Jul 17, 2020 3:33 PM ET
iCrowd Newswire – Jul 17, 2020
Global Chocolate Ice Cream Market is expected to register a CAGR of 4.73% to reach USD 25,521.7 Million by 2023. The demand for chocolate products has been growing over the past decade mainly due to increasing awareness of the health benefits of certain types of chocolate. For instance, dark chocolate is a rich source of antioxidants and helps improve blood flow and control cholesterol levels. Consumers of chocolate and chocolate-flavored products are considerably price insensitive. Factors such as urbanization and an ever-expanding middle-class population in emerging economies are encouraging the consumption of chocolate-flavored products. Furthermore, regional ice cream flavors and types such as kulfi in India and matcha and azuki in Japan are being increasingly enjoyed with chocolate, thereby, driving the popularity of chocolate ice cream.
Some of the key players in the Global Chocolate Ice Cream Market are Nestlé S.A. (Switzerland), General Mills, Inc. (US), Unilever PLC (UK), Jude’s Ice Cream (UK), Straus Family Creamery (US), Halo Top Creamery (US), and Gujarat Cooperative Milk Marketing Federation Ltd (India).
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Asia-Pacific is expected to be the largest market for chocolate ice cream and is projected to register the highest CAGR of 6.88% during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. However, the Indian market is expected to exhibit the highest growth rate of 8.06% during the forecast period. Increasing per capita disposable incomes are the key factor for the growth of the chocolate ice cream market in India. Moreover, many multinational companies are investing heavily in this segment in India to increase sales. Manufacturers are introducing new products in India, which supports the growth of the chocolate ice cream market.
Europe held a prominent share of the Global Chocolate Ice Cream Market in 2017. Germany, France, and the UK are the major contributors to the growth of the European chocolate ice cream market. The growth of the chocolate ice cream market in Europe can be attributed to the high demand for natural and organic food products, which is leading key players to introduce organic chocolate ice cream in the region in order to gain a competitive edge. Moreover, the rising adoption of veganism and increasing prevalence of lactose intolerance is leading to the demand for non-dairy chocolate ice cream, especially in Germany.
North America is also expected to account for a significant share of the global chocolate ice cream market and the regional market is projected to grow at a moderate pace during the forecast period. Innovation in flavor blends of chocolate ice cream is one of the main factors expected to positively impact the growth of the market. Moreover, key manufacturers emphasize promotional activities to create strong awareness among consumers regarding product launches, which, in turn, is accelerating the growth of the North American chocolate ice cream market. The US is expected to maintain its dominance of the regional market during the review period. However, the Mexican market is projected to register the highest CAGR during the forecast period.
South America accounted for the largest share of the market in the rest of the world in 2017 and the regional market is expected to register a CAGR of 5.66% during the forecast period. However, the market in the Middle East is projected to expand at the highest growth rate of 5.86% during the forecast period of 2020 to 2023.
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Global Chocolate Ice Cream Market has also been segmented by product type and distribution channel.
By product type, the global chocolate ice cream market has been classified as sticks/bars, cones, cups, tubs & bricks, and others. The cups, tubs & bricks segment accounted for the majority market share in 2017, whereas the sticks/bars segment is expected to be the fastest-growing during the forecast period. The global chocolate ice cream market has been segmented, on the basis of distribution channel, into supermarkets & hypermarkets, convenience stores, specialty stores, and others. The supermarkets & hypermarkets segment dominated the market in 2017; however, the specialty stores segment is projected to register the highest growth rate during the review period.
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