Report : South America 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 4.6% 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$ 7,024.92 million in 2022 and is expected to reach US$ 9,207.20 million by 2028, registering an annual growth rate of 4.6% from 2022 to 2028. High demand for frozen desserts and innovative flavors and loaded indulgence are the critical factors attributed to the market expansion.
Over the past few years, the lifestyles of people have evolved drastically. Changes in consumer food taste and convenience are the major reasons for the increasing demand for frozen dessert products across the region. Moreover, increasing disposable income and the introduction of various products in the dessert category to cater to the choices of a vast group of consumers are driving the ice cream market. The surge in the consumption of high-quality frozen desserts is one of the biggest trends in the food industry. The growing trend of consuming frozen desserts after a meal as an effective digestive product is boosting the demand for frozen desserts. The development and popularity of these frozen desserts are ascribed to many social changes, such as the growing number of smaller households and the rising millennial population across the region. These factors are significantly increasing consumers’ demand for frozen desserts, such as ice cream. The increasing number of product launches in the frozen dessert segment, such as custard, yogurt, gelato, granita, ice cream, and sherbet, are driving the ice cream market. Further, several initiatives such as mergers & acquisitions and product launches by various manufacturing companies are contributing to the increasing demand for frozen desserts. The product development, a high level of disposable income, and the presence of various frozen dessert flavors are boosting the growth of ice cream market across the region.
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 31.7% market share in 2022, amassing US$ 2,228.68 million. It is projected to garner US$ 2,850.34 million by 2028 to expand at 4.2% CAGR during 2022–2028.
Based on category, the MEA ice cream market is segmented into conventional and sugar free. The conventional segment held 95.2% market share in 2022, amassing US$ 6,689.72 million. It is projected to garner US$ 8,759.90 million by 2028 to expand at 4.6% 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 59.7% market share in 2022, amassing US$ 4,196.40 million. It is projected to garner US$ 5,428.39 million by 2028 to expand at 4.4% 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 68.7% market share in 2022, amassing US$ 4,823.75 million. It is projected to garner US$ 6,292.55 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on country, the MEA ice cream market is segmented into Brazil, Argentina, and Rest of MEA. Our regional analysis states that Rest of SAM captured 49.3% market share in 2022. It was assessed at US$ 3,450.83 million in 2022 and is likely to hit US$ 4,415.36 million by 2028, exhibiting a CAGR of 4.2% 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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