India Ice Cream Market Analysis – 2018-2027

In 2017, India was the 8th largest economy in the world based on the purchasing power parity. The country has been consistently growing economically and has driven itself into the upper middle-income status in the past few years. The ice cream market in India is experiencing a significant growth as a result of increasing demand for indulgence treats, improvements in the cold storage facilities of the country accompanied with a rapid rise in middle-class population with higher disposable incomes. The market for ice cream in India is anticipated to grow by a significantly high CAGR of 13.22% over the forecast period, i.e., 2020-2027. The market is further estimated to reach a market value of USD 2,401.68 million by the end of this period.

On the basis of product, the market is segmented into impulse ice cream, take-home ice cream and artisanal ice cream, out of which, the segment for take-home ice creams is anticipated to hold the leading share in the market during the forecast period which can be attributed to the high popularity of this type of ice creams in India. The segment for artisanal ice creams is projected to observe the highest CAGR of 14.10% over the forecast period. Growing number of food bloggers and health enthusiasts is estimated to boost the artisanal ice-creams market.

Based on flavors, ice cream market in India is segmented into chocolate, vanilla, mango, orange, strawberry, butterscotch, blueberry and others. Out of these, the segment for vanilla flavored ice cream is anticipated to hold the largest market share by the end of 2027. Rising ederly population all across the country and with the high demand for traditional and subtle ice-creams flavors by them is anticipated to drive the vanilla flavored ice-cream market growth.

Some of the key industry leaders in the India ice cream market are Hindustan Unilever Limited, AMUL, Vadilal Group, Mother Dairy, Creambell, Havmor, Baskin-Robbins, HAP, Sheetal Icecreams and General Mills.