19 September 2018
China ice cream market revenue is expected to reach USD 22.7 billion by 2025, exhibiting a significant growth over the forecast period. China is one of the largest consumers of ice cream and other confectionery products across the globe. Factors such as increasing consumer spending on food & confectionery items and increasing willingness for desserts are predicted to boost growth. In addition to this, the per capita consumption is relatively low which is therefore providing abundant of opportunities for further Chinese ice cream industry expansion.
Frozen desserts and ice creams are seasonal-sensitive categories. The market is projected to record upsurge in confectionery and frozen desserts consumption levels over the approaching years. The increasing consumption of frozen desserts is attributed to the changing taste preference of consumers towards ice cream and other dessert categories. The factors such as affordable prices, availability of varied taste options, familiar ingredients, introduction of varied flavors and availability of small packs of ice creams are projected to evolve the China ice cream market demand during the forecast period.
Health-related concerns along with the low consumption of ice cream, when compared to the other regions across the globe, is expected to be a major restraint, hampering the growth of the market over the forecast period. However, the large population size of the country and growing interest of people in frozen desserts is likely to contribute to higher consumption rates in the near future. Rapid growth in consumption of the dairy product is one of the crucial factor fueling the ice cream consumption in China. The speedy change in consumption patterns amongst the consumers is possibly expected to create new growth opportunities for frozen desserts in the country.
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The speedy growth of the Chinese GDP is probably to intensify the purchasing power of the consumers. Moreover, rapid urbanization is increasingly evolving consumer preferences and habits. The market growth in the country is attributed to the innovations in ice cream flavors and variety of offerings and customizations provided by the vendors functioning in the Chinese ice cream industry. The presence of local and private label brands in the area is forcing the demand by offering ice creams at lower prices. The development of private-label retail brands is contributing to the expansion of ice cream industry.
The industry participants are undertaking many mergers and acquisitions and launching innovations in the product to boost the performance of the company. For instance, several ice-cream companies are manufacturing lactose-free ice creams to cater to the demand of lactose-intolerant consumers, as consumption of lactose causes many problems such as diarrhea, gas, and bloating. The availability of lactose-free ice cream is probable to enhance the market growth. Furthermore, low customer loyalty and shifting consumer habits in the industry are providing growth prospects for the new entrants. The companies are experiencing various mergers and acquisitions with domestic companies to reach untouched regions in the country.
Some of the key vendors operating in the China ice cream markets involves of Unilever, Nestle, Meiji Holdings Co., Ltd., Chinatown Ice Cream Factory, YILI.COM INC. And General Mills Inc. The Chinese ice cream industry has a fragmented landscape with the presence of a large number of small and few well-established players in the market.
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