Chocolate Ice Cream Market by Technological Advancement, Regional Growth
Posted by Nikhil khadilkar on November 22nd, 2019
The global Chocolate Ice Cream Market is expected to register a CAGR of 4.73% to reach USD 25,521.7 million by 2023. The demand for chocolate products has been growing over the past decade mainly due to increasing awareness of the health benefits of certain types of chocolate. For instance, dark chocolate is a rich source of antioxidants and helps improve blood flow and control cholesterol levels. Consumers of chocolate and chocolate-flavored products are considerably price insensitive. Factors such as urbanization and an ever-expanding middle-class population in emerging economies are encouraging the consumption of chocolate-flavored products.
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The prominent players in the global chocolate ice cream market are
The global chocolate ice cream market has also been segmented by product type and distribution channel.
By product type, the global chocolate ice cream market has been classified as sticks/bars, cones, cups, tubs & bricks, and others. The cups, tubs & bricks segment accounted for the majority market share in 2017, whereas the sticks/bars segment is expected to be the fastest growing during the forecast period. The global chocolate ice cream market has been segmented, based on distribution channel, into supermarkets & hypermarkets, convenience stores, specialty stores, and others.
Asia-Pacific is expected to be the largest market for chocolate ice cream and is projected to register the highest CAGR of 6.88% during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. However, the Indian market is expected to exhibit the highest growth rate of 8.06% during the forecast period. Increasing per capita disposable incomes are the key factor for the growth of the chocolate ice cream market in India.
Europe held a prominent share of the global chocolate ice cream market in 2017. Germany, France, and the UK are the major contributors to the growth of the European chocolate ice cream market. The growth of the chocolate ice cream market in Europe can be attributed to the high demand for natural and organic food products, which is leading key players to introduce organic chocolate ice cream in the region in order to gain a competitive edge.
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North America is also expected to account for a significant share of the Global Chocolate Ice Cream Market and the regional market is projected to grow at a moderate pace during the forecast period. Innovation in flavor blends of chocolate ice cream is one of the main factors expected to positively impact the growth of the market.
Moreover, key manufacturers emphasize promotional activities to create strong awareness among consumers regarding product launches, which, in turn, is accelerating the growth of the North American chocolate ice cream market. The US is expected to maintain its dominance of the regional market during the review period. However, the Mexican market is projected to register the highest CAGR during the forecast period.
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About the AuthorNikhil khadilkar
Joined: December 19th, 2018
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