India Ice Cream Market will witness a CAGR of 14.79% during the forecast period FY2024-FY2031 and is valued at USD 3.21 billion in FY2023.
Home>Industry Reports>India Ice Cream Market Assessment, Opportunities, and Forecast, FY2017-FY2031F
India Ice Cream Market will witness a CAGR of 14.79% during the forecast period FY2024-FY2031 and is valued at USD 3.21 billion in FY2023. The market is expected to reach 9.68 billion by FY2031F due to the rise in population especially of generation Z and millennials which has led to an increased preference of organic/vegan products, rising consumption of ice creams even during winters and increasing demand for unique and seasonal flavoured ice creams. The availability of diverse range of flavours including traditional Indian flavours and rising awareness towards animal protection leading to a shift towards vegan products contribute remarkably to the progress of the industry.
The ice cream market has a varied range of products such as impulse ice cream, take-home ice cream and artisanal ice cream. The per capita consumption of ice creams in India is 400 ml per annum. The quick door-step deliveries trends including e-commerce, and many new-age technological advancements have also driven the much-anticipated growth of the industry.
Seasonal Flavours and Artisanal Ice Creams Become a New Trend
Ice cream market consumers are quite experimental and are ready to try new flavours and styles. Introduction to premium ice cream variants and flavours especially the seasonal ones like mango, litchi is higher in demand during summers in India. There are a few artisanal ice cream brands in India which are offering such unique flavours to become a consumer favourite.
For example, Naturals, a leading artisanal ice cream brand in India is known for its signature flavours such as Sitaphal, Tender Coconut and Black Grapes. The brand uses only three ingredients in its products namely fresh fruits or dry fruits with milk and sugar that make the ice cream a highly preferred choice by a large population in the country. Naturals Ice Cream plans to expand its reach to South and West part of India and is planning to come up with 250+ more stores in next two years.
Vegan And Sugar Free Ice Creams Gaining Traction
According to World Health Organization, 77 million people of 18+ years of age are diabetic and more than 60% of the Indian population is lactose intolerant. Ice cream companies have been continuously making efforts to tap the market potential by introducing plant based and sugar free ice creams. In September 2022, Basin Robins introduced Vegan Vanilla and Vegan Mississippi Mud especially for consumers who are allergic to dairy or are vegan by choice.
Eastern India remains a prominent market for Ice creams owing to conducive weather, all year
East India has 12 months of favourable weather for the ice cream market, unlike the north of India, where the ice cream sales depend largely upon the temperature. Electricity is a primary need to maintain ice cream’s texture and taste. Earlier there were many powers related issues in Eastern part of India but with the current scenario, the situation has become much better with improved road connectivity and power sector which is likely to open opportunities for ice cream business to trigger in this region. Eastern India has lesser electricity disruptions now which has now enhanced the efforts of ice cream companies, traders, and dealers to conserve the product’s shelf life and transport ice cream in its original shape and size.
Reasonably Priced Products
Price can never be ignored whenever any purchase decision is to be made. In ice cream industry too, price of the product is an important factor to be considered by the consumer. Charging a reasonable price for the ice creams act as a growth propeller for the leading companies in this market. As the temperature soars high, ice cream manufacturers grab the opportunity to enhance the supply of their products in the market at reasonable prices. Amul is the market leader in Indian ice cream market if the market share is taken into consideration. But few years back, Amul and HUL were running almost neck-to-neck. HUL couldn’t compete with the low-priced offerings by Amul, which consequently led to Amul being the market leader by grabbing most of the market share.
Impact of COVID-19 on the India Ice Cream Market
The ice cream market encountered challenges in the early period of the COVID-19 pandemic, presenting a changed market scenario in terms of demand and supply. Ice cream being considered as a non-essential commodity faced a meltdown during pandemic. Just when the ice cream season was about to begin, the world was hit by the COVID-19.
Many producers and cooperatives had to forcibly exit the marketplace due to unavailability or non-affordability of the facility requirements during the initial phase of the pandemic as there was neither any production of ice creams nor its transportation during the initial moths. As per many industrialists, it was going to be washout year for the ice cream market players, but in the month of June 2020, the market quickly picked up. As an after effect of Covid-19, the purchase pattern of the consumers has shifted more towards online purchases due to enforced policies of lockdown and no-touch point sales. Several market players recognise that food safety has fuelled a growing preference among consumers for packaged and branded goods.
Impact of Russia-Ukraine War on India Ice Cream Market
The ice cream market in India observed a negative impact of the prolonged war between Russia and Ukraine directly impacting the shipments of raw materials (dairy goods) to manufacture the non-vegan regular products. Consequently, Indian suppliers surged the costs of the final goods sold. This led to a change in the ice cream market landscape since the market leaders were left with very limited options.
