According to the study, ‘ICE CREAM GLOBAL INDUSTRY GUIDE 2013-2022’, regional segmentation of the industry presents an interesting scenario. The global ice-cream industry is a sector that is constantly innovating with new products. The desirability of ice-cream among the general public is evident by the fact that the global market was recently valued at tens of billions of US dollars and It is expected to grow further.
The market is also segmented on the basis of product type such as lactose free, reduced fat, gluten free and organic ice-cream. In modern times there has been concern raised about the ill effects of consuming ice-cream. Such health concerns are due to the rising cases of diabetes and obesity related issues. Medical research is building on this and has lead to some interesting ice-cream developments that incorporate these health concerns. Ice-cream brands have begun replacing frozen milk and cream with sugar-free and non-dairy alternatives. The success of such shifts is evident by the achievements of Halo Top which is now the best selling ice-cream brand in America. It uses natural sugar substitutes Stevia and Erythritol-a sugar alcohol found in grapes and pears that does not impact blood glucose levels.
Organic ice creams are made from organic milk which contains more beneficial omega-3. Alden’s and Coconut Bliss are among the most popular in this respect. The rising health consciousness and changing health preferences of consumers is creating demand for organic ice-creams. Further, growth of this sector is supported by introduction of novel flavours and technological advancements in cold chain infrastructure and refrigerated transport systems. Despite the options presented by organic ice-cream in view of nutritional concern it still faces high competition from regular ice-cream. United States and China represent the major regions in the organic ice-cream market with the largest consumer base. The organic ice-cream market is expected to cross a billion dollars by 2024.
Sweden, Australia, Italy, New Zealand, U.S. and Denmark are the major countries consuming the highest amounts of ice-cream. Unilever dominates the global market with eight of the fifteen top selling brands and more than one-fifth the market share. Nestle is the closest corporate rival of Unilever with four brands in the top fifteen. The demand for premium ice-cream has been on the rise. The introduction of lactose-free ice-cream has further increased competition and improved the market. Asia-Pacific is expected to witness the highest growth rate owing to the demand from emerging economies like India, China and Indonesia among others.
The rising demand for innovative flavors and impulsiveness to consume the product is expected to drive the market. Asia-Pacific, Latin America and Middle East Asia are believed to be the major regions that will drive the market. However; the share of North America and Europe is expected to decline owing to growing number of health conscious consumers in these regions. Despite this the ice-cream sector has come up with solutions and these days awareness and popularity of organic ice-creams has begun to grow. Big ice–cream manufacturers are investing in this strategy which results in gains not only for the company but also for the consumers.
To know more, click on the link below:
Ankur Gupta, Head Marketing & Communications