Ice cream has long been a popular treat worldwide, and is no stranger to reinvention, innovation, and unique trends. From all-American banana splits to Thai rolled ice cream, the market is full of variations that cater to a wide and diverse consumer base, with new ice cream flavours and products introduced frequently. The global ice cream market is expected to grow at a CAGR of almost 5% over the next 4 years, with particularly high contributions from the Americas and the APAC region. There are five main factors that are responsible for this projected growth:
1. Rise in demand for premium ice cream: Consumers are increasingly preferring high quality and unique ice cream flavours, and are willing to pay more for ingredients that they consider to be innovative or decadent. Ice cream manufacturers worldwide鈥攂ut especially in the US and Europe鈥攁re launching premium brands and variations on established products in order to cater to this new and growing preference.
2. Increase in availability of dairy-free and vegan products: In response to an increase in dietary restrictions and specialty diets, vendors have begun introducing products targeted at consumers who adhere to vegan, vegetarian, or dairy-free diets. Ben & Jerry鈥檚, Breyer鈥檚, So Delicious, and Coconut Bliss are all popular ice cream brands offering almond, soy, or coconut ice cream in the global market.
3. Popularity of functional ice cream: Low-sugar and high-protein ice cream has become especially popular with athletes and with consumers looking for non-staple food and beverage products with better nutritional content. Halo Top, for example, offers ice cream made from all-natural ingredients that is low in calories, low in sugar, and high in protein.
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4. Increase in consumption of take-home ice creams: As the name suggests, purchased in a tub or container and then consumed at home. Individual, pre-packaged single servings of ice cream are generally considered impulse ice creams rather than take-home. The take-home ice cream segment is expected to grow at a CAGR 4.9% over the next four years, largely due to the introduction of more convenient packaging and affordable pricing.
5. Significant and consistent demand from the Americas: The demand for this region is largely a result of increasing disposable income, an increase in availability of convenient and impulse ice creams, and food-related seasonal traditions. In the US and Canada, sales are typically highest during the summer months with demand from consumers of most income levels and ages.
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