Global Frozen Desserts Market - 2021-2028
発行: DataM Intelligence
ページ情報: 英文 180 Pages
Frozen dessert is the category of desserts made of vegetable oils which is usually eaten as an after meal. These are blended with fruit, spices and other additives to make them appealing to the consumer. The global ice cream and frozen dessert market is rising due to the growing trend of eating ice cream and frozen dessert after a meal as an appetizer. Because of the nutritious value derived from their intake, both children and adults are becoming more interested in these tasty frozen food items. Moreover, it is projected to expand significantly over the forecast period, owing to rising disposable income, people are investing more on trying out new tastes which will help the market grow. The global frozen desserts market valued USD XX million in 2020 and is estimated to reach USD XX million by 2028, growing at a CAGR of XX%.
As the population of lactose intolerant people is increasing, plant-based dishes are getting popular and frozen desserts being one among them has seen a rise in the recent years. According to estimates provided by NIDDK, around 68% of the world's population has malabsorption, which has put pressure on the F&B industry to reformulate dishes, which can be consumed by all. As frozen desserts are made of vegetable oils blended with flavoring agents, they are getting popular among lactose intolerant population. Also, the increasing trend of people shifting towards vegan diets, has created several opportunities for the dessert producers to come up with desserts especially for the vegan population. According to Gourmet propriety, the plant-based frozen dessert category was estimated to hit $336 million as of 2019, with sales rate increasing by 6% in the past year and 34% over the past two years. Along with these, widening spectrum of flavors and variety in texture will further support the market growth. Climate change is another factor likely to create high demand for frozen desserts such as ice cream and frozen yogurt on a global scale. It is estimated that the demand for ice creams alone can easily go up to 50% on a hot day and drop 20% if the weather is bad. Customers believe that they eat ice creams just to cool down their body temperature in a hot climate, thereby fueling the growth of the market.
Frozen desserts are made using vegetable oils, usually of coconut and mustard. This can lead to indigestion issues and thus can hamper the market growth. In addition, as frozen items need more sugar content, increasing taxation on sugar can be a hindrance to the market. Moreover, increasing health concerns among people are hampering the growth of this market. The majority of the consumers prefer low-calorie options, vegan alternatives, and dairy-free products as a healthier option, hence affecting the market growth. As per the WHO, more than 400 million people in the world are living with diabetes, which will increase to more than 600 million people in the next 2 decades. An increasing number of diabetic patients has put extreme pressure on the dessert industry to develop sugar-free products suitable for the concerned class of consumers.
Ice cream is largest segment of the frozen desserts market as it has emerged as one of the needed desserts after meals. Many exotic restaurants serving ice creams as an after-meal treat, shows the evolution of ice cream as an extremely popular dessert, which has encouraged ice cream producers to experiment with flavors and ingredients. Flavors like Vanilla and Chocolate, Butter pecan, Neapolitan, Chocolate Chip and French Vanilla have been in the market for decades, while the newest flavors like S'Mores, Chocolate Fudge Brownies, Brownie Chip Cookie Dough and Blackberry Crumble are turning out to be the recent favorites. In addition to introduction of new flavors, these ice creams are also being reformulated with ingredients which are gluten free, containing low sugar and additives, especially for the diabetic population.
On the basis of distribution channel, the supermarket/hypermarket segment held the largest market share in 2020. It is expected to emerge as the fastest-growing segment over the forecast period owing to the purchase of frozen desserts, along with the daily grocery items, which is attributed to steadily increasing demand for desserts in daily food elements. On the other hand, the growing trend of purchasing products from specialized stores has resulted in the opening of various cafes and bakery shops for frozen dessert products. Recent trends have compelled them to adapt nutritious desserts in their menus, which has further enhanced their product offerings. Moreover, a number of online delivery partners are coming up with innovative solutions to deliver frozen desserts at respective locations as fresh as their source points. This has resulted in an increase in the online buying of frozen desserts.
North-America is the largest shareholder of the market with United States alone being the largest consumer. According to the International Dairy Foods Association, the selling and processing of ice cream and related frozen sweets such as gelato contribute more than USD 39 billion to the US economy. Moreover, Gelato's high protein content has made it a popular choice among health-conscious population, especially those on a strict diet. Moreover, the large lactose intolerant population in this country will further contribute to the market growth. Frozen yogurt is the most popular product under this segment having more than 400 brands that offer numerous flavors to consumers. Considering this, the United States Department of Agriculture (USDA) has initiated several projects to promote the consumption of yogurt and related products across the region. Low-fat yogurt is a great source of calcium and is increasingly promoted by the organization for health and nutrition.
Asia Pacific is expected to emerge as the fastest-growing regional market in the forecast period. Growing urban population, changing lifestyles, rising disposable income, and changing weather conditions are some of the major factors driving the market in this region.
Some of the key players in this market are Nestle, Unilever, General Mills, Van's Foods, and Kellogg Company. Other prominent players are China Mengniu Dairy, Handles, Bassetts Ice cream, and Dairy Queen. High to moderate entry barriers, as a result of the presence of various brands and rapid innovation in the product line, are anticipated to assert high competition among major manufacturers. Increasing demand for organic products due to health benefits such as low-fat content and low sugar concentration is increasing competition among various players in the market. Due to a relatively fragmented competitive landscape, innovation and new product development are of key importance in order to retain the interest of consumers. As a result, the key players are continuously introducing various new products at the end of the review period. For instance, U.S.-based low-calorie ice cream brand Halo Top played a key role in the explosion of craft ice creams in the market, which is subsequently influencing the market growth of big giants such as Unilever and General Mills. Breyers, a leading American ice cream company, will launch ten new ice cream treats in 2021, including new twists on classic flavours, seasonal offers, and the expansion of the company's CarbSmartTM, non-dairy, and Snack Cup lines. Ben & Jerry's launched a new line of Doggie frozen desserts, which are treats for dogs, in January 2021. Rosie's Batch and Pontch's Mix are two new ice cream flavours in this line. Pontch's Mix contains pretzel swirls and peanut butter, while Rosie's Batch contains mini cookies and creamy pumpkin.
The outbreak of covid-19 pandemic had a negative impact on the global frozen desserts as the outbreak led to complete shutdown of ice cream parlors and bakery stores. Even the stores stopped the sales of frozen desserts as they prioritized stocking the essential goods. Moreover, the demand for desserts also decreased due to the fear of catching cold which makes the body more prone to the virus attack. In addition, the shutdown of restaurants had further impacted the sales negatively