related to supply chain disruptions. Fluctuations in the prices of key ingredients such as milk, sugar, and cocoa, as well as challenges in logistics and transportation, can impact production costs and the overall stability of the supply chain. Climate change and extreme weather events can also affect the availability and quality of ingredients. Supply chain disruptions can lead to increased production costs, affecting profit margins and potentially limiting the availability of certain products in the market. Adapting to these challenges requires robust supply chain management strategies.

Market Trends

• Plant-Based and Dairy-Free Options: The rising popularity of plant-based diets and increased lactose intolerance awareness has fueled the growth of plant-based and dairy-free ice cream alternatives. Manufacturers are introducing innovative formulations using ingredients like coconut, almond, soy, or oat milk to create creamy, dairy-free options. This trend caters to a growing segment of the population seeking plant-based alternatives without compromising on taste and texture.
• E-Commerce and Direct-to-Consumer Sales: The rise of e-commerce and direct-to-consumer sales channels is transforming the way ice cream is distributed and consumed. Consumers can now order their favorite ice cream products online and have them delivered directly to their doorstep. This trend is driven by the convenience of online shopping, especially in a post-pandemic landscape where digital interactions have become more prevalent. E-commerce and direct-to-consumer sales provide ice cream companies with new avenues for reaching consumers, creating personalized experiences, and gaining valuable insights into consumer preferences.

COVID-19 Impact

The global ice cream market, like many other industries, faced significant impacts from the COVID-19 pandemic. The initial phases of lockdowns and restrictions led to disruptions in the supply chain, affecting the production and distribution of ice cream products. Closure of restaurants, cafes, and ice cream parlors, coupled with reduced foot traffic in retail outlets, resulted in a sharp decline in sales. Consumer priorities shifted towards essential goods, impacting the demand for indulgent treats. However, as lockdowns eased, there was a noticeable surge in demand for comfort foods, including ice cream, as people sought moments of joy and familiarity during uncertain times.

The pandemic also accelerated certain trends within the industry, such as the rise of e-commerce for ice cream sales and increased focus on health-conscious offerings. Manufacturers responded with innovative packaging solutions, online promotions, and new product developments to adapt to the changing consumer landscape. While the industry experienced challenges, the enduring appeal of ice cream as a source of comfort and delight ultimately contributed to its resilience and gradual recovery in a post-pandemic era.

In 2023, the take-home segment accounted for the highest share projected because of increased disposable income, the introduction of new flavors from the manufacturers, and increased consumption of ice-cream as a snack option boosts the market for ice cream products.

The COVID-19 pandemic accelerated the shift towards at-home consumption, with lockdowns and restrictions limiting outdoor activities and dining out. Consumers turned to take-home ice cream as a convenient and comforting treat that could be enjoyed in the safety and comfort of their homes. The increased focus on at-home indulgence has been a major driver for the growth of the take-home ice cream segment. Take-home ice cream offers unparalleled convenience. Consumers can stock up on their favorite flavors, allowing for spontaneous indulgence whenever the craving strikes.

This convenience factor has become increasingly important as busy lifestyles and the desire for instant gratification drive consumers towards products that provide easy access to enjoyment. The take-home ice cream segment often boasts a wide array of flavors and formats, allowing consumers to personalize their frozen dessert experience. This variety and personalization contribute to the segment's popularity. As consumers become more health-conscious, the take-home ice cream segment has adapted by offering a range of options, including low-sugar, low-fat, and dairy-free alternatives.

This aligns with the growing trend of seeking healthier frozen dessert options, allowing consumers to make choices that suit their dietary preferences and restrictions while still indulging in the pleasure of ice cream. The rise of e-commerce and online grocery shopping has further propelled the take-home ice cream segment. Consumers can conveniently order their favorite ice cream products online and have them delivered directly to their doorstep. This trend gained momentum during the pandemic and is expected to persist as consumers continue to embrace the convenience of digital platforms.

The cups & tubs segment held the largest revenue share owing to the growing preference for ice cream as a daily post-meal dessert is expected to fuel the product demand.

