According to Market Research Future (MRF), the artisanal ice cream business, which was estimated at $63.6 billion in 2022, will expand to $95.8 billion by 2030 as customer tastes and preferences change.
Consumers like the segment’s link with small-batch manufacturing and seasonal, locally sourced ingredients, as well as inventive flavour combinations and experimental additives like spices, herbs, avocado, nuts, and protein additions. Different textures – fried ice cream, anyone? – and a trend towards healthier (e.g., protein-enhanced) versions, as well as organic, gluten-free, and vegan ice cream, would also help the market develop.
According to the experts, despite the higher price tag of artisanal ice cream, customers are “willing to pay a premium for quality and taste.”
In 2021, specialised retailers held the greatest portion of the distribution market (about 35%-40%). North America had the greatest market share of $14.6 billion in 2021 and is predicted to increase at a 7.43% CAGR as health consciousness drives customers to organic items. The artisanal ice cream industry in the United States was the largest, but the Canadian sector is expected to be the fastest-growing in North America.
According to Market Research Future, North America’s share is predicted to fall somewhat from its current valuation of $14.6 billion by 2030, owing to market oversaturation, but will stay ahead of Europe and Asia-Pacific, which will both rise throughout the time.
Europe is expected to be the second-biggest market for artisanal ice cream, with the United Kingdom leading the way as the continent’s largest market. According to MRF, China will remain the largest market in Asia-Pacific, but India will become more appealing as demand for artisanal ice cream rises.
“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.”