![]() Functional foods provide benefits beyond basic nutrition and may play a role in reducing or minimizing the risk of certain diseases. So, the increasing interest of market players in the fortification and addition of functional ingredients can encourage consumers to choose the product as a healthy snack option. Traditional ice cream has nutritional properties but no health benefits. Furthermore, the rising number of artisanal ice cream shops and increasing consumer expenditure on the product from the higher-end with a guarantee of producing a dessert using natural ingredients and traditional methods are predicted to boost the market growth in the coming years.Ĭontinuous Innovation in the Industry to Spur Product Demand Rapid urbanization, rising popularity of the product among millennials, and increasing cafe culture are projected to support the steady growth of premiumized product options. ![]() A premiumized product is usually made from luxury, rare, and expensive ingredients using an innovative production method. Premiumization of Ice Cream Products to Augment Market GrowthĬurrently, the rising demand from customers for healthier and functional food has led to the production of ice-cream containing special ingredients with recognized nutritional and physiological properties such as probiotics, prebiotics, and natural antioxidants. Request a Free sample to learn more about this report. Digitalization and clever marketing solutions can help operating companies sustain growth and revenue generation during the pandemic. Amul announced the launch of a new haldi flavored ice cream, which is made with the goodness of haldi (turmeric), honey, pepper, and the richness of dry fruits, including cashews, dates, and almonds. Some companies are focused on adopting and making the best of the altering market dynamics in the wake of COVID-19.įor instance, although the world is learning to adjust to the challenges that the COVID-19 pandemic has brought, India-based Amul Dairy is endorsing ancient ways of protecting immune systems, with the help of Ayurveda alongside practicing a healthy lifestyle. ![]() As the outbreak is well controlled and transportation restrictions are lifted in recent months, the demand will increase in the coming summer season. Currently, the situation has improved, with the number of new confirmed cases falling. Many producers had to halt or stop their production, particularly Small & Medium-sized Enterprises (SME). Labor shortages and logistic restrictions have become top concerns for producers. ![]() The global industry is festering due to the novel coronavirus. Moreover, rapid urbanization and increasing disposable income are estimated to strongly aid the growth of the market in several emerging economies in the forthcoming years.ĭisturbances in Supply Chain Management amid Pandemic Hindered Performance The increasing consumer expenditure on fast food, extensive research and development activities for the production of innovative product variants, and easy availability of the product is expected to drive the global market. Based on our analysis, the global market exhibited a decline of -1.49% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with ice cream experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The global ice cream market size was valued at USD 71.52 billion in 2021 and is projected to grow from USD 73.61 billion in 2022 to USD 104.96 billion by 2029, exhibiting a CAGR of 5.20% during the forecast period.
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