Market Research Future (MRF) forecasts that the artisanal ice cream market, which was worth $63.6 billion in 2022, will see significant expansion and reach $95.8 billion by 2030, driven by changing customer preferences and tastes.
The artisanal ice cream industry is favored by consumers due to its association with small-batch production, utilization of locally-sourced, seasonal ingredients, and unique flavor combinations that often include experimental additives such as herbs, spices, avocado, nuts, and protein. In addition, there is a growing trend towards diverse textures such as fried ice cream, as well as an increasing demand for healthier options, including protein-enriched, organic, gluten-free, and vegan ice cream, which are all contributing to the market’s growth.
As per industry experts, customers are willing to pay a premium for the quality and taste of artisanal ice cream, despite its higher price point.
Specialized retailers dominated the distribution market in 2021, accounting for the largest share (approximately 35%-40%). North America had the highest market share of $14.6 billion in 2021 and is projected to grow at a CAGR of 7.43% due to increasing health consciousness driving demand for organic products. Although the artisanal ice cream industry in the United States was the largest, the Canadian sector is expected to experience the fastest growth in North America.
Market Research Future projects that by 2030, the share of North America is expected to decrease slightly from its current worth of $14.6 billion due to market oversaturation. However, North America will still lead Europe and Asia-Pacific, as both regions are anticipated to see an increase in their share during this period.
As per Market Research Future (MRF), the United Kingdom will be the biggest market for artisanal ice cream in Europe, with the continent expected to become the second-largest market. While China will continue to be the largest market for artisanal ice cream in Asia-Pacific, MRF predicts that India will become increasingly attractive as demand for this type of ice cream grows.
“Major market players are spending a lot of money on R&D to increase their product lines,” the analysts said, “which will help the artisanal ice cream market grow even more.” Market participants are also undertaking a variety of strategic activities to expand their global footprint, such as new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations.
“In order to expand and survive in an increasingly competitive market environment, competitors…must offer cost-effective items.”
