SHERIDAN, WYO. – A recent report compiled by IMARC Group found the global ice cream market reached a value of $68 billion in 2021. Furthermore, IMARC projects it will grow to $89.8 billion by 2027, with a CAGR of 4.92%.
The report, “Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," also took into account the COVID-19 pandemic and integrated into the report how that impacted changes in markets and purchasing behaviors.
IMARC found an “increasing uptake of convenience foods, including ice creams, by the masses” to be driving the global market. Additionally, the report referenced the rise in consumers’ preference for online food delivery services facilitating sales of “desserts and beverages, such as cakes, waffles, milkshakes, sundaes, cold coffee and floats, wherein ice creams are used as an essential ingredient in the preparation.”
The introduction of a variety of innovative flavors, the report shared, also impacted the market’s trajectory, as did the fact that many companies have launched healthier variants that are low-fat or sugar-free. Plus, IMARC detailed, the rise in popularity and availability of lactose-free ice creams for vegan and lactose-intolerant consumers plays a part in the rising demand for ice creams with natural and organic ingredients, adding to the outlook for the market.
“Significant growth in the dairy industry,” the report cited, impacted the findings, too.
The analysis broke down the global market into four flavor categories – chocolate, fruit, vanilla and others – and determined chocolate holds the majority of the market share.
Similarly, IMARC noted that impulse purchases, ice cream cups and supermarkets and hypermarkets account for the largest market shares.
IMARC Group is a leading market research company that offers management strategy and market research worldwide.