Product Code: BMIRE00026992
The Asia Pacific ice cream market is projected to grow significantly, reaching approximately US$ 46,604.14 million by 2031, up from US$ 30,909.38 million in 2023, with a compound annual growth rate (CAGR) of 5.3% during this period.
Executive Summary and Market Analysis
The growth of the ice cream market in the Asia Pacific region is driven by the increasing availability of diverse flavors, particularly seasonal fruit varieties, and innovative flavor developments by manufacturers. There is a notable consumer shift towards plant-based products, which is fostering the emergence of vegan and plant-based ice cream trends. For example, in November 2023, Singapore's OATSIDE launched a new line of vegan ice creams in three flavors, available at major retailers across the country.
Factors such as rising disposable incomes, rapid urbanization, and improved living standards are also contributing to market expansion. Consumers are increasingly seeking healthier options, leading to a demand for ice creams enriched with probiotics, prebiotics, and other functional ingredients. The popularity of premium and artisanal ice creams, along with a wide variety of flavors, presents lucrative opportunities for market growth. Major players in the industry are engaging in strategic initiatives, including partnerships and product launches, to meet the growing consumer demand. For instance, in July 2024, Oatly collaborated with Haidilao and KFC to introduce three new ice cream flavors in China.
Additionally, companies are focusing on flavor innovation to attract consumers. In September 2023, McDonald's in Singapore launched new matcha desserts, available at its stores and Dessert Kiosks.
Market Segmentation
The Asia Pacific ice cream market can be segmented based on flavor, category, form, and distribution channel:
- Flavor: The market includes vanilla, chocolate, berries, matcha, and others, with chocolate holding the largest market share in 2023.
- Category: The market is divided into conventional and sugar-free categories, with conventional ice creams dominating in 2023.
- Form: Ice creams are available in cups and tubs, bars and sticks, and other forms, with cups and tubs being the most popular.
- Distribution Channel: The primary distribution channels are supermarkets and hypermarkets, specialty stores, online retail, and others, with supermarkets and hypermarkets leading in market share.
Market Outlook
Ice cream manufacturers are increasingly developing products that incorporate nutritional components, organic ingredients, and exotic flavors to gain a competitive edge. There is a trend towards introducing unique flavors such as coconut, lemon, and tropical fruits to cater to evolving consumer preferences. Health-conscious consumers are prompting manufacturers to modify ingredients and create new offerings to stand out in the market.
Significant investments in product innovation are being made by manufacturers to broaden their customer base and address emerging consumer demands. Many companies are launching limited edition and seasonal flavors in collaboration with local brands to attract consumers. For example, in 2024, Baskin-Robbins Japan introduced a unique Quattro Formaggi ice cream, which creatively reinterprets a traditional cheesy flavor for the dessert market. In April 2024, Unilever launched its first ice cream featuring mood-inspired flavors, such as Magnum Pleasure Express, to enhance its premium ice cream range. The introduction of innovative flavors is a key driver of growth in the global ice cream market.
Country Insights
The Asia Pacific ice cream market includes countries such as China, Japan, India, Australia, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, the Philippines, Vietnam, New Zealand, Hong Kong, Myanmar, and others. China was the largest market in 2023.
In recent years, China has experienced prolonged hot summers, leading to increased consumption of frozen dairy products. The trend of 'Eat with Eyes' is influencing the market, as consumers are drawn to visually appealing ice creams. Popular flavors in China include caramel brown, milk white, strawberry red, matcha green, and more. There is also a growing demand for health-conscious options, prompting product innovations from leading companies. For instance, Mengniu Dairy has developed a unique ice cream flavor combining condensed milk with red bean and mung bean.
Company Profiles
Key players in the ice cream market include Blue Bell Creameries, Unilever Plc, Nestle SA, General Mills Inc, Mars Inc, Wells Enterprises Inc, Turkey Hill Dairy, Dairy Farmers of America, Morinaga Milk Industry Co Ltd, Kwality Foods, LLC, Baskin-Robbins, Cold Stone Creamery, and others. These companies are pursuing various strategies, including expansion, product innovation, and mergers and acquisitions, to enhance their market presence and offer innovative products to consumers.
