US & Canada, Oct. 23, 2024 (GLOBE NEWSWIRE) – A recent report from The Insight Partners reveals that the global ice cream market, valued at approximately $97.94 billion in 2023, is expected to grow to $138.55 billion by 2031. This growth represents a compound annual growth rate (CAGR) of 4.4% from 2023 to 2031, reflecting the enduring popularity of ice cream across various demographics.
The Asia Pacific region currently dominates the ice cream market, fueled by the introduction of diverse flavors, including seasonal fruit options, and innovative offerings from manufacturers. The rising consumer preference for healthier products is driving demand for plant-based and vegan ice creams, a trend anticipated to gain momentum during the forecast period. For example, in November 2023, OATSIDE, a Singapore-based oat milk producer, launched a range of vegan ice creams in three distinct flavors, now available at major retailers nationwide.
Market growth is further supported by increased disposable income, rapid urbanization, and elevated living standards, prompting consumers to seek healthier, more nutritious food options. There is also a growing interest in ice creams enhanced with probiotics, prebiotics, and functional ingredients. The demand for premium and artisanal ice cream varieties is expected to create additional lucrative opportunities in the market.
The ice cream industry benefits from its broad appeal across all age groups, making it a staple treat for children, adults, and seniors alike. For children, ice cream is a delightful indulgence, while adults often view it as a nostalgic comfort food. This wide-ranging appeal allows producers to market their products effectively to a diverse audience, thereby fostering consistent market growth.
Moreover, the emotional connections consumers have with ice cream—often linked to positive experiences and celebrations—enhance its attractiveness as a versatile treat suitable for various occasions. As a result, ice cream brands cultivate lifelong customers who continue to enjoy the product throughout their lives.
The market is also witnessing an uptick in product launches within the frozen dairy segment. For instance, Perry’s Ice Cream recently announced the expansion of its production facility in Akron, US, completed in June 2024, aimed at increasing production capacity to meet the growing demand for ice cream.
Overall, the ice cream market is poised for significant growth, driven by flavor innovations and an unwavering consumer appetite for this beloved dessert.
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