The valuation for the global ice cream parlor market was US$11,651 million in 2023 and is projected to exhibit a CAGR of 4.90 % over the forecast period. The market is expected to reach a valuation of US$92,401.1 million by 2034.
The growing demand for new ice flavors and consumer preferences worldwide are projected to generate profitable prospects for the market during the forecast period. The market continues to expand, with a bright future for manufacturers.
The expansion of distribution channels has driven the growth of the market, and the introduction of eCommerce is projected to generate substantial potential in the industry over the forecast period.
The availability of ice cream online has made it easier for consumers to find a wide variety of flavors and brands in all geographic regions. The advent of innovative flavors and packaging has also considerably aided market growth.
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The increasingly changing consumer preferences and a growing focus on rich and high-quality desserts, premium ice cream has become a popular choice among customers. Ice cream is no longer considered an indulgence but a versatile dessert catering to a wide range of dietary requirements.
Demand for low-fat, low-sugar, and lactose-free alternatives, as well as vegan and plant-based alternatives, has increased, providing customers with additional options in the current period.
“The availability of ice cream online has made it easier for consumers to find a wide variety of flavors and brands, removing limits on accessibility. The advent of novel flavors, shapes, and packaging has also considerably aided market growth,” says Sneha Varghese (Senior Consultant, Consumer Products & Goods).
Key Takeaways from the Market Study
- The global ice cream parlor market is estimated to register a CAGR of 4.90% with a valuation of 92,401.1 million by 2034.
- The United States is anticipated to dominate the global market by registering a 2.70% CAGR during the forecast period.
- The market is China is expected to grow at a 6.60% CAGR through 2034.
- Australia is anticipated to secure a CAGR of 4.40% in the global market during the forecast period.
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Competitive landscape
In recent years, there has been a surge in investment and collaboration within the venture capital firms and businesses. These strategic partnerships and financial investments aim to accelerate research and development, scale production, and expand market reach. Key players have initiated promotional activities to introduce the new flavors in ice creams.
Recent Developments
- In 2022, Sunny Honey Home is a new Ben & Jerry’s flavor produced in partnership with The Entrepreneur Refugee Network (TERN). This one-of-a-kind blend was produced to generate funds while also promoting the economic goals of refugees in the United Kingdom.
- In 2023, Baskin-Robbins has reopened its store in Bay City, Michigan. The shop was looking for new owners when it closed in December 2022. Since its reopening, the company has experienced tremendous growth and client demand.
Key Segments in the Ice Cream Parlour Market
By Type:
- Independent
- Branded/Franchise
By Product Type:
- Artisanal
- Traditional
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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