Ice cream is a rich sweet food made from frozen cream and milk products stirred or churned to a smooth consistency. It represents a popular snack food worldwide and is used to make desserts such as sundaes, ice cream floats, ice cream cakes, milkshakes and even baked goods. Over the years, numerous ice-cream flavours have been created ranging from exotic fruits like mango and pomegranate to unconventional flavours like avocado or basil. A new research report by IMARC Group, titled “Ice cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global ice cream market was worth US$ 53.6 Billion in 2017. The report further anticipates the market to cross US$ 84.3 Billion by 2023, at a projected CAGR of nearly 8% over the forecast period.
Global Ice Cream Market Drivers/Constraints:
- The availability of a large number of ice cream products in different shapes and sizes, such as cups, bars, tubs, sandwiches, sticks, ice lollies and cones, acts as a major driver for the global ice cream market.
- The rising demand for artisanal ice cream containing healthy or high-quality ingredients, coupled with the growing sales of products which are low in fat and sugar; free of lactose and gluten; and made with organic ingredients, are also bolstering the market growth worldwide.
- The growing disposable income of the consumers and rising standards of living, particularly in the developing regions, further stimulates the demand for ice cream.
- The health concerns associated with ice cream consumption, such as obesity and cardiovascular diseases, can restrain the market growth. Moreover, the perishable nature of ice cream also acts as a major deterrent.
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On a geographical front, Asia-Pacific enjoys the leading position in the global ice cream market on account of the availability of innovative and healthier products. Increase in the number of ice cream parlours along with the rising disposable income and growing population have also contributed to the market growth in the region. Other major markets include North America, Europe, Latin America, and Middle East and Africa.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of price, innovation and distribution. The industry has also experienced increased merger and acquisition activities in the recent years. Some of the leading players operating in the market are:
- Inner Mongolia Yili Industrial Group
- General Mills
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