(PRNewswire) Allied Market Research recently published a report offering analyses of the ice cream market. Registering a value of $70.8 billion in 2017, is estimated to reach $97.3 billion by 2023, growing at a compounded annual growth rate of 5.4 percent.
The report states that high demand for ultra-premium ice-cream products, a surge in the number on online food delivery platforms, and an increased demand for lactose-free ice cream is driving the growth. These growth patterns appear to be countering growing health consciousness among consumers to curb sugar consumption.
The expansion of retail channels such as hypermarkets, supermarkets, convenience stores, and grocery stores coupled with expansion of the cold storage industry are also supporting market growth and new opportunities. Among sales types, the take-home segment held the largest share in 2017, accounting for almost three-fifths of the total revenue in 2017. This segment is expected to retain its dominance through 2023 due to the growing preference for take-home ice creams as a snack in Western Europe and North America, and innovations in packaging for more convenience, storage and longevity.
According to the report, the artisanal segment is projected to register the fastest CAGR of 5.7 percent during this time, due to a rise in demand for handmade ice creams containing high quality ingredients, and a surge in the number of artisanal franchisees, especially in the emerging economies. Furthermore, impulse ice cream segment is projected to witness steady growth during the study period.
The ice cream market in Europe contributed more than one-third of the total market share in 2017 and is projected to retain its lion's share through 2023. This is on account of the increase in off-season sales, rise in the availability of premium offerings, and the growing trend of eating ice cream as a snack. However, the Asia-Pacific region would register the highest CAGR of 6.5 percent from 2017 to 2023 due to the growing demand for innovative products in the Asia-Pacific countries such as India and China.