The global ice cream market is anticipated to reach USD $78.8 billion by 2025, growing at a compound annual growth rate of 4.1%, according to a new report from Grand View Research Inc. The growing demand for premium products, especially in developed regions such as North America and Europe, is expected to drive the ice creams sales in these regions.
However, the major growth is expected to come from developing regions such as Asia Pacific, Latin America, the Middle East and Africa, the San Francisco-based market research firm said. Countries such as India and China have a large consumer base, which is expected to drive sales in terms of both volume and value. But the growing number of health-conscious consumers is expected to limit the market growth over the forecast period.
Rising demand for lactose-free products is also expected to contribute to the market growth during the forecast period, Grand View Research said. The growth in demand is being driven by increases in cases of food intolerances and allergies.
Ice cream companies are introducing many new innovative flavors to increase their revenue, the market research firm noted. The introduction of new flavors and formats is also expected to contribute significantly to increased sales across the globe.
For more information or to order the report, visit https://www.grandviewresearch.com/industry-analysis/ice-cream-market.