India Ice Cream Market: Record a CAGR of 6.78% During 2024-32
As per the research report by Report Cube, the India Ice Cream Market was USD 220 Billion in 2023 and is estimated to grow at a CAGR of about 14.5% during the forecast period, 2024-32.
The growing market demand was fuelled by factors like the developing middle class, rising disposable income, changing consumer preferences, and increasing urbanization. The sector is adaptable with consistent demand all years & a notable spike in the summer heat. Also, forecasts indicate that the market would probably keep growing in the upcoming years as consumer’s appetites for frozen desserts increase.
The Ice Cream Industry’s growth has been significantly aided by the unique blend of Indian weather patterns & cultural norms. Because of the country’s long summer, the warmer months witness a noticeable rise in ice cream consumption. Ice cream functions as a means of cooling down & evading the heat, rather than just being a dessert. Further, a response to this seasonal demand comes from manufacturers that create summer-specific products & launch marketing campaigns.
The industry's wide spectrum of flavors that consumers can choose from, from classic chocolate and vanilla to unique regional selections like saffron and rose. Ice cream firms also continuously innovate by producing limited-edition flavors, fusion creations, and collaborations with other food and beverage companies to keep customers fascinated and involved. Additionally, this delicious dessert, also referred to as iced cream is prepared using milk, sugar, cream, and a few other components that are frozen using certain techniques to give it a smooth, creamy texture. Usually, stabilizers, such as gluten & plant-based gums are added to the mixture to give it a consistent texture.
Moreover, the rapidly expanding e-commerce and Q-commerce around the nation have contributed to the enormous growth of the Ice Cream Market in India. Effective Q-commerce benefits customers by enabling them to buy ice cream with only a single button click. Also, to entice consumers and boost sales in the India Ice Cream Market, prominent national ice cream brands like Natural's, Keventers, Kwality Wall's, Giani, and others have introduced unique ice cream tastes like tropical fruits, betel leaf, Belgian chocolate, and many more.
The demand for vegan ice creams in the India Ice Cream Market is being compelled by the mounting percentage of consumers who are health & environmentally conscious. As more individuals accept plant-based diets for ethical, health, and environmental factors, there is a growing requirement for dairy-free plant-based substitutes. Common ingredients in vegan ice creams include almond, soy, or coconut milk. These products are suitable for individuals with lactose intolerance and those seeking cruelty-free options. Also, in response to budding consumer demand, the manufacturers are looking for ways to expand their product line and provide a greater selection of vegan ice creams., further states the research study, India Ice Cream Market Analysis, 2024.
Analyzing the India Ice Cream Market Segmentation
Vanilla Flavour to Capture Most of the India Ice Cream Market Share
By flavor, the India Ice Cream Market is bifurcated into: Chocolate, Fruit, Vanilla, and Others.
Among all the flavors, the Vanilla flavor grabbed the largest share in the historical years and is foreseen to follow a similar trend in the forecast years as well. The flavor of the food or ice cream is enhanced when vanilla is paired with other flavors and toppings, mix-ins, and sauces. With its mild and light texture, vanilla goes well with a wide range of flavors and ingredients. Moreover, the prospect for customers to customize their purchases with fruits, nuts, chocolates, syrups, and other toppings makes vanilla ice cream more tempting. Additionally, vanilla is used as an ingredient in recipes & homemade treats. Further, the nation's population loves vanilla ice cream taste and its popularity is driving up demand for it.
India Ice Cream Market Companies Analysis
With the strategic analysis & market study the leading companies, including Gujrat Co-operative Milk Marketing Federation Ltd, Hindustan Unilever Ltd, Devyani Food Industries Pvt Ltd, Hatsun Agro Products Ltd, Mother Dairy Fruit & Vegetable Pvt Ltd, Vadilal Industries Ltd, Haymor Food Pvt Ltd, Dairy Classic Ice Cream Pvt Ltd, Punjab State Cooperative Milk Producers Federation Ltd., are predicted to contribute in the growing market outlook.