Ice Cream Market Size

Ice Cream Market Analysis

The Ice Cream Market size is estimated at 109.5 billion USD in 2024, and is expected to reach 131.5 billion USD by 2029, growing at a CAGR of 3.72% during the forecast period (2024-2029).

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109.5 Billion

Market Size in 2024 (USD)

131.5 Billion

Market Size in 2029 (USD)

2.68 %

CAGR (2017-2023)

3.72 %

CAGR (2024-2029)

Largest Market by Distribution Channel

84.69 %

value share, Off-Trade, 2023

The growth of segment in the country is largely driven with the existence of an inviting place for customers to shop, as they are constantly drawn to make large purchases.

Largest Market by Region

42.32 %

value share, Europe, 2023

Over the review period, indulgence and the increasing consumer preference for ice cream as a leisure product drove the growth and innovative flavors are further driving the segment.

Fastest-growing Market by Distribution Channel

4.30 %

Projected CAGR, Off-Trade, 2024-2029

The onset of the experimential economy and the rising social media platforms with increasing consumer reach in the market is driving the off trade channels through online channels

Fastest-growing Market by Region

5.08 %

Projected CAGR, South America, 2024-2029

Health and wellness trends in South America led to the inclination of consumers toward low-fat, lactose-free variants, and calcium-rich variants, with rising growth for gluten-free, low-sugar ice creams.

Leading Market Player

14.54 %

market share, Unilever PLC, 2022

Unilever Group gained a competitive edge over other players due to its extensive product portfolio with wider brand presence, along with its strategic moves toward innovation.

Strong penetration of organized retail channels propelling the market growth.

Consumer growing preference towards sweet indulgence driving the market growth.

Ice Cream Industry Segmentation

Off-Trade, On-Trade are covered as segments by Distribution Channel. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.

• The off-trade segment dominates the distribution channels of the global ice cream market. In the off-trade segment, consumers prefer buying ice cream majorly from supermarkets and hypermarkets, as people get discount coupons for bulk shopping in supermarkets. As a result, the off-trade channel is considered the primary distribution channel for the sales of ice cream, with more than 74% of overall sales as of 2023 globally.
• Convenience stores are the second-largest channel for the sales of ice cream after supermarkets and hypermarkets. In 2022, the sales value of ice cream through convenience stores increased by 3.4% compared to 2021. Many convenience stores stay open longer than traditional retail stores, resulting in more time in the day for the companies' products to be sold.
• Ice creams are commonly consumed as after-meal snacks in restaurants and foodservice channels, which is further boosting the global ice cream market growth. As of 2022, 47% of consumers consumed meals and ice cream at restaurants, and 31% of consumers ordered their food from foodservice channels globally.
• Africa had the highest sales of ice cream through on-trade channels globally, accounting for a major share of 50% in 2023. The sales are driven by the strong preference for eating out in the region. South Africa and Egypt are the leading countries in terms of sales of ice cream through on-trade channels in Africa. In 2022, the two countries covered 79% of sales in terms of volume in the total ice cream sales through on-trade channels in the region. In 2022, there were 3.5 million reservations in South Africa, seating 17.8 million diners at restaurants across the country. In 2020, despite the pandemic, around 68% of African people showed a willingness to eat out.