Global Frozen Dessert Market is expected to register 4.27% CAGR from 2019 to 2024 and reach USD 100.58 billion by the end of 2024
Food brands are constantly working on expanding their product range by launching new variants of frozen desserts. Many of the players are focusing on introducing of unique flavours with innovative combination of ingredients to draw consumer attention. A modern consumer, especially if he/she is from the millennial population is more approving of new and exotic food flavours. This is encouraging market players to step up their efforts in developing new product and flavour variants. Meanwhile, emphasis is also being placed on aspects such healthiness, use of organic ingredients and low-fat owing to rise number of health-conscious consumers. Factors as such are influencing the off-season sales of frozen desserts as well, leading to greater profit margins for players.
Increased popularity of frozen desserts in countries such China and India is further providing an impetus to their global sales. While consumption of frozen desserts in advanced economies remains substantial, their demand continues to rise in developing countries. Frozen yogurt, ice-cream, and sherbets being some of the sough-after products continue to witness a strong demand. At the same time, the fast expanding pool of product with constantly widening collection of flavours and variants appears to be one of the leading trend in the industry.
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Changing dietary patterns coupled with rising discretionary spending is partly supporting the global market for frozen dessert. In addition, fierce marketing and promotional strategies employed by food brands continue to accelerate market growth. Increasing consumer preference for convenience food and the growing fast- food culture is expected to play an important is shaping the future prospects of the market. During the forecast period (2016-2024), the market is expected to witness a steady compound annual growth rate.
Some of the prominent market participants profiled in the MRFR’s report include Hiland Dairy, Nestle, Wells Enterprises, Ben & Jerry’s, Gilfi, Edys, Unilever, Cool Delight Desserts Ltd, Byrne Dairy and Blue Bell.
Among regions, Europe and North America collectively account for the largest share of the Global Frozen Dessert Market And trend is likely to continue throughout the assessment period. Towards the end of 2024, the market is Asia Pacific is also expected amass an impressive value as consumption of frozen desserts continues to grow in the region. The region is likely to present lucrative growth opportunities for market players over the next couple of years.
Industry Trends and News
US-base dairy firm Hiland Dairy has recently unveiled an eggnog and three new milk flavours, marking the start of spring season. The new verities are made with fresh milk and include flavours such as strawberry crème, spring eggnog, orange crème, and chocolate marshmallow. All the products can be consumed without any processing and can also be relished with homemade ice cream, smoothies or coffee.
Food giant Unilever is reportedly plotting to launch a number of ice cream products through its Good Humor, Breyers, Popsicle, Klondike and Magnum brands. The new product are likely to debut in the US soon and include new Breyer’s snack pots, a new Popsicle product and two new Magnum Doubles flavours.
Based on type, the market has been segmented into Fruit Juice, Flavored Liquid, Mousse, Milk & Cream and others. By ingredients, the market has been segmented into gelatos, non-dairy based fruits, dairy based and others.
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