LONDON--(BUSINESS WIRE)--The global gourmet ice cream market is expected to grow at a CAGR of close to 12% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global gourmet ice cream market for 2017-2021. The market is further categorized into three major product segments, including gelato, sorbet, and frozen custard, of which the gelato segment accounted for more than 69% of the market share in 2016.
“The improving lifestyles of the consumers due to rising disposable incomes and growing health consciousness is driving the demand for premium and gourmet ice cream items. Many vendors in the market have launched their premium and gourmet ice cream products range, exclusively for elite customers,” says Manjunath Reddy, a lead food research expert from Technavio.
Technavio’s research analysts segment the global gourmet ice cream market into the following regions:
- EMEA
- Americas
- APAC
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Gourmet ice cream market in EMEA
In 2016, EMEA was the largest market for gourmet ice cream products in the world, as it accounted a revenue share of close to 53% in the global gourmet ice cream market. Italy, Germany, the UK, the Netherlands, Saudi Arabia, Israel, Spain, France, Sweden, and Belgium are the major markets for gourmet ice cream products in EMEA.
“The increasing number of gelaterias and premium ice cream parlors all over Europe are boosting the gourmet ice cream market. The rising disposable incomes of people in Eastern European economies like Hungary, Romania, Turkey, Bulgaria, and Russia have also influenced the growth in demand for the gourmet ice cream products in the region,” says Manjunath.
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Gourmet ice cream market in the Americas
The Americas was the second-largest market, as it accounted a revenue share of close to 35% in the global gourmet ice cream market in 2016. The rising consumer preferences for low-fat ice cream products in the Americas, especially in the US, is a major factor contributing most of the incremental growth in the global gourmet ice cream market during the forecast period.
The US is, by far, the largest gourmet ice cream market in the Americas and second-largest in the world, after Italy. Brazil, Canada, Mexico, Argentina, and Chile are the other major markets predicted to contribute to the growth of gourmet ice cream industry in the Americas.
Gourmet ice cream market in APAC
APAC was the third-largest market, as it accounted a revenue share of close to 13% in the global gourmet ice cream market in 2016. However, it will soon become the fastest-growing market for gourmet ice cream products due to rising demand from countries like China, India, Australia, New Zealand, Japan, Singapore, Indonesia, Malaysia, and Thailand. Rising disposable incomes of consumers in developing Asian economies and the increasing influence of online retailing are major drivers impacting the growth of the APAC market during the forecast period.
China is the largest ice cream market, in terms of volume consumption. Also, India is one of the fastest growing ice cream products markets in the world where gourmet ice cream parlor establishments are increasing with the entry of vendors like Gelatovinto, BLUE FOODS' Gelato Italiano, amoregelato.com, and others.
The top vendors in the global gourmet ice cream market as highlighted in this market research analysis are:
- Amorino
- Gelato Italia
- Nestlé
- R&R Ice Cream
- Unilever
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