The global Frozen Desserts Market is expected to reach a valuation of USD 100.1 Billion by the end of 2022, growing at a CAGR of 5.8% from 2022 to 2032. The frozen desserts market accounts for around 69% of the global ready-to-eat foods market, which was valued at USD 138 Billion in 2021. The frozen desserts market is set to be valued at USD 176 Billion in 2032.
| Attributes | Key Statistics |
|---|---|
| Global Frozen Desserts Market Estimated Size (2022E) | USD 100.1 Billion |
| Projected Market Valuation (2032F) | USD 176 Billion |
| Value-based CAGR (2022 to 2032) | 5.8% |
| Collective Value Share: Top 3 Countries | 35.8% |
As per the study, growth in the frozen desserts market is attributed to rising disposable income leading to impulse purchases, introduction of a wide range of new flavors, and increased demand for different types of frozen desserts across the globe.
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Historically, frozen dessert sales grew at a CAGR of roughly 5.0% between 2017 and 2021. Growth was attributed to the use of milk components, vegetable fats, and a variety of ingredients such as dried fruits in the production of frozen desserts.
Rising trend of consuming frozen desserts after a meal as a digestive aid has driven the desserts market. On a larger scale, climate change is another issue that is anticipated to drive demand for frozen desserts like ice creams and frozen yogurts.
Demand for ice creams is predicted to rise by 50% on a hot day, but fall by 20% if the weather is bad. Consumers believe that eating ice creams during hot weather can lower their body temperature, which would fuel the market.
However, the expansion of the market may be hampered by growing health concerns across the globe. The majority of consumers prefer vegan alternatives, low-calorie desserts, and dairy-free products, which would have a negative impact on the market.
According to the World Health Organization (WHO), more than 422 million people worldwide have diabetes and that number is expected to rise to more than 600 million in the next few decades.
Many companies are aiming to diversify their product portfolios in the frozen dessert segment. They are striving to launch organic ingredient-based products to cater to the high consumer demand across the globe.
Increasing adoption of a healthier lifestyle by people in both developed and developing economies owing to the easy availability of a plethora of health-related content on digital platforms is anticipated to drive sales of low-fat desserts in the evaluation period.
The International Dairy Foods Association, for instance, has listed low-fat ice cream as the second-most popular category of dairy foods. As a result, consumers are rapidly moving towards healthy desserts and are avoiding unhealthy foods.
Vendors in the frozen desserts market are responding to consumer concerns by producing a wide variety of low-fat and gluten-free products, which are further drawing the attention of a large number of consumers and driving the frozen desserts industry.
Healthy Frozen Dessert Makers to Focus on Capacity Expansions in the USA
The rising popularity of frozen desserts has resulted in a significant increase in the number of ice cream and frozen dessert retail stores in the USA These desserts have become extremely popular in the country owing to surging demand for low-fat and healthy foods.
Dominant players in the country are offering these desserts in a wide range of flavors and appealing packaging. Rising demand for frozen desserts is expected to be driven by the high-income levels of consumers, the rapid expansion of production capacities by key players, and the ongoing premiumization trend in the USA
Popular Frozen Desserts Brands to Enter India in the Next Decade
Consumer tastes are evolving away from traditional dairy-based ice creams towards premium brands, thereby allowing international companies to enter the Indian frozen desserts sector. Unilever, for instance, is a prominent player in the country’s frozen dessert market, with brands, including Magnum, Kwality Walls, and Cornetto catering to a wide range of price ranges. People regard frozen desserts as a snack in India, which is further expected to create new growth opportunities for international players.
Frozen Dessert Makers to Adopt Social Media Marketing in China
Ice cream parlors in China are slowly but steadily establishing their outlets in busy neighborhoods, marketplaces, and roads where the population of college students or millennials is high. The intended layouts of these parlors are projected to boost ice cream and other frozen treat consumption during the forecast period.
Dessert parlors are increasingly utilizing social media platforms such as Instagram, Facebook, and Twitter to keep their consumers informed about new product offerings and special discounts to gain more followers in order to improve foot traffic in their parlors.
Besides, they are providing special offers on their websites with coupons that consumers may print and bring for redeeming purposes in dessert parlors. Similar promotional strategies by key companies are likely to increase the popularity of frozen desserts across China.
