The frozen dessert market could see a CAGR of 5.8% from 2020 to 2026, reaching a value of USD120bn by the end of the forecast period, a report by Acumen Research and Consulting shows.
The market is motivated by higher disposable incomes, fresh flavors, increased purchases of impulses, and enormous global consumer demand for frozen desserts. Frozen ice cream without lactose has been one of the evolving trends in the ice cream industry for the coming years, as increasing food allergies and intolerance levels drive the market.
Innovations in flavors and packaging have proven essential for development throughout the entire region for different frozen products. In the latest years, a number of new products in the category of frozen desserts have been introduced. Frozen dessert is mainly eaten after dinner or ready to eat and can be served between meals. Most of the frozen desserts are milk and cream, often mixed with flavors and fruits. The growth in the world’s ice-cream and frozen dessert industry is anticipated to drive increased consumption of disposable revenue combined with the growing tendency of individuals towards sweet meals.
The change from traditional milk-based ice cream to premium brands provides international businesses with the opportunity to launch their products on the world frozen dessert market. Unilever is one of the leaders in the ice cream and frozen dessert category in the Indian industry, offering consumer catering services to brands like Kwality Walls, Magnum, and Cornetto at distinct ranges of prices. Ice cream is being sold to a greater extent in China because customers consider the country’s ice cream to be a snaked snack.
In terms of value, Europe leads, and North America is anticipated to be the main contributor. However, it is anticipated that this region will be a mature market and that stable development will occur in the short term. A fresh variation in flavors, combined with low-fat products can contribute to the development of the market in frozen desserts in these regions. China is projected to dominate the ice-cream and frozen dessert consumption in Asia-Pacific developing countries, followed by India. Furthermore, in the forecast period, Japan is anticipated to grow significantly. More flavored yogurt use is anticipated to promote the development of the frozen dessert markets across Asia Pacific during the forecast period, particularly in nations such as China and Japan.