Frozen Desserts Market - Forecast(2021 - 2026)
Frozen Desserts Market Overview:
According to the World Bank, roughly 4.5 billion low-income people belonging to the developing countries collectively spend $2.3 trillion a year on food and beverages product[1]. In the developed economies, this figure is even higher owing to the flamboyant incomes and luxurious lifestyle that people lead. Apparently, some part of this money is spent on desserts like ice-cream and other frozen food products which is flourishing the frozen desserts market that was valued to be $32 billion to $34 billion as of 2018, the demand is estimated to grow with a healthy CAGR of 6% to 7.5% during the forecast period of 2019 to 2025.
North America has observed a lot of technological advancements in refrigeration and conveyor methods over the years. These advancements are coupled with the fact that North America is one of the most robust economies in the world, and the residents have noticeably higher incomes than that in other countries. The high income chiefly enables them to spend on frozen desserts. This is a major driving factor attributable to the thriving frozen desserts market in North America. Furthermore, there are many companies such as Lantmannen Unibake USA. Inc., Schwan’s Company, Sara Lee Desserts, and others that are constantly expanding their portfolio which is catapulting the frozen desserts market revenue in the region.
Frozen Desserts Market Outlook:
Frozen desserts are food products based on flavored water in the form of shave ice, ice pops, sorbet, and snow cones; and they are made of milk solids or even vegetable oils. They are consumed as frozen cakes, frozen yogurts, and ice-cream which is their key application owing to the variety of flavors of the same available in the frozen desserts market. Moreover, the target customers show a predilection for ice-creams after meals, and that happens to be the reason for the considerably higher sales of ice-cream as compared to other frozen desserts. The consumption of ice-creams across the globe will observe a CAGR of 5% to 6% through to 2025.
Frozen Desserts Market Growth Drivers:
- The Remarkable Rise in Disposable Income –
There is a noticeable increase in disposable income across the globe. According to the Organization for Economic Co-operation and Development (OECD), in developed economies, the year-on-year rise in disposable income was observed to be 3% to as much as 7.4% in 2016[2]; and further economic growth is aiding to the increase of the same. Moreover, developing economies are also observing a constant rise in disposable income. Apparently, people tend to spend this disposable income on consumable products that include frozen desserts, which is leading to a tangible growth in demand for the same.
- The Emergence of Low-fat & Gluten-free Products –
It’s discernible that the world is moving towards a healthy lifestyle which largely attributes to the growing awareness about health and wellness owing to the easy access to a lot of health-related content available on digital platforms. This is quite evident when the International Dairy Foods Association documents low-fat ice-cream as the second most popular category in dairy foods[3]. Subsequently, people are shunning from foods that have high-fat content or are detrimental to health. So, the vendors in the frozen desserts market are offering a variety of low-fat & gluten-free products that are garnering a significant amount of customers, which is increasing the frozen desserts market revenue.
- The Diverse Marketplace for Frozen Desserts –
There is a perceptible expansion in the frozen desserts marketplace over the years. The packaging industry coupled with the E-commerce sector has provided customers with the comfort-friendly facility of ordering frozen desserts online and enjoying the treat in their homes. This has a subsequent effect on their “whim factor” and has been an effective contributing aspect associated with the soaring sales of ice-creams and other frozen desserts. Additionally, a wide range of frozen desserts is sold in malls, departmental stores, multiplexes, and other distribution channels which further supports the frozen desserts market.
Frozen Desserts Market Trends:
- Hindustan Unilever Limited aspires to become the market leader in the frozen desserts market. In order to diversify its frozen desserts portfolio, the consumer products conglomerate had acquired Vijaykant Dairy and Food Products Limited (VDFPL) in August 2018.
- The veganism wave proliferating across the globe is highly influencing innovations in the frozen desserts market. This is to say that the vendors not only reinvent their product portfolio with new flavors but are also venturing into non-dairy products in order to cater to the growing demand from the vegan population that is going uphill since a few years now.
- In contemporary times, the world is becoming well-aware about inorganically manufactured food products and how they affect health. This has led to an upsurge in demand for organic foods which is replicating in the frozen desserts market wherein the vendors are reinventing production strategies to offer organic ice-creams and other products to the target customers.
Frozen Desserts Market Challenges:
Even though there is a broad spectrum for frozen desserts market in the world, the major challenge in front of manufacturers is to maintain a balance between the current demand for vegan and organic products and the dwindling taste which is becoming detrimental to the global sales. However, the global desire for frozen desserts hasn’t gone down, and the diversification of the portfolio with tasty flavors is helping vendors to retain the customer base.
Frozen Desserts Market Key Players Perspective:
The key players striving to capitalize on the demand influx in the frozen desserts market are General Mills, Inc., Conagra Brands, Kellogg Company, Sara Lee Desserts, Van’s Foods, Mrs. Smith’s, Nestle USA, Inc., Lantmannen Unibake USA, Inc., and Campbell Soup Company.
Frozen Desserts Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the frozen desserts market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of frozen desserts market, and their market based of types such as ice-creams, frozen yogurt, and frozen cakes.
Frozen Desserts Market Report: Industry Coverage
The report analyses the product demands by the category of purchasing frozen desserts that is segmented into impulse buying and take-home. It also digs into the distribution channels in the frozen desserts market that include supermarkets/hypermarkets, food service outlets, specialty stores, and online stores.
The frozen desserts market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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