The ice cream industry is hot and is predicted to keep heating up over the next five years. Market research firm the IMARC Group spent considerable effort delving deep into the ice cream industry and recently published their findings in the report Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022.The report offers illuminating predictions, such as changes in production, consumer spending, and trends. Additionally, the report touches on the importance of adapting modern technology like mobile Ice Cream Shop POS systems to streamline operations. Today, we share the highlights.
Highlights of the Global Ice Cream Market
In their report, the IMARC Group states that by 2022, the ice cream market will be valued at $78 billion. These are their reasons for predicting such an impressive growth:
- Innovative products and flavors will continue to be introduced.
- Rising disposable incomes will allow artisan and premium ice cream brands to flourish.
- Manufacturers will continue offering varieties like low-fat.
When Dippin’ Dots introduced the “ice cream of the future,” consumers were floored by the odd yet delightful style of ice cream. The mini balls were tasty, and perhaps most importantly, made someone feel like they were an astronaut—even if just for a few spoonfuls.
Innovation like this—that excites and intrigues customers—will be one of the main drivers of the global ice cream market.
- Made with nitrogen: Dippin’ Dots was the first to mainstream ice cream made with nitrogen, but there are others blazing trails with this unique production style, like Smitten Ice Cream. At this ice cream shop, customers can receive a fresh batch of ice cream on the spot within 90 seconds!
- Coolhaus: These trendy ice cream makers are known for bold flavors like Cuban Cigar, Peking Duck, and Milkshake and Fries. Coolhaus is a creative force in the ice cream industry. They’re not the only ones either, there are many ice cream producers coming up with wacky flavors.
- Wikipearl: The Wikipearl is edible packaging. The mastermind behind Wikipearl solved two contentious problems with his invention: littering and packaging. Now you can eat the tub and your pint of ice cream.
- 3-D Printed Ice Cream: Dippin’ Dots might have to give up its tagline as the future of ice cream. There is now a digital food printer that can print ice cream.
Innovation follows those hard at work. It’s evident that the ice cream industry has many clever and creative people already redefining the norms. These examples of innovative ice cream makers and technologies are proof that the industry will continue being shaped by new ideas.
Rising Disposable Incomes
The recession of 2010 shook up the global economy, and it led to some interesting changes. In regards to this article; most notably that consumers who couldn’t afford major purchases like cars or houses, were opting to spend their money on affordable luxuries like artisan gelato and premium ice cream brands.
Consumers also became more conscious of where they were spending money, preferring businesses that showed a sense of social or eco-responsibility; or, relative to the ice cream industry, businesses that produced authentic and house-made products. Small businesses like artisanal ice cream shops opened in high numbers.
Rising disposable incomes and the volume of artisanal ice cream shops have cemented homemade and premium ice cream as thriving segments in the ice cream industry. Their success is expected to grow.
Manufacturers Offer Diverse Ice Creams
Today’s food and beverage consumers are health-conscious. They are buying items that make them feel healthy and that tout wholesome qualities; even concerning ice cream purchases. Manufacturers are taking note by offering variants that include low-fat and low-sugar options, lactose- and gluten-free ice cream, as well as organic ingredients.
As an ice cream shop owner, your direct competition is not industry-leading manufacturer’s like Unilever, but it’s good to be aware of what the big companies are doing.
The next five years see a great deal of growth in the ice cream industry. The ideas you have will help to shape its future.
Facts: The Global Ice Cream Industry
These are the facts that every player in the ice cream industry should know:
- In 2016, the global ice cream industry was valued at $50 billion.
- The CAGR