India Ice Cream Market: Report Scope
"India Ice Cream Market Overview, FY2017-FY2031F,” a comprehensive report by Markets & Data, provides an analytical and statistical guide of the size, share, growth trends, COVID-19 impact, impact of Russia Ukraine war, opportunities, and forecasts (FY2023-FY2031) for the India Ice Cream Market. Additionally, the research scope profiles the top players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
Report Attribute |
Details |
Base Year for Analysis |
FY2023 |
Historical Period |
FY2017-FY2022 |
Forecast Period |
FY2024-FY2031 |
Market Size in FY2023 |
USD 3.21 billion |
Projected Growth Rate |
CAGR of 14.79% from FY2024-FY2031 |
Revenue Forecast in FY2031 |
USD 9.68 billion |
Units |
Revenue in USD and Volume in Units |
Segments Covered |
Type, Category, Package Size, Packaging Type, Distribution Channel |
Regions Covered |
North, East, West & Central, South |
Key Companies Profiled |
Gujarat Milk Marketing Federation (Amul Ice Cream), Hindustan Unilever Limited (Kwality Wall’s), Vadilal Dairy International Ltd, National Dairy Development Board (Mother Dairy), Devyani Food Industries Ltd. (Creambell), Lotte Confectionery Ltd (Havmor), Hatsun Agro Products (Arun Icecreams), Graviss Foods Pvt. Ltd. (Baskin Robbins), A2Z Excursions Private Limited (Nirula’s Ice Cream), Kamaths Ourtimes Icecreams Pvt Ltd (Natural Ice Cream) |
Customization Scope |
15% free report customization with purchase |
Pricing and Purchase Options |
Avail the customized purchase options to fulfil your precise research needs |
Delivery Format |
PDF and Excel through email (subject to the license purchased). We can also provide the editable version of the report in PPT/PDF format on special request |
In this report, India Ice Cream Market has been segmented into the following categories:
1. India Ice Cream Market, By Type
1.1. Dairy Based
1.2. Non-Dairy Based
2. India Ice Cream Market, By Category
2.1. Impulse Ice Cream
2.2. Take-home Ice Cream
2.3. Artisanal Ice Cream
3. India Ice Cream Market, By Package Size
3.1. Less than 100 ml
3.2. 100 to 500 ml
3.3. More than 500 ml
4. India Ice Cream Market, By Packaging Type
4.1. Cones
4.2. Cups
4.3. Tubs
4.4. Sticks
4.5. Bricks
4.6. Others
5. India Ice Cream Market, By Distribution Channel
5.1. Online
5.2. Offline
5.2.1. Supermarkets/Hypermarkets
5.2.2. Ice Cream Parlours
5.2.3. Convenience Stores
5.2.4. Others
6. India Ice Cream Market, By Region
6.1. North
6.2. East
6.3. West and Central
6.4. South
Key Players Landscape and Outlook
The market is characterised by the timely emergence of a few significant small- to medium-sized local firms, catering to niche markets, in addition to the major players. The key players are emerging in the market as the awareness for product is increasing gradually. Apart from this, several ice cream companies are focussing on expansion by coming up with a greater number of outlets to reach every corner of the country.
Graviss Foods, franchise partner for Baskin Robins in India, is planning to open 100 more outlets in FY2024 including franchisees and company owned outlets.
Market Xcel’s reports answer the following questions:
· What is the current and future market size of the product/service in question globally or specific to different countries?
· How are the markets divided into different product/service segments and the market size and growth of each segment?
· What is the market potential of different product segments and their invest case?
· How are the markets predicted to develop in the future and what factors will drive or inhibit growth?
· What is the business environment and regulatory landscape specific to the product/service?
Key Players Operating in India Dairy Market
· Gujarat Milk Marketing Federation (Amul Ice Cream)
· Hindustan Unilever Limited (Kwality Wall’s)
· Vadilal Dairy International Ltd
· National Dairy Development Board (Mother Dairy)
· Devyani Food Industries Ltd. (Creambell)
· Lotte Confectionery Ltd (Havmor)
· Hatsun Agro Products (Arun Icecreams)
· Graviss Foods Pvt. Ltd. (Baskin Robbins)
· A2Z Excursions Private Limited (Nirula’s Ice Cream)
· Kamaths Ourtimes Icecreams Pvt Ltd (Natural Ice Cream)
If you can't find what you're searching for or have any custom requirements for India Ice Cream Market, you may approach our team at info@marketsandata.com
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Purchase Options
USD ($)
i
2,700
3,000
10%
i
2,904
3,300
12%
i
3,825
4,500
15%
i
5,600
7,000
20%
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