Cup ice cream is a popular and convenient option among consumers. It is typically sold in single-serving containers, making it easy for individuals to enjoy their favorite flavors without the need for additional serving utensils. Cup ice cream appeals to on-the-go consumers who value portability and portion control. Companies have leveraged this segment by offering a wide variety of flavors, including classic options and innovative combinations. Additionally, single-serving cups allow for easy customization, such as incorporating mix-ins or toppings. Cup ice cream has also seen growth in the premium and artisanal segments, with brands emphasizing high-quality ingredients and unique flavor profiles.

Cup is known as the most popular type of product serving as it is a neat, clean, and easy-to-store option. Hence, it is the most convenient way of serving. The majority of consumers prefer cups due to convenience. However, serving in cups requires a spoon to eat, and disposal is a problem, so the demand for cones is predicted to increase in the forthcoming years as there is no necessity to have a spoon, and they are consumed along with the product, adding a crunchy texture to the product. Moreover, tub ice cream is often associated with sharing and indulgence. It comes in larger containers, ranging from pints to gallons, making it suitable for gatherings and extended enjoyment.

This segment offers a diverse array of flavors, including traditional favorites, as well as innovative and exotic options. Tubs provide ample room for mix-ins, swirls, and layers, enhancing the overall ice cream experience. Moreover, tub ice cream has seen an increase in demand for premium and artisanal varieties, where quality ingredients and unique flavor combinations take center stage. Sustainable packaging solutions have also gained prominence in this segment, reflecting growing consumer awareness about environmental concerns. Tub ice cream remains a staple in households, offering a versatile option for various occasions and preferences.

On the basis of distribution channel, Supermarkets & hypermarkets are major distribution channels for ice cream products as they offer a wide variety of ice cream brands, flavors, and formats in their frozen food sections.

Consumers appreciate the convenience of shopping for ice cream while doing their regular grocery shopping. Supermarkets often run promotions and discounts, attracting price-conscious consumers. Effective packaging, branding, and promotional strategies are vital to stand out on supermarket shelves. Supermarkets are substantial contributors to ice cream sales. These larger retail outlets provide even more extensive product selections and often have dedicated sections for frozen desserts. Hypermarkets offer consumers a one-stop shopping experience, making it convenient to purchase ice cream along with other groceries and household items. Ice cream brands can benefit from bulk sales opportunities in hypermarkets.

Marketing efforts, such as in-store displays and promotions, are essential to attract consumers in these vast retail spaces. However, the rise of e-commerce has opened up new opportunities in the ice cream market. Online stores enable consumers to purchase ice cream products from the comfort of their homes, addressing convenience and accessibility. Brands can expand their reach to a global audience through online sales. However, the challenge lies in maintaining product quality during delivery and ensuring that ice cream arrives in a frozen state. Robust packaging and a reliable cold chain logistics network are essential for success in this channel.

Online stores also provide a platform for brands to engage with consumers directly, gather feedback, and tailor product offerings to meet evolving preferences. The persistent increase in mobile adoption and broadband penetration, especially in emerging economies, has helped boost online sales. Ordering online for home delivery is the normally preferred flexible buying option across the globe. Henceforth, hyper/supermarket owners are introducing e-commerce models that make it even easier for tech-savvy, time-crunched consumers to get the items they need.

There is a great potential for online merchants that offer consumers a wide variety of good-for-you foods and provide guidance for customers aspiring to healthier lives. But, the obvious in-store benefits of fulfilling immediate shopping needs without paying shipping fees and powerful sensory experiences, such as feeling the vibrant color and texture of the product, which is virtually impossible to replicate online, are expected to support steady growth of hyper/supermarkets.

The Asia Pacific made the largest contribution to the global market with higher revenue share in 2023, as the region has been witnessing high demand, especially from young consumers. Key manufacturers have been introducing a range of products to cater to the increasing preference for premium products.

The Asia-Pacific region is home to a massive and diverse population, representing a significant consumer base. With a large and youthful demographic, there is a substantial demand for indulgent and convenient treats like ice cream. The sheer size of the market provides ample opportunities for growth and market penetration. Economic growth in many countries within the Asia-Pacific region has led to an increase in disposable income. As people's purchasing power rises, there is a greater capacity to spend on discretionary items, including premium and indulgent food products like high-quality ice cream. The growing middle class is particularly influential in driving the demand for premium ice cream offerings.

