Amid the COVID-19 crisis, the global market for Frozen Desserts, estimated at USD83.3bn in the year 2020, is projected to reach a revised size of US111.2bn by 2026, growing at a CAGR of 4.9% over the forecast period, according to a new report by research company Global Industry Analysts. Ice Cream, one of the segments analyzed in the report, is projected to record a 5.2% CAGR and reach USD67.2bn by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Confectionary & Candies segment is readjusted to a revised 4.6% CAGR for the next 7-year period, the study shows.
Frozen dessert brands are paying heavy attention to new taste and flavor profiles for a delightful consumer experience. Ice creams and frozen desserts with new tastes and offered as limited-time offerings are moving fast and garnering attention from the millennial consumer. Irrespective of consumer demographic, flavor continues to remain at the forefront, superseding other aspects like ingredients, texture, sugar or fat content and protein. Ruby chocolate is anticipated to retain its popularity in the coming years. Shrinking chocolate cocoa crops are expected to increase the demand for carob, an alternative to chocolate. With guilt-free indulgence being a major trend, frozen dessert manufacturers are launching new products with simple and premium ingredients in single-serve and convenient formats, authors write.
The Frozen Desserts market in the US is estimated at USD28.8bn in the year 2021. China is forecast to reach a projected market size of USD17.4bn by the year 2026, trailing a CAGR of 7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.