The India Ice Cream Market is projected to grow at a CAGR of 13.49% in the forecast period of 2023-28, says MarkNtel Advisors in their recent research report. Heatwaves & long summers in India are strong reasons for high ice cream sales. Ice cream consumption increased as a result of booming e-commerce sales and advances in quick commerce, particularly following the pandemic. Customers' purchasing habits were altered due to the pandemic, and these changes have persisted even as the pandemic's effects fade. Out-of-home ice cream consumption has increased, while at-home consumption has remained higher than pre-pandemic levels.
The improvements in the quick commerce of India provide a huge opportunity for the India Ice Cream market as the per capita consumption of ice cream is low compared with other countries. Quick commerce companies like Zepto & Blinkit could push the at-home consumption of ice creams in India and increase the per capita consumption by smoothening the availability of ice creams. The easy & low-cost manufacturing process of simple ice creams has assisted the unorganized sector to grow in India’s rural & remote areas. The availability & affordability of basic raw materials like milk, sugar, and water have further facilitated the growth of the unorganized sector that holds a significant market share in the India Ice Cream market.
Furthermore, the launch of exotic flavored ice creams such as tropical fruits, Belgian chocolate, betel leaf, etc., by the country's leading ice cream brands, including Giani, Natural's, Keventers, Kwality Wall's, and others, has attracted consumers by providing a diverse portfolio, which has positively impacted ice cream sales. The ice cream industry has also begun incorporating healthier components into their ice creams in response to Indian customers' preference for healthy living.
In addition, the introduction of vegan ice creams has been a recent trend in response to customer demand for cruelty-free ice creams. Rising disposable income, changes in lifestyle, urbanization, and developments in the ice cream industry have also contributed to market growth., further states the research report, "India Ice Cream Market Analysis, 2023."
Launch of Novel & Hybrid Flavors to Strengthen the Sales of Impulse Ice Creams in India
Based on type, the market is divided into Impulse Ice Cream, Single Portion Dairy Ice Cream, Take-home Dairy Ice Cream, and Artisanal Ice Cream. Among all, the innovative, extensive range of Impulse Ice Creams experienced considerable sales during the summer season, as the wide range was able to cater to the diverse taste preferences of customers. This led to the increased sales of numerous water-based, ready-for-instant consumption ice lollies like chocolate-coated ice creams, ice cream tubes, etc.
Apart from the hot months like June & July, the trend of consuming impulse ice creams is observed throughout the year. Hence, the brands’ endeavors to come up with new flavor combinations projected a healthy growth of sales of impulse ice creams in the forecast years.
Western Region of India to Have a Minor Edge Over Other Regions
Geographically, the Western Region of India has the highest share among other regions, i.e., East, North, North East, and South, owing to the promising combination of several conditions such as population, climate, per capita income, and logistics present in the region. Moreover, the rapid urbanization in the region provides an opportunity for the western region to widen its market share in the forecast years, reveals MarkNtel Advisors in their research report.
According to MarkNtel Advisors, the leading players in the India Ice Cream Market are Gujrat Co-operative Milk Marketing Federation Ltd, Hindustan Unilever Ltd, Devyani Food Industries Pvt Ltd, Hatsun Agro Products Ltd, Mother Dairy Fruit & Vegetable Pvt Ltd, Vadilal Industries Ltd, Lotte India Corporation Limited, Dairy Classic Ice Creams Pvt Ltd, Baskin Robbins, Dinshaw’s, Giani, Haagen- Dazs, Natural’s, Nirula’s, Top’N Town, Treat Ice Cream.
Key Questions Answered in the Study