
South & Central America Ice Cream Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00027004 | Category: Food and Beverages
No. of Pages: 150 | Report Code: BMIRE00027004 | Category: Food and Beverages
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.
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.
Key segments that contributed to the derivation of the South & Central America ice cream market analysis are flavor, category, form, and distribution channel.
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. 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 2022, Ben & Jerry's launched two plant-based ice creams: Chocolate Milk and Cookies and Dirt Cake. Vegan ice creams help improve digestion, strengthen immune system functioning, and improve blood pressure. 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.
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.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 9,255.19 Million |
Market Size by 2031 | US$ 13,625.85 Million |
Global 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
|
Market leaders and key 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.
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:
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 South & Central America Ice Cream Market is valued at US$ 9,255.19 Million in 2023, it is projected to reach US$ 13,625.85 Million by 2031.
As per our report South & Central America Ice Cream Market, the market size is valued at US$ 9,255.19 Million in 2023, projecting it to reach US$ 13,625.85 Million by 2031. This translates to a CAGR of approximately 5.0% during the forecast period.
The South & Central America 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 South & Central America Ice Cream Market report:
The South & Central America Ice Cream Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Ice Cream Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Ice Cream Market value chain can benefit from the information contained in a comprehensive market report.