Impulse Ice Cream Category to Dominate India Ice Cream Market until 2023: TechSci Research
Rising purchasing power, growing middle class household base, changing consumer taste and preferences, and growing demand for premium ice creams to drive ice cream market in India through 2023
According to TechSci Research report, “India Ice Cream Market By Category, By Product Type, By Distribution Channel, Competition Forecast & Opportunities, 2013-2023”, India ice cream market is forecast to cross $ 1.25 billion by 2023, on account of increasing number of modern ice cream retail formats and brands. Continuing changes being witnessed in the consumption pattern of ice creams, increasing demand for new ice cream flavors, growing number of cold storage facilities and increasing purchasing power are some of the major market drivers. Moreover, India is the largest producer of milk, with annual production of more than one-fifth of the global milk production. This offers huge opportunities to players operating in India ice cream market, ensuring access to ample amount of the main raw material required to produce ice cream.
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“India Ice Cream Market”
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Amul, Mother Dairy, Havmor and Vadilal are some of the leading players operating in India ice cream market. West India is the largest demand generating region for ice creams in India, predominantly due to weather conditions, which favor the consumption of ice cream, and the fact that the country’s dairy industry, of which ice cream is a part, has its roots in the region. The western region is expected to continue witnessing high ice cream sales during the forecast period as well, with all major players such as Gujarat Cooperative Milk Marketing Federation Ltd. (Amul), Havmor Ice Cream India Ltd., Vadilal Industries Ltd., etc., operating in the region. Ice cream market in India is also growing on account of changing demographics of the country such as growing urban population, increasing number of middle class households, and expanding young working-class population base.
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India ice cream market comprises of impulse ice cream, take-home ice cream, bulk ice cream and artisanal ice cream segments. Of these segments, impulse ice cream held the highest revenue share in 2017, due to its wide product offerings and changing preference of consumers towards impulse buying. Traditional flavors offered by the players are gaining momentum and attracting more consumers than the classic western flavors, thus driving the demand for ice creams in the country. “Rising impulse purchases, availability of region-specific, age-specific flavors, introduction of value added products, premiumization of ice cream products via brands such as Baskin Robbins, Haagen-Dazs, London Dairy, etc., along with expanding distribution networks is anticipated to propel demand for ice creams in India over the next five years. Further, with new innovations in packaging and natural flavors, leading domestic and international ice cream players are adopting aggressive advertising & marketing strategies, thereby increasing their brand value in the country’s ice cream market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Ice Cream Market By Category, By Product Type, By Distribution Channel, Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of ice cream market and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India ice cream market.
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