Market Research Report
Global Chocolate Ice Cream Market Research Report Forecast to 2023
|Published by||Market Research Future||Product code||882306|
|Published||Content info||95 Pages
Delivery time: 1-2 business days
|Global Chocolate Ice Cream Market Research Report Forecast to 2023|
|Published: June 30, 2019||Content info: 95 Pages||
Chocolate ice cream is one of the most prominent segments in the global confectionery industry and is expected to witness substantial growth during the forecast period, 2018 to 2023. A high preference for chocolate flavor in ice creams and the growing number of ice cream parlors are expected to result in an increased demand for chocolate ice cream during the forecast period. The popularity of specialty ice cream shops is increasing due to social media, flyers, and guerilla marketing activities. Market players are switching from traditional distribution methods to ice cream shops to increase the sale of ice cream, including chocolate ice cream. Furthermore, a preference for specialty stores is increasing among consumers since ice cream parlors offer a range of flavors that can be skillfully crafted and customized.
Ice cream is generally high in certain ingredients that possibly affect cardiovascular health, leading to issues such as high cholesterol and diabetes. They are high in saturated fats, which increases blood cholesterol levels and the risk of Type 2 diabetes. Therefore, the increasing health awareness among the consumers is anticipated to restrict the growth of global chocolate ice cream market during the forecast period.
The global chocolate ice cream market has been segmented based in region into- North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to be the largest chocolate ice cream market, by value. In 2017, the regional market accounted for approximately 37.73% of the total market share. Additionally, the market in Asia-Pacific is also projected to exhibit a growth rate of 6.88% during the forecast period. The growth of the chocolate ice cream market in the region can be attributed to the rapid urbanization and the growing middle-income population. Moreover, the increasing per capita disposable incomes have led to the growing sale and consumption of chocolate ice cream. Consumers are ready to pay high prices for premium products, which, in turn, hampers the growth of the low or mid-quality chocolate ice cream segments. Additionally, key manufacturers of chocolate ice cream are targeting the region to increase their sales revenue. In 2017, China accounted for the largest share of the chocolate ice cream market in Asia-Pacific and is expected to maintain its leading position in the market during the forecast period. However, the chocolate market in China is fragmented owing to the presence of several local and regional players. The market in India is projected to witness significant growth during the forecast period, primarily due to the increasing per capita disposable income of individuals in the country.
The chocolate ice cream market in North America is lucrative. Manufacturers are expanding their portfolios of chocolate ice cream, which is driving the growth of the market in the region. Innovation in the flavor blends of chocolate ice cream is one of the main factors expected to positively impact the growth of the market. Moreover, key manufacturers emphasize promotional activities to create strong awareness among consumers regarding product launches, which, in turn, is accelerating the growth of the regional ice cream market. In North America, the market in the US is projected to expand at a growth rate of 2.48% during the forecast period, 2018-2023 and is estimated to retain its leading position in the market during the forecast period.
The global chocolate ice cream market has been segmented based on product type and distribution channel.
On the basis of product type, the global chocolate ice cream market has been segmented into sticks/bars, cones, cups, tubs & bricks, and others. In 2017, the cups, tubs & bricks segment held the largest market share and is projected to reach USD 11,765.9 million by the end of 2023. The sticks/bars segment is projected to expand at a maximum growth rate of 5.99% during the forecast period.
On the basis of distribution channel, the global chocolate ice cream market has been segmented into supermarkets & hypermarkets, convenience stores, specialty stores, and others. The supermarkets & hypermarkets segment is estimated to retain its leading position in the global market throughout the forecast period. The specialty stores segment is expected to register the highest growth rate of 6.16% during the forecast period.
The leading market players operating in the global chocolate ice cream market are Nestle 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).
As per MRFR analysis, the global chocolate ice cream market is estimated to reach USD 25,521.7 million by the end of 2023 at ~4.73% CAGR during the forecast period.