Ice-Cream and Frozen Dessert Market 2023 Future Estimations with Top Key Players, Production Development and Opportunities to 2032

In 2022, the global Ice-Cream and Frozen Dessert Market was estimated to be valued at USD 115.6 billion, projected to increase to USD 195.7 Billion by 2032 at a compound annual growth rate of 5.4% between 2023-2032.

Oct 17, 2023 - 13:08

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Ice-Cream and Frozen Dessert Market 2023 Future Estimations with Top Key Players, Production Development and Opportunities to 2032

Market Analysis

The global Ice-Creams and Frozen Desserts Market is projected to experience steady growth over the coming years, driven by factors such as changing lifestyles, increased disposable incomes, premium and artisanal product popularity as well as single serve ice-creams gaining in popularity due to their portability.

In 2022, the global Ice-Cream and Frozen Dessert Market was estimated to be valued at USD 115.6 billion, projected to increase to USD 195.7 Billion by 2032 at a compound annual growth rate of 5.4% between 2023-2032.

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Ice-Cream and Frozen Dessert Market:

Drivers:

Personalized frozen desserts: Its individuals increasingly seek customized frozen desserts tailored specifically to their tastes and dietary needs; this trend has been propelled by online retailers offering custom-made frozen desserts - further fuelling this trend.
Ethnic and exotic flavors: Consumers are becoming increasingly adventurous in their taste preferences and increasingly crave frozen desserts with unique and exotic flavors.
Functional frozen desserts: Functional frozen desserts refer to those that include additional ingredients, such as probiotics, proteins or vitamins for additional health benefits.
Plant-Based Frozen Desserts: As consumers search for healthier and more sustainable options than dairy-based frozen desserts, plant-based frozen desserts have grown increasingly popular. Vegan ice cream and sorbet are two examples of plant-based desserts becoming more mainstream.

Restrictions:

Government Regulations: Global governments place numerous restrictions and requirements on the production and sale of ice creams and frozen desserts. This may include food safety standards, labeling requirements, nutritional content or labeling restrictions - for instance in the US where Food and Drug Administration (FDA) have specific rules regarding ingredients/additives used in frozen treats such as ice cream.
Trade Barriers: Unfortunately, some countries impose tariffs or other trade barriers on imported ice cream and frozen desserts from abroad, making it more challenging and costly for foreign manufacturers to export their products into these markets.
Consumer Preferences: Additionally, consumer preferences can impede the expansion of the ice creams and frozen desserts market. Some consumers may seek products free from specific ingredients like dairy or sugar while others search for healthier or more eco-friendly options.
Seasonality: Ice creams and frozen desserts markets tend to be seasonal, with sales often peaking during the summer months. This makes it challenging for manufacturers to maintain an consistent level of production and profitability throughout the year.

Opportunities:

Premium Ice Creams and Frozen Desserts: Consumers are willing to pay more for premium ice creams and frozen desserts made with high-quality ingredients and providing a unique experience, so businesses that develop and market these treats could capitalize on this trend.
Personalized Ice Creams and Frozen Desserts: Consumers increasingly desire customized experiences, including when it comes to their ice creams and frozen desserts. Businesses offering customized options such as custom flavors or toppings are well positioned to capitalize on this trend and tap into this market segment.
Functional Ice Creams and Frozen Desserts: Businesses that create functional ice creams and frozen desserts are in an advantageous position to attract consumers with health concerns, since such products contain additional ingredients such as protein, fiber or vitamins that provide health benefits. Businesses specializing in functional products are well positioned to serve health-minded consumers.
Plant-Based Ice Creams and Frozen Desserts: As consumers seek healthier and more sustainable food options, plant-based ice creams and frozen desserts have become more widely adopted by businesses that can develop and market high-quality plant-based ice creams and frozen desserts to capitalize on this trend.

Challenges:

Rising Costs of Ingredients: In recent years, inflation, climate change, and supply chain disruptions have caused milk, cream and sugar prices to steadily increase - placing undue strain on ice cream and frozen dessert manufacturers who struggle to maintain margins.
Rising competition: The global and regional ice cream and frozen dessert markets are highly competitive environments with numerous players competing to differentiate their offerings and introduce innovative new flavors and formats. Manufacturers face intense pressure to differentiate their products through differentiation strategies as well as to introduce novel formats.
Consumer Health Concerns: Today's consumers are becoming increasingly health conscious and seeking frozen desserts with reduced calories, fats and sugar content - creating an increase in demand for plant-based ice creams and frozen yogurts as healthier options.
Food Safety: Ice cream and frozen desserts are delicate products, requiring careful handling and storage in order to remain perishable and prevent potential food safety incidents from damaging a manufacturer's brand and product offerings. Any issues can have an adverse impact on reputation.