Sugar-free Frozen Desserts Are Gaining Traction in the Market
Sugar-free frozen desserts are perceived to be a better option, as compared to conventional frozen desserts since they contain fewer calories and have lesser negative health impacts. The increasing prevalence of diabetes, obesity, and heart disease worldwide is pushing the demand for sugar-free frozen treats.
As per the World Health Organization (WHO), over 1.5 million deaths are directly linked to diabetes around the world every year. This number is expected to surge at a fast pace in the next decade with increasing consumption of junk food. Thus, rising health awareness, growing adoption of active & healthy lifestyles, and surging demand for healthy foods are set to augment the need for sugar-free frozen desserts.
Frozen Ice Creams Infused with Alcohol and Cannabidiol Are Gaining Popularity
Based on product type, the ice cream segment is anticipated to lead the global frozen desserts market. Manufacturers in the ice cream industry are developing premium products with novel ingredients to gain a competitive advantage over their rivals and attract a large number of consumers.
Favorable regulations implemented by the USA Food and Drug Administration (FDA) in its public hearing on cannabidiol legalization in the country resulted in significant businesses seizing the chance to differentiate their products by launching new items. For instance, in May 2019, Ben & Jerry’s announced that it will soon introduce ice creams infused with cannabidiol after the additive is legalized at the federal level.
In addition, liquor ice cream is becoming popular in developed regions like North America and Europe. As these ice creams contain less than 0.5 percent of alcohol, they are found in a wide variety of grocery and specialized stores.
For instance, in February 2019, Häagen-Dazs launched a new range of alcohol-infused ice cream treats. The taste of these ice creams is based on five traditional pints made with bourbon, rum, Irish cream, and stout. As a result, premium products that include both new and traditional flavors are driving growth in the segment.
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Increased demand for organic products due to their numerous health benefits such as low-fat and low-sugar content is driving market competition among various frozen dessert producers. Since the market is highly fragmented, innovation and new product launches are critical to retaining consumer attention.
As a result, major players are adding various new items to their portfolios. For instance, Halo Top, a low-calorie ice cream brand located in the USA, played a crucial role in the introduction of craft ice creams in the market. It is influencing the growth of large companies like Unilever and General Mills.
One of the latest industry developments in the market:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 100.1 Billion |
| Projected Market Size (2032) | USD 176 Billion |
| Value-based CAGR (2022 to 2032) | 5.8% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Billion) and Volume (MT) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Singapore, Australia, New Zealand, GCC countries, North Africa, and South Africa. |
| Key Segments Covered | Product Type, Category, Sales Channel, and Region |
| Key Companies Profiled | General Mills; Unilever; Nestle; Kellogg's Company; London dairy; China Mengniu Dairy; Frosty Boy; Pinkberry; Honey Hill Farms; Scott Brothers Dairy; Others |
| Report Coverage | Market forecast, company share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, market dynamics and challenges, and strategic growth initiatives |
The frozen desserts market was valued at USD 94.6 Billion in 2021.
The frozen desserts market is expected to grow at a CAGR of around 5.8% over the forecast period.
The frozen desserts market is expected to reach a valuation of USD 176 Billion by 3032.
North America is anticipated to lead the frozen desserts market during the forecast period of 2022 to 2032.
Some of the prominent players in the frozen desserts market are General Mills, Unilever, Nestle, Kellogg's Company, and London Dairy among others.
| Estimated Market Value (2024E) | USD 44,318.9 million |
|---|---|
| Projected Market Value (2034F) | USD 73,862.0 million |
| Value-based CAGR (2024 to 2034) | 5.2% |
| Market Value for 2024 | USD 99.29 billion |
|---|---|
| Market Value for 2034 | USD 272.74 billion |
| Market Forecast CAGR for 2024 to 2034 | 10.6% |
| Estimated Market Value for 2024 | USD 53,830.60 million |
|---|---|
| Forecasted Market Value for 2034 | USD 96,451.80 million |
| Projected Market CAGR from 2024 to 2034 | 6.0% |
| Market Share (2023) | USD 20,196 million |
|---|---|
| Market Share (2033) | USD 35,994 million |
| Market CAGR (2023 to 2033) | 6% |
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