Global Ice Cream Market to Reach $138.55 Billion by 2031, Driven by Health and Flavor Innovations

In 2023, Asia Pacific led the global ice cream market, with innovation in seasonal flavors and rising demand for healthier, plant-based products. OATSIDE, a Singaporean company, exemplified this trend by launching a vegan ice cream line in late 2023, further enhancing market growth in the region.

The growing popularity of functional ice cream, particularly among health-conscious consumers, has created new opportunities for market players. These products, often enriched with probiotics, prebiotics, or other functional ingredients, offer both indulgence and health benefits, making them appealing to athletes and consumers seeking nutritious alternatives. The trend toward premium and artisanal ice creams, along with sustainable packaging solutions, is also playing a significant role in driving market growth.

Key market segments include chocolate-flavored ice cream, conventional and sugar-free categories, and distribution through supermarkets and hypermarkets. The chocolate segment continues to dominate, with its balance of indulgence and health benefits appealing to a broad range of consumers.

As demand for innovative and healthier ice cream options continues to rise, key players are expanding their production capabilities. For instance, Perry’s Ice Cream in the U.S. completed a production facility expansion in 2024 to meet the growing demand for frozen desserts.