As summer approaches, retailers can expect to see their private label ice cream sales increase. New data from Grand View Research shows that the global ice cream market is steadily growing, expected to reach $114.7 billion by 2030.
The California-based research group found that the market is projected to grow at a CAGR of 4.2% from 2022 to 2030, giving private label brands an opportunity to expand their ice cream portfolios. The group recently reported on the growing market for fruit and vegetable juice.
“The growth is attributed to the rising demand for premium ice cream products,” said the firm. “The manufacturers in the foodservice sector are incorporating a variety of ice cream flavors and products into their menus to cater to a larger customer base. This trend is anticipated to further fuel the growth of the market.”
The retail channel dominated the global market for ice creams with a revenue share of over 73.0% in 2021. Major industry players are opening new stores to cater to a larger number of customers.
Finally, the Asia Pacific region is expected to register the fastest CAGR during the forecast period. Countries such as China, Australia, New Zealand, and India, much like fruit and vegetable juice, are expected to witness a rapid surge in the consumption of ice cream. Furthermore, the increasing middle-income population and rising purchasing power in the region are factors expected to boost the sales of premium products like vegan ice cream.