Report : Asia-Pacific Ice Cream Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Flavor (Vanilla, Chocolate, Fruit, and Others), Category (Conventional and Sugar Free), Form (Cups and Tubs, Bars and Sticks, and Others), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 5.3% CAGR, the APAC Ice Cream Market is speculated to be worth US$ 37,290.76 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC ice cream market was valued at US$ 27,289.30 million in 2022 and is expected to reach US$ 37,290.76 million by 2028, registering an annual growth rate of 5.3% from 2022 to 2028. Rising popularity of functional ice cream and increasing trend of consuming dairy-free and vegan ice cream are the critical factors attributed to the market expansion.
Functional ice cream has become a popular product among health-conscious consumers due to the presence of high-quality ingredients, and it fulfills consumers’ nutritional requirements more than regular ice cream. Traditional ice cream contains nutritional properties and various health benefits. So, the increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer’s decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. The COVID-19 pandemic further influenced the demand for functional ice cream, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice cream have become especially popular with athletes and consumers looking for non-staple food and beverage products with better nutritional content. The popularity of functional ice cream is majorly driven by product innovations, especially in terms of taste profile and nutritional value. The rise in demand for functional ice cream is expected to create lucrative growth opportunities in the ice cream market across the region.
On the contrary, health problems associated with ice cream hurdles the growth of APAC ice cream market.
- Based on flavor, the APAC ice cream market is segmented into vanilla, chocolate, fruit, and others. The chocolate segment held 35.9% market share in 2022, amassing US$ 9,790.93 million. It is projected to garner US$ 13,148.75 million by 2028 to expand at 5.0% CAGR during 2022–2028.
- Based on category, the APAC ice cream market is segmented into conventional and sugar free. The conventional segment held 93.5% market share in 2022, amassing US$ 25,502.84 million. It is projected to garner US$ 34,799.44 million by 2028 to expand at 3.6% CAGR during 2022–2028.
- Based on form, the APAC ice cream market is segmented into cups & tubs, bars & sticks, and others. The cups & tubs segment held 53.6% market share in 2022, amassing US$ 14,629.49 million. It is projected to garner US$ 19,747.36 million by 2028 to expand at 5.1% CAGR during 2022–2028.
- Based on distribution channel, the APAC ice cream market is segmented into supermarkets and hypermarkets, specialty store, online retail, and others. The supermarkets and hypermarkets segment held 64.9% market share in 2022, amassing US$ 17,708.43 million. It is projected to garner US$ 24,017.75 million by 2028 to expand at 5.2% CAGR during 2022–2028.
- Based on country, the APAC ice cream market is segmented into China, Japan, India, Australia, South Korea, and Rest of APAC. Our regional analysis states that Rest of APAC captured 42.5% market share in 2022. It was assessed at US$ 11,593.47 million in 2022 and is likely to hit US$ 15,280.60 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Key players dominating the APAC ice cream hmarket are General Mills Inc.; Inspire Brands, Inc.; Lotte Confectionery Co., Ltd.; Mars, Incorporated; Nestlé S.A.; and Unilever among others.
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