The global ice cream market is projected to exhibit steady expansion over the forecast period from 2023 to 2031, driven by rising disposable incomes, increasing preference for premium and diverse ice cream flavors, and expanding distribution channels worldwide. According to a comprehensive analysis published in the Global Ice Cream Market report by Reed Intelligence, the market is expected to grow at a CAGR of approximately 3.4% during the forecast period.

Market Size (Base & Forecast Years):

Base Year: 2023

Forecast Year: 2031

Projected CAGR: ~3.4% (2023–2031)

Key Highlights

Largest Region: North America remains a robust market with significant consumer demand, well-established distribution infrastructure, and strong quality standards.

Fastest-Growing Region: Asia Pacific is poised for accelerated market growth, propelled by large populations, rising middle-class incomes, and increasing adoption of Western dessert trends.

Largest Segmentation:

By Type – Hard ice cream formats capture broad consumer preference across both retail and commercial channels.

By Application – Commercial consumption remains a substantial contributor to overall market share.

Fastest Growing Segmentation:

Premium and specialty flavors, including plant-based and tailored indulgent variants, are gaining rapid traction among health-conscious and trend-driven consumers.

Market Dynamics

Market Drivers:
The global ice cream market continues to be driven by rising disposable incomes, particularly in developing regions where consumers are increasingly willing to pay a premium for high-quality and innovative ice cream products. Product diversification, including indulgent artisanal flavors, enhanced textures, and novel presentations, fuels consumer interest and repeat purchases. Premiumization and brand innovations remain key growth catalysts.

Restraints:
While overall growth prospects remain positive, the market faces challenges such as economic uncertainties that can impact discretionary spending on premium dessert products. Regulatory hurdles and variability in supply chain operations—especially refrigerated logistics—may pose obstacles for smaller producers or new entrants looking to scale globally.

Opportunities:
Emerging opportunities lie in product personalization and health-oriented offerings, including lactose-free, low-sugar, and plant-based alternatives. Leveraging consumer trends toward wellness and customized nutrition presents untapped potential for both established brands and innovative startups to expand their market footprint.

Top Market Players

Leading participants shaping the competitive landscape of the global ice cream market include:

Unilever

Nestlé

Lotte Confectionary

Dean Foods

General Mills

Mars

Yili Group

Morinaga

Meiji

Mengniu

Turkey Hill

Blue Bell Creameries

Amul

These players lead through diversified product portfolios, geographic reach, strong brand equity, and ongoing innovation investments.

Segmentation Overview

The report segments the global ice cream market by type, application, and region:

By Type:

Soft Ice Cream

Hard Ice Cream

By Application:

Commercial

Household

By Region:

North America

Europe

Asia Pacific

Middle East & Africa

Latin America

This segmentation provides insight into target consumer groups and regional dynamics essential for strategic planning.

About the Report

The Global Ice Cream Market Size, Share and Trends Analysis By Type, By Application, By Region and Forecasts, 2023–2031 offers in-depth analysis of key market developments, segmentation landscape, competitive environment, and growth strategies adopted by leading players. The report highlights global market evolution, industry drivers, challenges, and opportunities designed to inform strategic decision-making for stakeholders.