March 18, 2021
The ice cream industry has seen a lot of crest and ebb last year, as did most of the industry. While the nation was under the spell of seclusion, many didn’t indulge in any celebration like the simple pleasure of going out for ice cream with friends or family. Plus, a spate of misinformation made matters even worse. Fortunately, awareness campaigns run by the Indian Ice Cream Manufacturers’ Association (IICMA) helped the industry and the market gradually started to recover. Indians could no longer resist the temptation of treating themselves. The festive season at the end of last year also helped improve the outlook of the ice cream industry as some people started gathering again for the treat.
Now, with summers have set in, temperatures are already started to soar across the country and everyone is looking forward to indulging in their favourite icy treats to cool off.
Of late, India’s economy, on the whole, is showing decisive signs of a ‘V-shaped’ recovery with the return of consumer confidence, according to a recent report by Assocham. Indeed, the ice cream industry is doing quite well and recovering fast, with excellent feedback. The ice cream industry will witness strong growth over the next five years across product categories, flavours, and distribution channels.
The only challenges the industry is facing is regarding the rising prices of milk and milk solids in the market. The IICMA is advising manufacturers to plan their purchase of raw materials and packaging accurately to optimize their funds.
Sudhir Shah, president, IICMA, said, “We all need to be careful this season. There is a lot of opportunity coming our way, but we need to plan effectively to reap the most that we can from it. Now is the time to utilize our existing infrastructure and resources with rigorous efficiency. That is the only way we can come back stronger than ever this season.”
He further added, “Vivah Muhurth, an auspicious period for marriages, will begin from April onwards. Targeting the wedding market can be quite beneficial for ice cream manufacturers across the country this year. We must all ensure we have our resources in place to take advantage of it”. Citing further he said, “At IICMA, we will also keep an eagle eye on the market for any new opportunities that may be worth investing in. If any are found, we will certainly inform the industry on how to make the most of it”.