The Asia Pacific ice cream market size is expected to reach US$ 46,604.14 million by 2031 from US$ 30,909.38 million in 2023. The market is estimated to record a CAGR of 5.3% from 2023 to 2031.
Executive Summary and Asia Pacific Ice Cream Market Analysis:
The availability of various flavored ice creams, especially seasonal fruit flavors, and increasing flavored innovations by manufacturers drive the ice cream market in Asia Pacific. In addition, consumer inclination toward plant-based products due to the increasing adoption of healthier products is expected to create new plant-based and vegan ice cream trends in the Asia Pacific ice cream market during the forecast period. The increasing demand for vegan ice creams has resulted in the innovation and the launch of plant-based ice creams in the region. For instance, in November 2023, OATSIDE, a Singaporean oat milk maker, introduced a line of vegan ice creams in three flavors available at major retailers nationwide.
Rising disposable income, rapid urbanization, and increasing living standards are also propelling the ice cream market growth. Consumers are also seeking healthier and more nutritious food items, leading to increased demand for ice creams with probiotics, prebiotics, and functional ingredients. Moreover, the rising popularity of premium products, increasing demand for artisanal ice creams, and availability of plenty of flavors in ice cream are creating lucrative opportunities for the market. Several international and domestic players in the ice cream market are adopting strategic initiatives such as partnerships, collaborations, expansions, and product launches to cater to the increasing consumer demand for ice creams in the region. For instance, in July 2024, Oatly partnered with Haidilao and KFC to launch three new ice creams in China.
Also, major players are investing in introducing new flavors to increase consumer shift to test different flavors. For instance, in September 2023, McDonald's in Singapore introduced new matcha desserts in various options, available at its stores or Dessert Kiosk.
Asia Pacific Ice Cream Market Strategic Insights
Key segments that contributed to the derivation of the Asia Pacific ice cream market analysis are flavor, category, form, and distribution channel.
- Based on flavor, the Asia Pacific ice cream market is segmented into vanilla, chocolate, berries, matcha, and others. The chocolate held the largest share of the market in 2023.
- Based on category, the Asia Pacific ice cream market is bifurcated into conventional and sugar free. The conventional held a larger share of the market in 2023.
- Based on form, the Asia Pacific ice cream market is segmented into cups and tubs, bars and sticks, and others. The cups and tubs held the largest share of the market in 2023.
- Based on distribution channel, the Asia Pacific ice cream market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets held the largest share of the market in 2023.
Asia Pacific Ice Cream Market Outlook
Ice cream manufacturers are developing products with nutritional components, organic herbal fillings, and exotic flavors in product formulation to gain a competitive advantage and attract more consumers. Manufacturers are introducing exotic flavors such as coconut, lemon, and tropical fruits to adapt to shifting consumers' taste preferences. Additionally, consumers are concerned about their health. Thus, manufacturers are modifying the ingredients used in the products based on consumer preferences and introducing new products to differentiate their offerings.
Ice cream manufacturers are investing significantly in product innovation to expand their customer base and meet emerging consumer demands. Many market players are launching innovative limited edition and seasonal flavors for frozen delight in collaboration with local players to attract consumers. For instance, in 2024, Baskin-Robbins Japan, also referred to as Thirty-one, has introduced an innovative product on its menu: Quattro Formaggi ice cream. Traditionally linked to overly cheesy pizza, the Quattro Formaggi, which translates to "four cheeses" in Italian, takes on a new role in the frozen dessert industry. In April 2024, Unilever announced the launch of its first ice cream with mood-inspired flavors such as Magnum Pleasure Express. The launch was aimed at expanding its premium ice cream portfolio. Therefore, the availability of innovative ice cream flavors is propelling the growth of the global ice cream market.
Asia Pacific Ice Cream Market Country Insights
Based on country, the Asia Pacific ice cream market comprises China, Japan, India, Australia, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, the Philippines, Vietnam, New Zealand, Hong Kong, Myanmar, and the Rest of Asia Pacific. China held the largest share in 2023.
In the past few years, China has been experiencing the longest and hottest summer, owing to which the consumption of frozen dairy products has increased. The ongoing trend of 'Eat with Eyes' is driving the ice cream market in the country, as consumers believe that colorful ice creams have a strong visual impact on their sensory experience of consumers. In China, common caramel brown, milk white, strawberry red, matcha green, butterfly bean blue, potato purple, charcoal black, etc., are the common flavors in ice cream. Consumers nowadays also demand marble soda inclusion in ice cream. Health and wellness are becoming more mainstream in China. Therefore, increasing health and wellness and growing interest in new flavors lead to product developments by the leading players. For instance, the leading ice cream player, China Mengniu Dairy Company Limited has developed Mengniu Green Mood Condensed Milk Red Bean Mung Bean Flavor Ice Cream.
Asia Pacific Ice Cream Market Report Highlights
| Report Attribute | Details |
| Market size in 2023 | US$ 30,909.38 Million |
| Market Size by 2031 | US$ 46,604.14 Million |
| CAGR (2023 - 2031) | 5.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Flavor
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Regions and Countries Covered
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| Asia Pacific | China, Japan, India, Australia, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Philippines, Vietnam, New Zealand, Hong Kong, Myanmar, Rest of Asia Pacific |
| Market leaders and key company profiles |
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Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
Asia Pacific Ice Cream Market Research Methodology :
The following methodology has been followed for the collection and analysis of data presented in this report:
- Secondary Research
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
- Company websites, annual reports, financial statements, broker analyses, and investor presentations.
- Industry trade journals and other relevant publications.
- Government documents, statistical databases, and market reports.
- News articles, press releases, and webcasts specific to companies operating in the market.
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
- Primary Research
The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
- Validate and refine findings from secondary research.
- Enhance the expertise and market understanding of the analysis team.
- Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
- Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
- External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise
Asia Pacific Ice Cream Market Country and Regional Insights
