Ice Cream Market Experiences Surge in Demand for Plant-Based Products

Ice Cream Market Size, Share and Forecast Analysis 2034

The global ice cream market size reached at USD 117.28 billion in 2024 and is anticipated to increase from USD 121.97 billion in 2025 to an estimated USD 173.60 billion by 2034, witnessing a CAGR of 4% during the forecast period from 2025 to 2034. The increasing demand for premium ice cream drives the growth of the market.

Key Highlights

• By region, Asia Pacific dominated the market with the highest share of 38% in 2024, due to the increasing consumer trend towards food alternatives. 
• By region, North America is expected to grow at a notable CAGR from 2025 to 2034 during the forecast period, which is driven by the rising spending on ice cream. 
• By product, the bar ice cream segment captured the maximum market share of 34% in 2024, driven by increasing product innovations. 
• By product, the cones ice cream segment is predicted to grow at the remarkable CAGR of 4.6% between 2025 and 2034, driven by the increasing trend toward dessert options. 
• By type, the dairy & water-based ice cream segment registered the maximum market share of 97% in 2024, due to the growing rapid urbanization.
• By type, the vegan based ice cream segment is expected to grow at the fastest CAGR of 9.9% between 2025 and 2034, due to the increasing demand for vegan ice cream. 
• By distribution channel, the retail channel segment generated the maximum market share of 79% in 2024, driven by the increasing number of offline stores. 
• By distribution channel, the food service segment is expected to grow at the fastest CAGR of 3.6% between 2025 and 2034, driven by the growing popularity of gourmet ice creams. 
• By flavor, the chocolate flavor ice cream segment contributed the largest market share of 33% in 2024, due to the increasing demand for chocolates. 
• By flavor, the fruit flavor ice cream segment is predicted to grow at the remarkable CAGR of 4.3% between 2025 and 2034, due to the increasing demand for natural food options.

Industry Coverage

The Increasing Demand for the Frozen Desserts and Dairy Products Enhance the Market Growth

The ice cream market deals with frozen dessert that are enjoyed by all ages of people across the globe. Ice creams include a mixture of flavorings, sweeteners, dairy products, and additives such as emulsifiers or stabilizers. To create a smooth and creamy texture, the ingredients are blended frozen and chilled. Ice cream is the most enjoyable treat rapidly consumed by people, especially during warm weather and summers across the globe. To suit different preferences and tastes, ice cream offers a wide range of options and flavors and provides an indulgent and refreshing experience. The global market growth for ice cream is experiencing rapid growth due to factors such as the increasing growth of modern retail formats, increasing disposable incomes, and increasing consumer preference towards innovative and premium ice cream flavors.

Some of the major driving factors fueling the growth of the market, such as the increasing presence of the dairy industry and the growing food and beverage industry. The rising enhancements in cold chain infrastructure, such as the application of management processes and temperature-controlled storage, are further driving market growth. In addition, the increasing number of dessert parlors, ice cream parlors, food delivery services, and dining-out options are further expected to fuel the growth of the market.

Ice Cream Market Trends

• Increasing innovative and premium ice cream flavors: Consumers are rapidly looking for high-quality and premium ice cream options that provide premium taste experiences, premium ingredients, and unique flavors, which contributed to accelerating the market demand. 
• Increasing disposable incomes: Consumers are more interested in spending on indulgence and experiences, with high disposable income expected to drive the growth of the ice cream market during the forecast period.
• Increasing demand for vegan and plant-based ice creams: People are becoming more conscious about their health and wellness nowadays, therefore the preference towards plant-based and vegan ice cream is increasing rapidly, which contributed to propelling the growth of the global market.

Market Opportunity

Technological Advancements in Production

Technology is necessary to enhance production efficiency, consistency, flavor, and texture. AI-generated formulations help brands create creamy and smooth textures with less artificial stabilizer, which enhances the mouthfeel of ice cream. In addition, the increase of self-serve ice cream vending machines also creates major opportunities in the market. To maintain product quality, these machines depend on innovative refrigeration systems, while enabling consumers to personalize their mix-ins and flavors quickly. Furthermore, automated production lines address the demand for seasonal and unique offerings and produce limited-edition and customized flavors, which further enhance personalization and efficiency hand in hand. These advanced factors are expected to revolutionize the growth of the ice cream market in the coming years.

