Ice Cream Market - Global Industry Size, Share, Trend and Forecast 2027

1. 2017 – 2027 GLOBAL ICE CREAM MARKET FORECAST AND OPPORTUNITIES Published: February 2022 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

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13. Product Overview

14. Scope of Report Product of Interest (POI): Ice Cream Ice cream is a sweetened frozen food product that is commonly consumed as a dessert. It is produced from milk or cream and is flavored with a sweetener, either sugar or a substitute, and a flavor, such as chocolate or vanilla, or with fruit, such as strawberries or peaches, etc. Based on the type, market can be segmented into take-home ice cream, impulse ice cream and artisan ice cream. GLOBAL ICE CREAM MARKET Market Segmentation BY PRODUCT TYPE • Brick • Tub • Cup • Cone • Stick • Others BY TYPE Review Period 2017 – 2020 Base Year 2021 Estimated Year 2022 Forecast Period 2023 – 2027 Year Range • Take-Home Ice Cream • Impulse Ice cream • Artisan Ice Cream BY DISTRIBUTION CHANNEL • Supermarkets & Hypermarkets • Convenience Stores • Specialty Stores • Online • Others BY REGION • North America • Asia-Pacific • Europe • South America • Middle East & Africa

15. Research Methodology

16. Research Methodology Data Collection Data Validation Market Profiling Data Analysis Developing list of Respondents Formulating Questionnaire In-depth secondary research was conducted to determine top players in the global ice cream market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the global ice cream market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection Primary Research Desk Research Company Analysis • Recent Developments • Market Changing Aspects/Dynamics • Government Policies • Final Conclusion • Market Participants • Key Strengths • Identifying Key Opinion Leaders • Questionnaire Design • In-depth Interviews Primary Research Secondary Research Paid Sources • LinkedIn • TechSci Internal Database • Company Websites • Company Annual Reports • White Paper Study • Financial Reports • Investor Presentations • Regulatory Body • Associations, etc. • Factiva • Hoovers 16

17. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the global ice cream market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing disposable income, continuous change in consumer tastes and preferences and increasing innovation in existing offerings. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global ice cream market. Methodology Followed for Calculation of Market Size: • Market Size by Value: Market size, in terms of value, for the year 2021 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as ice creamcompanies, channel partners, market influencers & end users, industry experts and other industry participants. • The team interviewed 20 ice cream companies, 300 end users, and 15 industry experts and other value chain stakeholders in the global ice cream market to obtain the overall market size between 2017 and 2021, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out to arrive at the market size data for the historical period. 17

18. Research Methodology • Respondents were asked about the current and future market growth rates, market shares by category, by product type, by distribution channel, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the category of ice cream. Methodology Followed for Forecasting: • Market shares by category, by product type, by distribution channel, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various types of ice cream categories segments. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. • TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software. • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the global ice cream market, TechSci Research used various forecast techniques such as: Moving Average Time Series Analysis Regression Analysis Econometric and Judgmental Analysis Note: (a) Sum of some shares may not be 100% due to round off till two decimal places. 18

19. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long-term period to estimate and analyze the market demand scenario. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD billion. 19

