The Asia-Pacific ice-cream market is projected to record a CAGR of 7.3% during the forecast period (2024-2029).

The ice cream market faced a complete washout in 2022 due to the COVID-19 outbreak. The initial reason was lockdown restrictions, which hit the extent of disrupting the distribution and supply chain. The major reason was health issues as several medical researchers depict that the consumption of ice-creams may affect the throat and chest, which can be dangerous for health. This ultimately impacted the overall sales of the ice-cream market in the Asia-Pacific region. India's top companies like Amul, Hindustan Unilever (HUL), Vadilal, and Mother Dairy witnessed a 50-70% decline in sales growth after the lockdown announcement.

There is a rise in demand for premium ice-creams across Asia-Pacific, which is expected to be one of the primary factors driving the market growth. Latest innovations in ice-creams offered by the manufacturers to meet consumer demand, such as sugar-free or low sugar ice-creams, are expected to accelerate the growth of the Indian ice-cream industry during the forecast period. Premium ice-creams have become a popular product among health-conscious consumers due to the presence of high-quality ingredients and a lower amount of aeration compared to regular ice creams. Significant growth in the dairy industry, rising demand for convenience foods, and increasing product premiumization are also expected to contribute to the increased demand for ice-creams in the coming years.

Key Market Trends

The Variety of Flavors is Boosting the Market's Growth

The growth of the ice cream industry is driven by the availability of various flavored ice creams. As a result, ice-cream consumers pay a premium price for these products, which in turn, increases the revenue of the market. Manufacturers are increasing their product range by including functional ingredients and exotic flavors in product formulations to meet the changing consumers’ demands. The latest innovation in a product comes up with the availability of various flavored ice-creams in modern retail formats such as departmental stores, hypermarkets, supermarkets, and convenience stores, which is also driving the market growth. For instance, companies are including other exotic flavors such as tropical fruits, matcha, chocolate, and vanilla to cater to the changing tastes of consumers. In this way, with modern food technologies, product innovation of a variety of ice-cream flavors accelerates the growth and development of the market across the region.

China Leads the Ice-cream Market

China is the leading consumer in the ice cream market in the Asia-Pacific region. China has enjoyed the benefits of an expanding market for production and distribution, which has led the ice-cream industry to grow. With the rising demand for frozen snacks among the millennial population, the Chinese ice-cream market is expected to witness significant growth. The majority of these consumers opt for frozen desserts as meal replacements. Further, hectic lifestyles, coupled with health and wellness concerns, are driving these changes. A growing preference for natural, less processed, and convenient food and an increasing focus on low-calorie ice creams are enabling companies to tap into the growth potential of the market. An increase in population in the country demands more production of ice-creams, which could also boost the Chinese ice-cream market.

Competitive Landscape

The ice-cream market is highly competitive in the Asia-Pacific region. Unilever, General Mills Inc., Nestlé SA, Gujarat Cooperative Milk Marketing Federation, and Lotte Corporation are some of the prominent players in the Asia-Pacific Market. Vendors compete on the basis of price, quality, product differentiation, distribution, and promotion. It is crucial for players to continuously innovate to operate and grow in the market due to the rapidly changing consumer demands and preferences. Additionally, the constant promotions within the supermarkets mean that many customers are now waiting for products to be on special offers for them to purchase, rather than being brand loyal. A diversified distribution network gives the Asia-Pacific ice-cream manufacturers an upper edge to sustain their revenue sales across the region.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

• 1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition

  • 1.2 Scope of the Study

• 2 RESEARCH METHODOLOGY

• 3 EXECUTIVE SUMMARY

• 4 MARKET DYNAMICS

  • 4.1 Market Drivers

  • 4.2 Market Restraints

  • 4.3 Porter's Five Forces Analysis

    • 4.3.1 Threat of New Entrants

    • 4.3.2 Bargaining Power of Buyers/Consumers

    • 4.3.3 Bargaining Power of Suppliers

    • 4.3.4 Threat of Substitute Products

    • 4.3.5 Intensity of Competitive Rivalry

• 5 MARKET SEGMENTATION

  • 5.1 By Category

    • 5.1.1 Dairy

    • 5.1.2 Non-dairy

  • 5.2 By Type

    • 5.2.1 Artisanal Ice-cream

    • 5.2.2 Impulse Ice-cream

    • 5.2.3 Take-Home Ice-cream

  • 5.3 By Distribution Channel

    • 5.3.1 Hypermarkets/Supermarkets

    • 5.3.2 Specialist Retailers

    • 5.3.3 Convenience Stores

    • 5.3.4 Other Distribution Channels

  • 5.4 Geography

    • 5.4.1 China

    • 5.4.2 Japan

    • 5.4.3 India

    • 5.4.4 Australia

    • 5.4.5 Rest of Asia-Pacific

• 6 COMPETITIVE LANDSCAPE

  • 6.1 Most Active Companies

  • 6.2 Most Adopted Strategies

  • 6.3 Market Share Analysis

  • 6.4 Company Profiles

    • 6.4.1 Unilever PLC

    • 6.4.2 General Mills Inc

    • 6.4.3 Nestle SA

    • 6.4.4 Gujarat Cooperative Milk Marketing Federation

    • 6.4.5 Lotte Corporation

    • 6.4.6 Yili Group

    • 6.4.7 Bulla Dairy Foods

    • 6.4.8 Morinaga and Co. Ltd

    • 6.4.9 Wells Enterprises Inc

    • 6.4.10 Dairy Classic Ice Cream Pvt. Ltd

• 7 MARKET OPPORTUNITIES AND FUTURE TRENDS

• 8 IMPACT OF COVID-19 ON THE MARKET