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INDIAN ICE CREAM MARKET TO CROSS $5 BILLION BY FY25: REPORT

Ice cream market is currently valued at USD 3.4 billion. It is led by impulse
ice cream carrying a value share of 50 per cent and western flavours such as
vanilla and chocolate. Although price sensitivity remains high, there is
significant scope for market growth by increasing either the consumption levels,
penetration, or both, as per the report.

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 * Anurag Sharma ,
 * ETRetail

 * Published On Apr 17, 2023 at 08:18 AM IST
   

Read by: 571 Industry Professionals
Read by 571 Industry Professionals
New Delhi: The Indian ice cream market is estimated to cross USD 5 billion by
FY25 owing to the expansion of domestic brands beyond the metros and the rising
interest of international brands, according to a report by Wazir Advisors.

The market is currently valued at USD 3.4 billion. It is led by impulse ice
cream carrying a value share of 50 per cent and western flavours such as vanilla
and chocolate. Although price sensitivity remains high, there is significant
scope for market growth by increasing either the consumption levels,
penetration, or both, as per the report.

Quick Commerce: A Poster Boy

There is a severe under-penetration of high-quality ice cream brands in tier II
and tier III cities in India. The ice cream market has had to adapt to the
digital mode of selling due to reduced out-of-home consumption leading to a
focus on in-home consumption and delivery to the doorstep.


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Quick commerce (QC) is helping deliver instant gratification to consumers, with
almost 10 per cent of users ordering indulgences such as ice cream and
chocolates. Dedicated platforms for frozen food, such as Frogo, are also gaining
prominence, offering an end-to-end cold chain for frozen food, including ice
cream.

As per the report, conventional players in the ice cream market, such as
Vadilal, Amul, Unilever, and Cream Bell, are expanding their presence in the
Q-commerce space and increasingly focusing on the hyperlocal business model to
cater to the consumer's needs.

Major brands, such as Baskin Robbins, Vadilal, and Noto, have partnered with
hyperlocal fulfilment platforms to expand their delivery footprint through dark
stores.



Hindustan Unilever highlighted that more than 10 per cent of their ice cream
business was generated via Quick Commerce. Ice cream is also evolving into an
experiential retail concept, such as Naturals NOW, a distinctive experiential
ice cream centre in Juhu, Mumbai, which allows ice cream lovers to choose from
an assortment of limited edition flavours and watch their orders being freshly
made in front of their eyes.

Trends and Investments

The top upcoming trends in the ice cream market will include cross-cuisine
flavours, immunity boosters, plant-based or vegan ice creams and wellness ice
creams such as probiotics, gluten-free, sugar-free, and low-fat, according to
the report.

Homegrown ice cream brands have become the hot favourites of India. Not only
consumers, but investors are also eyeing this category. Noto, the brand offering
low-calorie ice creams and fruit popsicles, has raised USD 2 million in
pre-series A round of funding.

Previously, the makers of the natural ice cream brand (NIC) also explored
raising about Rs 300 crore through private equity firms. Other startups
including Good Fettle and Get a Whey have also received funding in the past
year.

Havmor, which was acquired by Lotte Confectionery, is set to invest Rs 450 crore
over a five-year period to build up its capacity in the country.

The report also stated that several other players in the ice cream segment are
investing heavily in manufacturing capacities to ramp up operations.
   
 * By Anurag Sharma ,
 * ETRetail

   
 * Published On Apr 17, 2023 at 08:18 AM IST
   




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 * Indian ice cream market to cross $5 billion by FY25: Report






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