The ice-cream market is emerging with new and unusual flavors, textures and fusions. A growing consumer base, product acceptability, and stiff competition are pushing operators to strive for competitive advantages through innovations in product offerings and delivery of service.
The ice-cream as a category has witnessed a steady growth in the recent past. Up to a decade ago, the category was largely limited to ice-creams with traditional flavors. During the past years, the ice cream as a category has grown with an array of innovations.
In the current scenario, good old ice cream is being consumed along with boutique offerings such as fillets. Consumers are willing to experiment with unique flavors and combinations. These quality conscious consumers want smoother and creamier products. Simultaneously, gourmet flavors have gained popularity. The premium ice-cream market has been expanding on the back of growing disposable incomes of consumers and their desire to try out newer and tastier products.
The industry is moderately capital-intensive as large number of players are competing with each other to maintain their place in the market. The classic ice cream segment contributed approximately 82% in global retail ice cream industry in 2012 and it is estimated to reach $76 billion by 2018. Favorable demographic factors, consumer’s rising disposable income, and consumer awareness toward frozen dessert mainly drive the demand.
New product development and innovation play an important role as a growth driver for the industry. Maintaining price and quality, brand loyalty, and consumer group retention are the biggest challenges for industry due to the large number of competitors in the market.
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