Market Challenge

Fluctuating Sales and Seasonality

Ice cream sales naturally grow during warmer weather, especially in summer. Therefore, the sales and revenue of ice cream significantly fall in winter and rainy seasons. This increased seasonality can create major challenges in the sales of ice cream, which may make it difficult for shoppers to maintain steady sales and cash flow. These restraining factors may expect to hinder the growth of the ice cream market.

Regional Insights

How Asia Pacific Held the Largest Ice Cream Market Revenue in 2024?

Asia Pacific dominated the market in 2024. The market growth in the region is attributed to the increasing consumer changing lifestyles, rising innovation and combinations in ice cream flavors, increasing spending on ice creams, increasing presence of small local players, increasing impact of western culture, rapid urbanization, and increasing popularity of fast foods. China, India, Japan, and South Korea are dominating countries driving the market growth.

India dominated the market revenue in 2024. People in India are enjoying huge amounts of ice cream. In the past years, the market for ice cream has increased four-fold in India and is expected to achieve Rs 45,000 crore within a few years. For instance, the IICMA statement said that this market is expected to grow Rs. 45,000 crores. In addition, to enhance profitability and maintain competitive pricing, factors such as packaging materials and milk solids have allowed the ice cream manufacturers to do so. Furthermore, many experts expect that the ice cream market could reach Rs, 50,000 crores by 2028. 

• The MD of Amul Jayen Mehta said that with ice cream sales increasing 35-40%, Amul is experiencing rapid summer growth. Amul projects close the year with Rs. 75,000-80,000 crore turnovers, with aggressive expansion and launches. (Source: CNBC TV18)

North America Ice Cream Market Trends

North America is expected to grow fastest during the forecast period. The market growth in the region is driven by the increasing presence of high-quality ingredients, increasing consumer awareness towards health and well-being, rapid consumption of ice cream, and increasing demand for frozen dairy products. The U.S. and Canada are the fastest growing countries driving the market growth in the region.

The U.S. is expected to grow fastest during the forecast period. Ice cream is a highly consuming treat in the U.S. Ice cream producers produce more than 1.38 billion gallons of cream in the U.S. per year. In addition, Graeter’s, Paciugo, Amy’s Ice Cream, Cream, Kilwin’s, Sub Zero Ice Cream, Whit’s Frozen Custard, and more are the top ice cream companies in the U.S., which are expected to enhance the demand for ice cream market in the U.S.

Segmental Insights

Product Insights

Why Bar Ice Cream Segment Dominates Ice Cream Market Revenue in 2024?

The bar ice cream segment dominated the ice cream market in 2024. The segment growth in the market is attributed to the increasing consumer preference towards convenient food options, rising innovations in products, and ease of use. Consumption of bar ice cream enhances the consumer's mood. Bar ice cream contains various minerals and vitamins, which make it a healthy and nutritious treat for customers, which is expected to drive the segment's growth.

• In April 2025, the country’s first-ever 4-layered ice cream bar, Lotte Krunch, was launched by Lotte Wellfood. Blending advanced technology and Korean flavors, Krunch promises a multi-sensory and unique “Taste the 4D” experience and marks a major advancement in ice cream in the global market. (Source: Business of food.in)

The Cones Ice Cream Segment is Expected to Grow Fastest During the Forecast Period. 

The segment growth in the ice cream market is driven by the increasing demand for premium ice creams, increasing busy and on-the-go lifestyles, and increasing demand for portable and convenient dessert options. Cone ice creams can be refrigerated and wrapped for their high durability and moisture-proof, which may drive the segment's growth.

• In April 2025, a prominent brand in the ice cream industry, Polar Ice Cream, launched the Polar Carnival Hazelnut cone. The aim behind this launch was to satisfy evolving consumer tastes. (Source: The Business Standard)

Type Insights 

How Dairy & Water-based Ice Cream Segment Dominates Ice Cream Market Revenue in 2024? 