20. Industry Brief Increasing new variants and flavors of ice cream with rising disposable income are driving the growth of ice cream market globally. According to TechSci Research report, “Ice Cream Market - Global Industry Size, Share, Trends, Opportunity, Competition and Forecast, 2017-2027”, the global ice cream market stood at USD111.58 billion in 2020 and is anticipated to grow at a CAGR of 6.47% in the forecast period, 2023-2027. Rising consumer spending on fast food products, ongoing research and development activities, and widespread availability of ice creams are key factors accelerating the growth of the global ice cream market in the forecast period. A high number of consumers are shifting towards adopting healthy eating habits and are willing to spend a significant amount in purchasing quality food products. Increased demand for premium ice creams made up of rare and expensive ingredients and the growing use of natural ingredients to make ice creams are bolstering the demand for ice cream worldwide. Liquor flavored ice creams are gaining popularity among consumers, and these ice creams contain 0.5% alcohol content. Consumers can easily purchase liquor-flavored ice creams from grocery stores and specialized stores. Growing demand for lactose-free ice creams contributes to the market growth in the forecast period. The increasing prevalence of food allergies and intolerances makes the market players invest in making ice creams suitable for different needs. Also, the high demand for vegan products and the availability of vegan flavored ice creams are expected to influence the global ice cream market positively. However, varying demand according to changing seasons and high ice cream storage costs may restrain the global ice cream market growth for the next five years. The global ice cream market is segmented based on category, product type, distribution channel, regional distribution, and company. On the basis of product type, the market is divided into brick, tub, cup, cone, stick, and others. Brick ice cream is expected to dominate the global ice cream market in the next five years. Consumers prefer to buy family pack ice creams as they are more prominent in quantity and are affordable rather than buying different ice creams for every family member. Market players are launching ice cream bricks in different flavors to make them affordable for middle-class families. Based on distribution channels, the market is divided into supermarkets/hypermarkets, convenience stores, specialty stores, online, and others. Supermarkets/hypermarkets are expected to account for the highest market share in the forecast period. Availability of ice creams belonging to different brands and flavors under a single roof enhances consumers' shopping experience. Ease of comparing the products based on price, flavor, ingredients, and brands and discounts on purchasing the ice creams are the reasons attracting customers to buy ice screams from supermarkets/hypermarkets. On the basis of regional analysis, the North America region is dominating the market and is expected to maintain its dominance by covering 31.34% market share in 2027. Rising demand for frozen desserts among the young population and growing health concerns drive the demand for ice creams in the region. High demand for plant-based frozen desserts and ice creams containing natural ingredients are garnering massive customer attraction. Market players are introducing sugar-free and low-calorie ice creams to lure health-conscious consumers. Major market players operating in the global ice cream market is Unilever PLC, Inspire Brands, Inc., Kahala Franchising, L.L.C., Lotte Corporation, Dairy Farmers of America, Inc, Gujarat Cooperative Milk Marketing Federation, International Dairy Queen Inc., Blue Bell Creameries, L.P., General Mills Inc., Nestlé SA “High internet penetration and proliferation of smart devices are bolstering the growth of the e-commerce industry, especially in developing countries. Online sales channel provides flexible buying options to customers. Brands are offering lucrative discounts on the purchase of ice creams to boost their sales and provide a customized shopping experience to consumers. The rise in investments by market players to find innovative packaging materials and methods and introduce new ice cream flavors is influencing the market demand. Increased focus on improving the product quality and advancements in the logistics sector is expected to propel the global ice cream market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

21. Sample Data - Snapshot Global Ice Cream Market Size, By Value (USD Billion), 2017-2027F CAGR 2017-2021 By Value: xx% CAGR 2022E-2027F By Value: xx% North America Ice Cream Market Share, By Category, By Value, 2017-2027F United Kingdom Ice Cream Market Share, By Product Type, By Value, 2017-2027F

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23. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports • United States Ice Cream Market, By Category (Take-Home Ice Cream, Impulse Ice Cream, and Artisan Ice Cream), By Product Type (Brick, Tub, Cup, Cone, Stick, and Others (Ice Cream Sandwiches and Jellies)), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Store, Specialty Store, and Others (Ice Cream truck and Online)), By Region, Competition Forecast & Opportunities, 2026F • Global Packaged Food Market, By Product Type (Non-alcoholic Beverages, Dairy products, Confectionery, Ready Meals, Snacks, Breakfast Cereals, and Others (Nuts, Ice Cream, Baby Food, Sauce, Oil and Fats)), By Distribution Channel (Hypermarkets/Supermarket, Departmental Store, Convenience Store, Online Retail Store, and Others (Counter Shops, etc.)), By Region, Competition Forecast & Opportunities, 2026 TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.