The South & Central America ice cream market size is expected to reach US$ 13,625.85 million by 2031 from US$ 9,255.19 million in 2023. The market is estimated to record a CAGR of 5.0% from 2023 to 2031.
Executive Summary and South & Central America Ice Cream Market Analysis:
The rising demand for ice cream from younger demographics and emerging middle-class populations propel the growth of the market in South & Central America. Market growth is influenced by changing lifestyles, demographic shifts, urbanization, and increasing per capita disposable incomes in the region. The sales of ice cream in South America are facilitated by easy accessibility and widespread awareness.
The growing health consciousness among consumers is a key market driver enhancing market growth. Thus, manufacturers are extensively adding health-promoting and natural ingredients to ice cream to cater to the consumers' interests. In South & Central America, ice cream is perceived as an indulgence and mood improver. Therefore, there is a high demand for ice creams with cookies, nuts, granulated chocolates, and different toppings. The trend of boozy ice cream, an innovative ice cream with the flavor of alcohol, is also growing among the population. NotCo, Nestle SA, and Unilever are among the prominent ice cream manufacturers operating actively in South & Central America. They provide a wide range of plant-based, vegan, lactose-free, and dairy-free ice creams.
South & Central America Ice Cream Market Segmentation Analysis:
Key segments that contributed to the derivation of the South & Central America ice cream market analysis are flavor, category, form, and distribution channel.
- Based on flavor, the South & Central America 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 South & Central America 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 South & Central America 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 South & Central America 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.
South & Central America Ice Cream Market Outlook
Veganism has gained significant momentum in recent years. Consumers are highly inclined toward plant-based products as they perceive them as healthier than conventional products. Further, the increasing awareness regarding animal protection and environmental sustainability is boosting the popularity of these food products. The proliferation of veganism among people in Southeast Asia 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, ~5.8 million people signed up for the "Veganuary Campaign" in 2021.
Popular brands such as Ben & Jerry's and Nestle SA are active in the plant-based ice cream market. To cater to the increasing demand, ice cream manufacturers are launching plant-based, vegan ice creams. For instance, in 2020, Notco, a Chilean firm that sells dairy and vegetable alternatives, expanded its Noticecream ice cream line to include two more flavors. Up until now, the company's offerings were chocolate chips and strawberries & cream. 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.
South & Central America Ice Cream Market Country Insights
Based on country, the South & Central America ice cream market comprises Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America held the largest share in 2023.
Brazil is projected to register notable growth in ice cream during the forecast period. According to the consumers' insight by Kerry Group plc, on October 4, 2021, the annual consumption of ice cream exceeded 5.3 liters per person in the country. Ice cream consumption in Brazil is mainly driven because of consumers' perseverance for indulgence and mood improvers. Also, Brazilians demand ice creams containing chips, cookies, granulated chocolate, and other ingredients. Additionally, the products that support immunity and gut health are gaining popularity and creating opportunities for manufacturers to innovate products to cater to the consumers' needs.
South & Central America Ice Cream Market Company Profiles
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.
South & Central America 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
South & Central America Ice Cream Market Strategic Insights
South & Central America Ice Cream Market Report Highlights
| Report Attribute | Details |
| Market size in 2023 | US$ 9,255.19 Million |
| Market Size by 2031 | US$ 13,625.85 Million |
| CAGR (2023 - 2031) | 5.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Flavor
|
|
Regions and Countries Covered
|
|
| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
|
South & Central America Ice Cream Market Country and Regional Insights
