Key Trends and Major Players Shaping the Global Ice Cream Market

Ice cream has long been associated with enjoyment, satisfaction, and indulgence. The industry's capacity to innovate and adapt has allowed it to flourish even as consumer expectations change. The ice cream market is expected to increase and diversify in 2024, considering new consumer tastes and trends influenced by events worldwide and changing lifestyles.

The ice cream market is growing steadily on a global scale. What was originally a straightforward treat has developed into a vibrant and varied product category that appeals to a wide range of consumers. Ice cream's ability to maintain a balance between price and indulgence while offering a diverse array of unique flavours and textures is what makes it so appealing to people of all ages. The market is growing across a number of categories, from premium products that enhance the ice cream experience to plant-based solutions that satisfy dietary requirements.

Ice cream is still a favourite delight for people of all ages as their disposable budgets rise and they pursue indulgent experiences. For example, 94% of American adults bought ice cream, frozen yoghurt, or frozen novelties in 2023. Global ice cream consumption is predicted to be 15.4 billion litres per year, with Australia, the United States, and New Zealand having the highest per capita consumption.

Major Trends in the Ice Cream Market for 2024

Rise of Plant-Based Ice Cream

Customers are choosing more and more plant-based, non-dairy ice cream options produced from almonds, oats, and coconut milk as the demand for these products rises. This trend is driven by brands expanding their plant-based offers, health and environmental consciousness, and the surge in vegan diets. When it comes to ice cream, almost 60% of individuals are said to choose healthier selections, showing that a sizeable fraction of customers deliberately seek out options that are health-conscious.

Health-Conscious Indulgence

"Guilt-free" ice cream is becoming more and more popular. Customers who care about their health are actively looking for probiotic-rich, high-protein, low-sugar ice cream products that nonetheless let them enjoy without sacrificing their nutritional objectives. In response, companies are coming up with novel ideas like ice creams high in fibre and yoghurt and fermented meals, which are known to improve intestinal health.

Innovative Flavour Combinations

These days' consumers are more daring when it comes to their taste buds, looking for unusual and exotic flavours that go outside their comfort zone. Unconventional taste profiles, ranging from sweet corn to olive oil, are causing a stir in the ice cream market as consumers show a greater interest in international cuisines and a wider range of cultural influences.

Premiumization

The ice cream market's premium sector is expanding rapidly due to consumers' growing willingness to pay a premium for premium ingredients and handcrafted production techniques. Gourmet packaging, unique flavour profiles, and organic ingredients are increasingly important distinctions for premium brands that provide a luxurious and decadent experience.

Nostalgia and Classic Flavours

Even with the popularity of unusual flavours, traditional choices like vanilla continue to be popular. Traditional ice cream tastes continue to be popular across a wide range of consumers, in large part due to nostalgia.

Top Players in the Global Icecream Market

The ice cream market is highly competitive globally, with a few major companies controlling the majority of the market, which are as follows -

Unilever

With a market share of over 20%, more than the next four largest brands put together, Unilever is undoubtedly the market leader in the global ice cream market. Well-known brands like Wall's, Magnum, and Ben & Jerry's are part of Unilever's ice cream range. The company has concentrated on improving its out-of-home and e-commerce sales techniques, growing its footprint in emerging regions, and upgrading its offerings.

Nestle

Nestle is another significant player in the ice cream industry, with well-known brands, including Dreyer's Slow Churned, which offers lower-fat and lower-calorie ice cream to appeal to consumers who are health-conscious. Nestle has remained a major player in the market due to its dedication to offering tasty substitutes that are healthy without sacrificing flavour.

General Mills (Haagen-Dazs)

General Mills, well-known for its luxury ice cream brand Haagen-Dazs, has established a name for itself in the international market. Because of its rich taste and use of premium ingredients, Haagen-Dazs is well-liked by customers looking for an indulgent ice cream experience.

Blue Bell Creameries

Popular American brand Blue Bell Creameries makes over 250 frozen goods, including 66 different ice cream varieties. The company stands out for its dedication to quality and freshness because it manages every stage of manufacturing, from blending to milk supply.

Lotte Confectionery

Lotte Confectionery holds a dominant position in the ice cream markets of Japan and Korea, with a 28.6% market share in these regions as of 2022. Lotte, a global exporter to more than 70 countries, is renowned for its creative marketing techniques and vast range of product offers.

The ice cream market is changing on a global scale. Indulging in high-quality ice cream, tasting unusual flavours, or savouring healthier options, this vibrant and always-changing sector has something to offer everyone.