Asia Pacific Ice Cream Market
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.
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 Segmentation Analysis:
Key segments that contributed to the derivation of the Asia Pacific ice cream market analysis are flavor, category, form, and distribution channel.
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. Ben & Jerry's launched an ice cream with CBD additives. 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 July 2021, Kraft Macaroni & Cheese launched a limited-edition ice cream in collaboration with Van Leeuwen—a Brooklyn-based ice cream brand. These two brands collaborated to launch a Kraft Macaroni & Cheese summer treat that claims to have no artificial flavors or preservatives. Kraft Macaroni & Cheese ice cream would be available at Van Leeuwen scoop shops and online platforms such as Amazon and Walmart in various countries. 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.
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 Company Profiles
Some of the key players operating in the market 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.
The following methodology has been followed for the collection and analysis of data presented in this report:
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:
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.
Business Market Insights 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:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The Asia Pacific Ice Cream Market is valued at US$ 30,909.38 Million in 2023, it is projected to reach US$ 46,604.14 Million by 2031.
As per our report Asia Pacific Ice Cream Market, the market size is valued at US$ 30,909.38 Million in 2023, projecting it to reach US$ 46,604.14 Million by 2031. This translates to a CAGR of approximately 5.3% during the forecast period.
The Asia Pacific Ice Cream Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Ice Cream Market report:
The Asia Pacific Ice Cream Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Ice Cream Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Ice Cream Market value chain can benefit from the information contained in a comprehensive market report.
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