Urbanization and changing lifestyles in the Asia-Pacific region have contributed to a shift in consumer behavior. With urbanization come busier schedules, a desire for convenience, and a preference for on-the-go food options. Ice cream, especially in convenient formats like handheld novelties and single-serving cups, aligns well with the demands of modern urban lifestyles. Ice cream has become deeply ingrained in the food culture of many Asian countries. Traditional frozen treats, such as Japan's mochi ice cream or Thailand's coconut milk-based ice cream, have been embraced alongside international flavors. The cultural significance of ice cream as a celebratory and enjoyable dessert contributes to its widespread popularity across the region.

The Asia-Pacific ice cream market is characterized by a rich tapestry of flavors and innovative formats. Local and international manufacturers introduce unique and exotic flavors, catering to diverse taste preferences. This constant innovation and variety appeal to consumers seeking novel and exciting ice cream experiences. As health and wellness awareness rises globally, the Asia-Pacific market has witnessed a surge in demand for healthier ice cream options.

Manufacturers respond by offering products with reduced sugar, lower fat content, and even plant-based alternatives, aligning with changing consumer preferences for better-for-you frozen treats. The increasing penetration of e-commerce and online grocery shopping in the Asia-Pacific region has facilitated easier access to ice cream products. Consumers can conveniently order a wide range of ice cream varieties online, contributing to the segment's growth. The digitalization of retail channels has opened up new avenues for reaching consumers.

The key players in the market are actively innovating to maintain their competitive edge. They focus on product diversification, introducing new and exciting flavors and formats to cater to evolving consumer preferences. Health-conscious trends have prompted these companies to develop and market low-fat, low-sugar, and dairy-free options. Strategic collaborations and acquisitions also play a significant role in expanding their product portfolios and market reach. Additionally, sustainability and environmentally-friendly packaging initiatives are gaining prominence, aligning with consumer demands for responsible consumption.

These key players are investing in research and development to keep up with changing market dynamics and maintain their leadership positions. Numerous small and mid-size players operating in various countries contribute to the overall growth of the market. The manufacturers are introducing new flavors and formats to enhance their sales volume which has been decreasing especially in developed regions such as North America and Western Europe. Nowadays, ice creams with natural ingredients, low calories, and health claims appeal the most to consumers, thus, manufacturers are focused on launching products with these attributes.

• June 12, 2023: Häagen-Dazs, a brand under the General Mills umbrella, is embarking on an exciting venture with the introduction of Häagen-Dazs Cultured Crème. This innovative creation draws inspiration from the sumptuous taste and luxurious texture that Häagen-Dazs ice cream is renowned for. Cultured Crème represents a unique fusion of flavors and textures, providing a fresh perspective for discerning consumers who appreciate the delights of both yogurt and ice cream in a single snack.
• October 2022: Unilever partnered with ASAP for the delivery of its ice cream products. As per the partnership, ASAP will also deliver ice cream and treats from Unilever's virtual storefront, The Ice Cream Shop.
• October 2022: Kemps replaced Dean Goods throughout Iowa as Dairy Farmers of America completed the USD 433 million acquisitions of Dean Food’s properties. The business took over the Le Mars milk factory, which can process numerous Kemps products, from cottage cheese to ice cream.
• October 2022: Blue Ribbon's Street range launched three new two-liter tubs, each featuring two flavors. The range includes chocolate affair, caramel hokey pokey, and velvety caramel.
• March 2022: Yuengling’s Corporation, an American ice-cream manufacturing company, acquired Revolution Desserts, LLC, an Atlanta-based ice cream manufacturing company that owns Gelato Fiasco, Sweet Scoops, Art Cream, and SoCo Creamery brands. Revolution Desserts operates in more than 600 retail stores nationwide.

Considered in this report

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Cold Chain Logistics market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type

• Refrigerated Warehouse
• Refrigerated Transportation

By Refrigerated Transportation

• Roadways
• Waterways
• Railways
• Airways

By Temperature Type

• Frozen
• Chilled

By Technology

• Dry Ice
• Gel Packs
• Eutectic Plates
• Liquid Nitrogen
• Quilts

By Process

• Pre-Cooling Facilities
• Cold Storage
• Refrigerated Carriers
• Packaging
• Information Management System

By Applications

• Dairy and frozen desserts
• Pharmaceuticals
• Process food
• Meat, Fish & Sea-foods
• Bakery and confectionery
• Fruits and vegetables
• Others

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Cold Chain Logistics industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.


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