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Indian ice cream market forecast to grow by 17%

Indian ice cream market forecast to grow by 17%

With an expanding middle class population base, rising purchasing power, coupled with changing customer tastes and growing demand for premium ice creams, India will drive an expanding ice cream market through 2021 according to a report recently published by TechSci Research.

“India Ice Cream Market By Type, By Organized Vs Unorganized Sector, By Category, Competition Forecast & Opportunities, 2011-2021”, the ice cream market in India is forecast to exhibit a CAGR of 17.03% during 2016-2021. 

The Ice cream market in India has grown at a moderate pace over the past few years, due to the  increasing number of international ice cream brands entering the market, improving cold storage facilities, coupled with changing consumer taste. 

In addition, India is the largest producer of milk, with the country accounting for over 1/5th of global milk production, thereby offering ice cream in a country with a large volume of raw material for manufacturing of ice cream. GDP per capita of India has increased from USD1390 in 2010 to 1580 in 2015, positively impacting on the ice cream market in India. 

Furthermore, growing inclination towards eating ice cream outside, a growing number of flavours, coupled with rising purchasing power are further expected to drive the Indian ice cream market during the forecast period.

West India dominated the India ice cream market in 2015, and is further anticipated to continue dominate in the coming years, owing to presence of leading players in the ice cream market in India such as Gujarat Cooperative Milk Marketing Federation, National Dairy Development Board, Vadilal, etc.

A growing dairy industry, coupled with high population density in the region, the India ice cream market was dominated by impulse category of ice creams in 2015, and this category is further expected to continue its dominance during the forecast period, owing to growing demand for premium ice creams and changing consumer taste.

“Ice cream were considered a luxury food product, however with changing taste and preference of consumers, which propelled growth in India ice cream market over the past few years. Moreover, growing demand for natural and traditional flavoured ice cream, coupled with increasing penetration of international brands, improvement in cold chain infrastructure and rapid urbanisation to drive India ice cream market during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research.

“India Ice Cream Market By Type, By Organised Vs Unorganised Sector, By Category, Competition Forecast & Opportunities, 2011-2021” has evaluated the future growth potential of India ice cream market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation.

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