chocolate ice cream market is expected to register a CAGR of 4.73% to reach USD 25,521.7 million by 2023
Research Reports
Jan 11, 2021
Market Overview
Global Chocolate Ice Cream Market is expected to register a CAGR of 4.73% to reach USD 25,521.7 Million by 2023. The demand for chocolate products has been growing over the past decade mainly due to increasing awareness of the health benefits of certain types of chocolate. For instance, dark chocolate is a rich source of antioxidants and helps improve blood flow and control cholesterol levels. Consumers of chocolate and chocolate-flavored products are considerably price insensitive.
Key Players
Some of the key players in the Global Chocolate Ice Cream Market are Nestlé S.A. (Switzerland), General Mills, Inc. (US), Unilever PLC (UK), Jude’s Ice Cream (UK), Straus Family Creamery (US), Halo Top Creamery (US), and Gujarat Cooperative Milk Marketing Federation Ltd (India).
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Regional Analysis
Asia-Pacific is expected to be the largest market for chocolate ice cream and is projected to register the highest CAGR of 6.88% during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. However, the Indian market is expected to exhibit the highest growth rate of 8.06% during the forecast period. Increasing per capita disposable incomes are the key factor for the growth of the chocolate ice cream market in India. Moreover, many multinational companies are investing heavily in this segment in India to increase sales. Manufacturers are introducing new products in India, which supports the growth of the chocolate ice cream market.
Europe held a prominent share of the Global Chocolate Ice Cream Market in 2017. Germany, France, and the UK are the major contributors to the growth of the European chocolate ice cream market. The growth of the chocolate ice cream market in Europe can be attributed to the high demand for natural and organic food products, which is leading key players to introduce organic chocolate ice cream in the region in order to gain a competitive edge. Moreover, the rising adoption of veganism and increasing prevalence of lactose intolerance is leading to the demand for non-dairy chocolate ice cream, especially in Germany.
South America accounted for the largest share of the market in the rest of the world in 2017 and the regional market is expected to register a CAGR of 5.66% during the forecast period. However, the market in the Middle East is projected to expand at the highest growth rate of 5.86% during the forecast period of 2018 to 2023.
Market Segment
Global Chocolate Ice Cream Market has also been segmented by product type and distribution channel.
By product type, the global chocolate ice cream market has been classified as sticks/bars, cones, cups, tubs & bricks, and others. The cups, tubs & bricks segment accounted for the majority market share in 2017, whereas the sticks/bars segment is expected to be the fastest-growing during the forecast period.
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