LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global ice cream market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Ice Cream Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“The global ice cream market is growing substantially due to several factors such as increasing demand for take-home ice creams, rising demand for private-label ice creams, availability of various flavors, innovative marketing activities, and technology enhancements. Ice cream is witnessing a status change from a traditional dessert to a snack. Manufacturers have also started coming up with various forms such as cups, rolls, bars, cones, and sticks to keep up with the increasing impulse purchases,” says Akash Pandey, a lead analyst at Technavio for food research.
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The market research analysis categorizes the global ice cream market into three major product segments. They are:
- Impulse
- Take-home
- Artisanal
Global impulse ice cream market
Impulse ice creams are ice creams bought for immediate consumption. These include ice cream bars, sandwiches, ice-lollies, cones, cups, and sticks. Indulgence and rising demand for small portion snacks are the major drivers for the growth of the market. Manufacturers offer a wide range of flavors to cater to the varied tastes and interests of the consumers.
Easy availability of ice creams in neighborhood shops, foodservice outlets, and malls will trigger the impulse purchase of ice creams. For instance, Hunt's Foodservice, one of the leading regional suppliers of ice cream in the UK, offers ice creams at competitive prices across many locations for impulse purchases.
Global take-home ice cream market
The take-home ice cream segment accounted for close to 39% of the global ice cream market in 2016. The high demand for take-home ice creams is mainly due to the increase in the number of occasions and gatherings at home, where ice creams are consumed as a snack or dessert.
Packaging innovations have also contributed to the growth of the industry. Ice creams are now available in more convenient formats so that consumers can carry and store ice creams easily. For example, Royal Copenhagen Ice Cream Cone Company, which produces ice creams, sorbet, cones, and beverages, offers half liter Royal Copenhagen take-home packs.
Global artisanal ice cream market
The demand for artisanal ice creams is growing due to the increasing demand for handmade ice creams containing high-quality ingredients.
“Health-conscious consumers are highly inclined toward artisanal ice creams due to the healthy ingredients such as nuts and fruits, natural flavors, and organic products,” says Akash.
Small batch production is another driving factor for the growth of artisanal ice creams. It ensures uniqueness and high quality of production. Retailers are giving shelf space to artisanal brands offering unique flavors and quality ingredients.
Companies are expanding their business by acquiring artisanal brands and engaging in product innovation to cater to the rising demand. For example, in 2015, Unilever acquired GROMART, a premium Italian gelato business, which is an artisanal ice cream brand. GROMART has more than 60 shops in Italy and around the world.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Blue Bell Creameries
- Mars
- Nestlé
- Unilever
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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