Table Of Contents
1. Introduction
- 1.1 Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
4. Ice Cream Market Landscape
- 4.1 Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Competitive Rivalry
- 4.2.4 Threat of Substitutes
- 4.2.5 Threat of New Entrants
- 4.3 Ecosystem Analysis
- 4.3.1 Raw Materials:
- 4.3.2 Manufacturing Process:
- 4.3.3 Distributors
- 4.3.4 Distribution Channel
5. Asia Pacific Ice Cream Market - Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Popularity of Ice Cream Among All Age Groups
- 5.1.2 Availability of Innovative Flavors
- 5.2 Market Restraints
- 5.2.1 Health Concerns Associated with Ice Cream
- 5.3 Market Opportunities
- 5.3.1 Rising Popularity of Functional Ice Cream
- 5.4 Future Trends
- 5.4.1 Increasing Demand for Dairy-Free and Vegan Ice Cream
- 5.5 Impact of Drivers and Restraints:
6. Ice Cream Market - Asia Pacific Analysis
- 6.1 Asia Pacific Ice Cream Market Revenue (US$ Million), 2021-2031
- 6.2 Asia Pacific Ice Cream Market Forecast Analysis
7. Asia Pacific Ice Cream Market Analysis - by Flavor
- 7.1 Vanilla
- 7.1.1 Overview
- 7.1.2 Vanilla: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 7.2 Chocolate
- 7.2.1 Overview
- 7.2.2 Chocolate: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 7.3 Berries
- 7.3.1 Overview
- 7.3.2 Berries: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 7.4 Matcha
- 7.4.1 Overview
- 7.4.2 Matcha: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
8. Asia Pacific Ice Cream Market Analysis - by Category
- 8.1 Conventional
- 8.1.1 Overview
- 8.1.2 Conventional: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 8.2 Sugar Free
- 8.2.1 Overview
- 8.2.2 Sugar Free: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
9. Asia Pacific Ice Cream Market Analysis - by Form
- 9.1 Cups and Tubs
- 9.1.1 Overview
- 9.1.2 Cups and Tubs: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 9.2 Bars and Sticks
- 9.2.1 Overview
- 9.2.2 Bars and Sticks: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 9.3 Others
- 9.3.1 Overview
- 9.3.2 Others: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
10. Asia Pacific Ice Cream Market Analysis - by Distribution Channel
- 10.1 Supermarkets and Hypermarkets
- 10.1.1 Overview
- 10.1.2 Supermarkets and Hypermarkets: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 10.2 Specialty Stores
- 10.2.1 Overview
- 10.2.2 Specialty Stores: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 10.3 Online Retail
- 10.3.1 Overview
- 10.3.2 Online Retail: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 10.4 Others
- 10.4.1 Overview
- 10.4.2 Others: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
11. Asia Pacific Ice Cream Market - Country Analysis
- 11.1 Asia Pacific
- 11.1.1 Asia Pacific Ice Cream Market - Revenue and Forecast Analysis - by Country
- 11.1.1.1 Asia Pacific Ice Cream Market - Revenue and Forecast Analysis - by Country
- 11.1.1.2 China: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.2.1 China: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.2.2 China: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.2.3 China: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.2.4 China: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.3 Japan: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.3.1 Japan: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.3.2 Japan: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.3.3 Japan: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.3.4 Japan: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.4 India: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.4.1 India: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.4.2 India: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.4.3 India: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.4.4 India: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.5 Australia: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.5.1 Australia: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.5.2 Australia: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.5.3 Australia: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.5.4 Australia: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.6 South Korea: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.6.1 South Korea: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.6.2 South Korea: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.6.3 South Korea: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.6.4 South Korea: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.7 Indonesia: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.7.1 Indonesia: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.7.2 Indonesia: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.7.3 Indonesia: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.7.4 Indonesia: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.8 Singapore: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.8.1 Singapore: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.8.2 Singapore: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.8.3 Singapore: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.8.4 Singapore: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.9 Malaysia: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.9.1 Malaysia: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.9.2 Malaysia: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.9.3 Malaysia: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.9.4 Malaysia: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.10 Taiwan: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.10.1 Taiwan: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.10.2 Taiwan: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.10.3 