While making the Research, we segmented the Industry on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their Industry share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the Industry.
Prominent enterprises are expanding their resources in research and development activities to offer options that include healthy and functional ingredients for optimum nutrition. This is due to the increasing health awareness among consumers globally. This trend is estimated to drive the ice cream Industry growth. In addition, the increasing adoption of premium ice creams made from rich ingredients is anticipated to further enhance growth. However, the seasonal nature of the primary product is projected to hinder growth during the forecast period.
Premium Vanilla Extracts to Drive Segment Growth
On the basis of flavor, the vanilla segment dominates the Industry with a total share of 30.22%. The increasing expenditure on premium quality vanilla-flavored products from these companies due to the high demand of the flavor is predicted to drive the segment growth. On the basis of type, the impulse segment is projected to rise at a considerable ice cream Industry share stoked by innovation and consumer-oriented packaging.
Rapid Urbanization to Help Asia Pacific Gain Prominence
Asia Pacific is estimated to dominate the global Industry with a Industry value of USD 15.43 billion in 2019. The increasing disposable income and rapid urbanization in major countries including China, India, and Japan are estimated to drive the growth in the region. In addition, the rising popularity of fast food in the region is estimated to enhance the demand in Asia Pacific.
The Industry in North America is projected to exhibit significant growth in the forecast timeline. A wide range of fast-food chains, coupled with the increasing demand for natural products is set to further propel the need for ice-creams in the region.
The global ice cream Industry is anticipated to showcase eminent growth owing to the constant product innovation from major players, observes in its Research. The Industry size reached USD 70.85 billion in 2019and is anticipated to reach USD 91.90 billion by 2027, exhibiting a CAGR of 4.01% during the forecast period.
Introduction of New Products to Aid Key Players Expand their Product Lines
The global ice cream industry comprises various producers and multinational corporations contributing to the development of the industry. Key players are focusing on innovative product launches in order to expand their businesses, as well as their product portfolios. For Instance, In January 2021, Unilever Group announced the launch of a double red velvet variant under its Magnum brand. This helped the company expand its product line.