At 5.0% CAGR, the South & Central America Ice Cream Market is Projected to be Worth US$ 13,625.85 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the South & Central America ice cream market was valued at US$ 9,255.19 million in 2023 and is expected to reach US$ 13,625.85 million by 2031, registering a CAGR of 5.0% from 2023 to 2031. Rising popularity of functional ice cream and increasing demand for dairy-free and vegan ice cream are among the critical factors attributed to the South & Central America ice cream market expansion.

Functional ice cream is becoming more popular than regular ice cream among health-conscious consumers as it contains high-quality ingredients and can fulfill consumers' nutritional requirements. Ice cream manufacturers' increasing interest in fortification and adding 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, such as nutrient deficiency. 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 creams, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice creams have become especially popular among 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. Thus, the rising demand for functional ice creams is expected to create lucrative opportunities for the ice cream market in the coming years.

On the contrary, health concerns associated with ice cream hamper the growth of South & Central America ice cream market.

Based on flavor, the South & Central America ice cream market is segmented into vanilla, chocolate, berries, matcha, and others. The chocolate segment held 33.1% share of the South & Central America ice cream market in 2023, amassing US$ 3,060.44 million. It is projected to garner US$ 4,801.25 million by 2031 to expand at 5.8% CAGR during 2023–2031.

Based on category, the South & Central America ice cream market is bifurcated into conventional and sugar free. The conventional segment held 88.6% share of the South & Central America ice cream market in 2023, amassing US$ 8,199.23 million. It is projected to garner US$ 11,986.56 million by 2031 to expand at 4.9% CAGR during 2023–2031.  

Based on form, the South & Central America ice cream market is segmented into cups and tubs, bars and sticks, and others. The cups and tubs segment held 60.0% share of the South & Central America ice cream market in 2023, amassing US$ 5,549.91 million. It is projected to garner US$ 8,017.56 million by 2031 to expand at 4.7% CAGR during 2023–2031.

Based on distribution channel, the South & Central America ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held 53.7% share of the South & Central America ice cream market in 2023, amassing US$ 4,969.85 million. It is projected to garner US$ 7,230.50 million by 2031 to expand at 4.8% CAGR during 2023–2031.

Based on country, the South & Central America ice cream market is segmented into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America held 50.4% share of South & Central America ice cream market in 2023, amassing US$ 4,659.99 million. It is projected to garner US$ 6,697.68 million by 2031 to expand at 4.6% CAGR during 2023–2031.

Key players operating in the ice cream market are Blue Bell Creameries; Unilever Plc; Nestle SA; General Mills Inc; Mars Inc; Wells Enterprises Inc; Turkey Hill Dairy; Dairy Farmers of America, Inc.; Morinaga Milk Industry Co Ltd; Kwality Foods, LLC.; Baskin-Robbins; David Chapman’s Ice Cream Limited; Cold Stone Creamery; Lotus Bakeries NV; and IMURAYA GROUP CO., LTD among others.

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