The dairy and water-based ice cream segment dominated the ice cream market in 2024. The segment growth in the global market is attributed to the increasing use of novel ingredients such as sweetening agents, skim milk, and whole milk, increasing demand for daily ice cream and luxury ice cream dessert products, rising technological advancements, and growing rapid urbanization.

The Vegan Based Ice Cream Segment is Expected to Grow Fastest During the Forecast Period. 

The segment growth in the market is fueled by the increasing consumer preference towards natural and vegan ice creams, increasing demand for non-dairy, increasing prevalence of dairy-related allergies, environmental awareness, and increasing demand for plant-based products.

• In April 2025, vegan ice cream sticks, a new range of low-calorie, were launched by Oppo Brothers under the name Oppo Refreshed. The aim behind this launch was to combine the creaminess of ice cream with the fruit-forward refreshment of sorbet. (Source: FoodBev Media)

Distribution Channel Insights

Why did the Retail Channel Segment Dominate the Ice Cream Market Revenue in 2024? 

The retail channel segment dominated the market in 2024. The segment growth in the global market is fueled by the increasing demand for artificial preservatives and artificial additives, increasing consumer preference towards clean-label and natural ingredients, increasing disposable incomes, and increasing demand for indulgent ice cream products. The retail channels have strict specifications for product perishability, shelf life, and quality, which further drives the segment growth in the global market.

The Foodservice Channel Segment is Expected to Grow Fastest During the Forecast Period. 

Due to consumer demand, food service channels help deliver products on time. Foodservice channels help ice cream products to be consistent and fresh in texture, appearance, and taste. For consumers who are willing to pay more for better quality, the foodservice channel is the best way for consumers, which is expected to accelerate the segment demand.

Flavor Insights

What Factors Help Chocolate Flavor Ice Cream Segment Grow in 2024?

The chocolate flavor ice cream segment dominated the ice cream market in 2024. Chocolate ice cream can help reduce stress levels. Chocolate contains case in which can increase the release of endorphins, promote a sense of well-being, and reduce stress. In addition, chocolate flavor ice cream has various health benefits such as preventing heart disease, reducing the risk of stroke, and boosting the immune system, which is further expected to accelerate the demand for chocolate flavor ice cream in the global market.

The Fruit Flavor Ice Cream Segment is Expected to Grow Fastest During the Forecast Period. 

The segment growth in the ice cream segment is attributed to the increasing consumer awareness towards health and nutrition, increasing consumer preference towards healthier additives, and increasing demand for natural and healthier food options.

• In May 2025, India’s favorite better-for-you ice cream brand, the Brooklyn Creamery launched 100% Natural Fruit Juice Popsicles on Zomato and Swiggy. (Source: Restaurant India.in)

Recent Developments in the Ice Cream Market

Pierre Herme

• Launch: In June 2024, in Singapore, Pierre Herme will open his first Southeast Asia flagship store with the launch of bubble tea ice cream. This is the ice cream bar which will offer a Japanese-inspired Furoshiki Stand and a new pastry. (Source: The Economic Times)

Kwality Wall

• Launch: In April 2025, a range of slow-churned ice creams, the Dairy Factory was launched by Kwality Wall’s. These ice creams are available in four popular variants such as Chocolate, Mango, Butterscotch, and Vanilla. (Source: afaqs)

Naturals

• Launch: In June 2025, Naturals, Mumbai’s iconic launched Naturals ice cream in Chennai with a taste of nostalgia and tropical flavors. This is the perfect antidote to the city’s scorching heat. (Source: The Hindu) 

Ice Cream Market Leading Companies

• Unilever PLC
• American Dairy Queen Corporation
• Wells Enterprises
• Nestlé SA
• Blue Bell Creameries
• General Mills, Inc.
• Inspire Brands, Inc. (Baskin Robbins)
• Cold Stone Creamery
• Danone S.A.
• NadaMoo

Segments Covered in the Report

By Product

• Cartons
• Tubs
• Cups
• Cones
• Bars

By Type 

• Dairy & Water-based
• Vegan

By Flavor 

• Chocolate
• Vanilla
• Fruit
• Others

By Distribution Channel 

• Foodservice
• Retail

By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)
• Latin America