Taiwan: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.10.4 Taiwan: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.11 Thailand: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.11.1 Thailand: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.11.2 Thailand: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.11.3 Thailand: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.11.4 Thailand: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.12 Philippines: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.12.1 Philippines: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.12.2 Philippines: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.12.3 Philippines: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.12.4 Philippines: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.13 Vietnam: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.13.1 Vietnam: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.13.2 Vietnam: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.13.3 Vietnam: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.13.4 Vietnam: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.14 New Zealand: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.14.1 New Zealand: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.14.2 New Zealand: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.14.3 New Zealand: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.14.4 New Zealand: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.15 Hong Kong: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.15.1 Hong Kong: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.15.2 Hong Kong: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.15.3 Hong Kong: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.15.4 Hong Kong: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.16 Myanmar: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.16.1 Myanmar: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.16.2 Myanmar: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.16.3 Myanmar: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.16.4 Myanmar: Asia Pacific Ice Cream Market Share - by Distribution Channel
- 11.1.1.17 Rest of APAC: Asia Pacific Ice Cream Market - Revenue and Forecast, 2021-2031 (US$ Million)
- 11.1.1.17.1 Rest of APAC: Asia Pacific Ice Cream Market Share - by Flavor
- 11.1.1.17.2 Rest of APAC: Asia Pacific Ice Cream Market Share - by Category
- 11.1.1.17.3 Rest of APAC: Asia Pacific Ice Cream Market Share - by Form
- 11.1.1.17.4 Rest of APAC: Asia Pacific Ice Cream Market Share - by Distribution Channel
12. Competitive Landscape
- 12.1 Company Positioning & Concentration
- 12.2 Heat Map Analysis
13. Industry Landscape
- 13.1 Overview
- 13.2 Agreements, Collaborations, And Joint Ventures
- 13.3 Product Launch
- 13.4 Expansions And Other Strategic Developments
14. Company Profiles
- 14.1 Blue Bell Creameries
- 14.1.1 Key Facts
- 14.1.2 Business Description
- 14.1.3 Products and Services
- 14.1.4 Financial Overview
- 14.1.5 SWOT Analysis
- 14.1.6 Key Developments
- 14.2 Unilever Plc
- 14.2.1 Key Facts
- 14.2.2 Business Description
- 14.2.3 Products and Services
- 14.2.4 Financial Overview
- 14.2.5 SWOT Analysis
- 14.2.6 Key Developments
- 14.3 Nestle SA
- 14.3.1 Key Facts
- 14.3.2 Business Description
- 14.3.3 Products and Services
- 14.3.4 Financial Overview
- 14.3.5 SWOT Analysis
- 14.3.6 Key Developments
- 14.4 General Mills Inc
- 14.4.1 Key Facts
- 14.4.2 Business Description
- 14.4.3 Products and Services
- 14.4.4 Financial Overview
- 14.4.5 SWOT Analysis
- 14.4.6 Key Developments
- 14.5 Mars Inc
- 14.5.1 Key Facts
- 14.5.2 Business Description
- 14.5.3 Products and Services
- 14.5.4 Financial Overview
- 14.5.5 SWOT Analysis
- 14.5.6 Key Developments
- 14.6 Wells Enterprises Inc
- 14.6.1 Key Facts
- 14.6.2 Business Description
- 14.6.3 Products and Services
- 14.6.4 Financial Overview
- 14.6.5 SWOT Analysis
- 14.6.6 Key Developments
- 14.7 Turkey Hill Dairy
- 14.7.1 Key Facts
- 14.7.2 Business Description
- 14.7.3 Products and Services
- 14.7.4 Financial Overview
- 14.7.5 SWOT Analysis
- 14.7.6 Key Developments
- 14.8 Dairy Farmers of America, Inc.
- 14.8.1 Key Facts
- 14.8.2 Business Description
- 14.8.3 Products and Services
- 14.8.4 Financial Overview
- 14.8.5 SWOT Analysis
- 14.8.6 Key Developments
- 14.9 Cold Stone Creamery
- 14.9.1 Key Facts
- 14.9.2 Business Description
- 14.9.3 Products and Services
- 14.9.4 Financial Overview
- 14.9.5 SWOT Analysis
- 14.9.6 Key Developments
- 14.10 Morinaga Milk Industry Co Ltd
- 14.10.1 Key Facts
- 14.10.2 Business Description
- 14.10.3 Products and Services
- 14.10.4 Financial Overview
- 14.10.5 SWOT Analysis
- 14.10.6 Key Developments
- 14.11 Kwality Foods, LLC.
- 14.11.1 Key Facts
- 14.11.2 Business Description
- 14.11.3 Products and Services
- 14.11.4 Financial Overview
- 14.11.5 SWOT Analysis
- 14.11.6 Key Developments
- 14.12 Baskin-Robbins
- 14.12.1 Key Facts
- 14.12.2 Business Description
- 14.12.3 Products and Services
- 14.12.4 Financial Overview
- 14.12.5 SWOT Analysis
- 14.12.6 Key Developments
- 14.13 David Chapman's Ice Cream Limited
- 14.13.1 Key Facts
- 14.13.2 Business Description
- 14.13.3 Products and Services
- 14.13.4 Financial Overview
- 14.13.5 SWOT Analysis
- 14.13.6 Key Developments
- 14.14 Lotus Bakeries NV
- 14.14.1 Key Facts
- 14.14.2 Business Description
- 14.14.3 Products and Services
- 14.14.4 Financial Overview
- 14.14.5 SWOT Analysis
- 14.14.6 Key Developments
- 14.15 IMURAYA GROUP CO., LTD
- 14.15.1 Key Facts
- 14.15.2 Business Description
- 14.15.3 Products and Services
- 14.15.4 Financial Overview
- 14.15.5 SWOT Analysis
- 14.15.6 Key Developments
15. Appendix
- 15.1 About The Insight Partners