The Ice cream and frozen desserts is projected to reach a staggering USD 283.9 billion by 2034, reflecting a delicious CAGR of 7.5%. This surge is fueled by a rising global population with a sweet tooth and a penchant for convenient, indulgent treats. But this growth story goes beyond just summertime cravings. The market is undergoing a transformation, with innovation and diversification churning out new opportunities for B2B investors across the frozen dessert landscape.
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Consumers Craving Convenience, Flavor, and Wellness
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Bite-Sized Bliss: Busy lifestyles are leading to a shift from bulky tubs to single-serve portions and novelty formats. Think ice cream sandwiches, frozen yogurt bars, and pre-packaged cups. This trend caters to portion control and on-the-go enjoyment, perfectly suited for today’s fast-paced lives. B2B investors can capitalize on this by supporting companies that develop innovative packaging solutions for single-serve and grab-and-go options.
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Flavor Frenzy: Consumers are clamoring for exciting taste experiences, driving innovation in ice cream flavors and textures. Plant-based options are taking center stage, with innovations in pea milk, oat milk, and cashew cream bases creating delicious dairy alternatives. This isn’t just about vegan consumers – health-conscious individuals seeking lower-fat or lower-calorie options are also driving demand for these alternatives. B2B investors can find opportunity in companies that are at the forefront of plant-based ice cream innovation, helping them develop new and improved flavor profiles and textures.
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Lactose Intolerance? No Problem!: The growing number of lactose-intolerant consumers – estimated to be over half of the world’s population – is creating a golden opportunity for non-dairy ice cream manufacturers. B2B investment in plant-based alternatives with textures and flavors that mimic dairy-based products can tap into this lucrative segment. This goes beyond just ice cream – the rise of lactose-free yogurts and sorbets also presents attractive investment opportunities.
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The Wellness Revolution: Health-conscious consumers are driving the demand for probiotic yogurts, offering a thicker consistency and longer shelf life, contributing to market expansion. This focus on gut health and immunity-boosting ingredients is a trend B2B investors cannot ignore. Partnering with companies that are incorporating these elements into their frozen dessert offerings can be a winning strategy.
The growing lactose-intolerant population hasn’t really affected the overall progress of this market as brands came up with non-dairy alternatives of people’s favorite flavors and textures. The market is still slated to grow at a healthy CAGR of 7.50% through 2034. Besides this, plant-based and gourmet ice cream options are gradually taking their place in the affluent population’s shopping list.
“The emergence of food delivery platforms has substantially affected the ice cream and frozen dessert market in a positive manner. Brands must leverage these platforms to reach a wider consumer base,” -says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- The ice cream segment dominates the global ice cream and frozen dessert market with a share of 87.30% in 2024.
- Based on distribution channels, the hypermarket/supermarkets lead the ice cream and frozen dessert market with a share of 56.90% in 2024.
- The ice cream and frozen dessert market in China is anticipated to grow at a CAGR of 3.50% through 2034.
- The ice cream and frozen dessert market in Germany is estimated to rise at a 7.00% CAGR through 2034.
- The ice cream and frozen dessert market in the United States has the potential to increase at 4.10% CAGR through 2034.
- The Japanese ice cream and frozen dessert market is predicted to rise by 4.70% CAGR through 2034.
- The ice cream and frozen dessert market in India is very likely to grow at a CAGR of 8.20% through 2034.
Competitive Landscape
- The market for ice creams and frozen desserts is highly competitive with both international and domestic brands vying for dominance.
- The emergence of local and artisanal ice cream parlors has diverted a substantial part of the consumer base.
- Some of the prominent companies in the market include Baskin-Robbins, Nestle SA, Unilever, Danone Groupe SA, Ben & Jerry’s Homemade Holdings Inc., Cielo USA, Breyers Ice Cream, Casper’s Ice Cream, etc.
- These companies have a loyal consumer base due to their prolonged presence in the market.
- The sales of probiotic yogurts and low-calorie frozen desserts are likely to experience a surge due to increasing awareness of dietary habits.
- Brands are focusing on premium branding and aesthetic packaging to attract the millennial population.
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Recent Developments:
- Oreo, in March 2024, released a new line of mint-flavored frozen treats with mint creme-flavored dairy desserts and Oreo cookie pieces.
- In February 2024, Katoomba Global Foods launched a premium Indian kulfi ice cream range with Australia-made kulfi and India’s Parle G biscuits.
- Häagen-Dazs introduced oat-based, vegan-certified frozen desserts in Canada with creamy texture and indulgent flavors in May 2023.
- Snoop Dogg and Happi Co., in July 2023, launched Dr. Bombay Ice Cream, inspired by his NFT character, in 3,500 Walmart stores.
- Oatly and Carvel partnered to offer dairy-free options nationwide including strawberry soft serve, cookies and cream, and frozen dessert cakes in January 2024.
Key Takeaways for Investors:
- Market Expansion Opportunities: The ice cream and frozen dessert market presents lucrative opportunities for investors, driven by evolving consumer preferences and expanding distribution channels. Companies focusing on flavor innovation, sustainability, and health-conscious trends are well-positioned for growth.
- Regional Insights: Emerging markets such as India, Germany, and Japan offer significant growth potential due to factors such as increasing disposable incomes, changing consumer lifestyles, and cultural preferences for dairy-based desserts.
- Investment Trends: Investors should closely monitor the emergence of local ice cream brands, artisanal parlors, and innovative product offerings. Brands focusing on premium branding, aesthetic packaging, and collaborations with social media influencers are likely to attract investor interest.
- Competitive Landscape: Prominent companies in the ice cream and frozen dessert market, such as Baskin-Robbins, Nestle, and Unilever, continue to dominate the market with their extensive product portfolios and loyal consumer base. However, the emergence of local and artisanal brands is reshaping the competitive landscape and diversifying consumer choices.
Key Companies
- Baskin-Robbins
- Nestle SA
- Unilever
- Danone Groupe SA
- Ben & Jerry’s Homemade Holdings Inc.
- Cielo USA
- Breyers Ice Cream
- Casper’s Ice Cream
- Graeter’s Ice Cream
- Kraft Foods Group Inc.
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Key Segments Covered in the Ice Cream and Frozen Dessert Industry Analysis
By Type:
- Frozen Yogurt
- Frozen Cakes
- Ice Cream
- Others
By Distribution Channel:
- Supermarkets/Hypermarkets
- Convenience Stores
- Specialty Stores
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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 over 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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