Report : Middle East & Africa 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 4.2% CAGR, the MEA Ice Cream Market is speculated to be worth US$ 4,278.32 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA ice cream market was valued at US$ 3,343.49 million in 2022 and is expected to reach US$ 4,278.32 million by 2028, registering an annual growth rate of 4.2% from 2022 to 2028. increasing trend of consuming dairy-free and vegan ice cream and rising popularity of functional ice cream are the critical factors attributed to the market expansion.
Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them to be healthier than conventional products. Further, increasing awareness regarding animal protection and environmental sustainability is adding to the popularity of these food products. The proliferation of veganism among people is highly influencing innovations in the ice cream market. According to data published by Veganuary, a nonprofit organization that encourages people to become vegan for the whole month of January. Registrations for the Veganuary Campaign have increased dramatically over the past few years. Thus, due to the flourishing trend of veganism, the manufacturers of frozen desserts such as ice cream are launching plant-based products. The surging vegan population base is fostering the growth of the ice cream market. Vegan ice creams help in improving digestion, strengthen the functioning of the immunity system, improve blood pressure, etc. Thus, the growing inclination toward plant-based food products due to the growing popularity of veganism is expected to bring new trends to the ice cream market during the forecast period.
On the contrary, health problems associated with ice cream hurdles the growth of MEA ice cream market.
Based on flavor, the MEA ice cream market is segmented into vanilla, chocolate, fruit, and others. The chocolate segment held 31.6% market share in 2022, amassing US$ 1,057.32 million. It is projected to garner US$ 1,318.37 million by 2028 to expand at 3.7% CAGR during 2022–2028.
Based on category, the MEA ice cream market is segmented into conventional and sugar free. The conventional segment held 96.3% market share in 2022, amassing US$ 3,219.18 million. It is projected to garner US$ 4,114.93 million by 2028 to expand at 4.2% CAGR during 2022–2028.
Based on form, the MEA ice cream market is segmented into cups & tubs, bars & sticks, and others. The cups & tubs segment held 56.8% market share in 2022, amassing US$ 1,898.92 million. It is projected to garner US$ 2,396.30 million by 2028 to expand at 4.0% CAGR during 2022–2028.
Based on distribution channel, the MEA ice cream market is segmented into supermarkets and hypermarkets, specialty store, online retail, and others. The supermarkets and hypermarkets segment held 63.6% market share in 2022, amassing US$ 2,124.84 million. It is projected to garner US$ 2,701.70 million by 2028 to expand at 4.1% CAGR during 2022–2028.
Based on country, the MEA ice cream market is segmented into Saudi Arabia, UAE, South Africa, and Rest of MEA. Our regional analysis states that Rest of MEA captured 44.6% market share in 2022. It was assessed at US$ 1,491.06 million in 2022 and is likely to hit US$ 1,851.43 million by 2028, exhibiting a CAGR of 3.7% during the forecast period.
Key players dominating the MEA 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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