Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) — The global Ice cream market size is anticipated to reach USD 97.85 billion by 2028 and exhibit a CAGR of 4.58% during the forecast period. The rising innovations in the industry are expected to boost product demand and foster market growth. Fortune Business InsightsTM presented this information in its report titled “Ice cream Market, 2021-2028”. The market size stood at USD 69.79 billion in 2020 and USD 71.52 billion in 2021.
The market growth is also ascribable to the rising premiumization of products. A premium sized product is made using innovative production methods and is made from rare, expensive luxury ingredients. Moreover, the escalating consumer expenditure on high-end products is expected to favor market growth.
The novel coronavirus pandemic has hampered the market. The shutdowns and closures of manufacturing facilities have negatively impacted the market growth. Nevertheless, the market is recovering from the pandemic's negative impact due to falling cases of coronavirus infections and swift vaccination drives being carried out by countries globally. In the wake of the pandemic, manufacturers are launching immunity-boosting products to capture growth. For instance, Amul launched a new Haldi Ice cream that contains Haldi (turmeric), pepper, honey, dry fruits, and other healthy ingredients.
Impulse Ice cream Segment to Grow at the Fastest Pace
On the basis of type, the market is bifurcated into take-home and impulse Ice cream. On the basis of flavor, the market is categorized into fruit, chocolate, vanilla, and others. On the basis of packaging, the market is segmented into tub, brick, stick, cone, cup, and others. On the basis of distribution channels, the market is fragmented into online retailers, Ice cream parlors, hypermarkets/supermarkets, and others. Geographically, the market is classified into South America, the Middle East & Africa, Asia Pacific, Europe, and North America.
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The report covers the market's competitive landscape and profiles key market players accordingly. It highlights the challenges and restraints to market growth and suggests strategies to overcome them. It showcases the impact of the coronavirus outbreak and its effect on the market growth. It also provides information on the key market trends and latest industry developments.
Full story available on Benzinga.com