The functional ice cream market is still in its early stages of growth and is estimated to exhibit rapid growth over the forecasted era. The market's growth is mainly attributed to the increasing consumer awareness across the globe. Furthermore, the changing eating habits and health-conscious binging have also caused an upsurge in demand for these products across several regions. In addition, the factors such as the increase in demand for functional products, high demand for organic and non-GMO products, increasing discretionary income of masses, and increased level investments and innovative products lines are also anticipated to boost the market's growth over the coming years. However, the high charges associated with these products may hamper the market's growth.
The MRFR report suggests that the global functional ice creams market size is estimated to thrive at a healthy CAGR of over 8.56% over the assessment timeframe. The report further predicts the market will acquire USD 319.8 million by 2028.
Segment Analysis
The global market for functional ice creams has been fragmented into several segments based on distribution channel, claim, flavour type, and region.
The global market for functional ice creams is split into blends, chocolate, vanilla, and others based on flavour type.
Based on the claim, the functional ice creams market is divided into multi-claim, vegan, sugar-free, lactose-free, and others.
Based on the distribution channel, the global market for functional ice creams is split into non-store-based and store-based channels.
Regional Analysis
The global market for functional ice creams is studied across four major regions, including North America, Europe, Asia-Pacific, and the Rest of the World.
The MRFR report suggests that the North American region led the global functional ice creams market in 2020 with the largest market share of over 54.7%. The regional market's growth is primarily attributed to the existing substantial demand and new players entering the market. Furthermore, the palatability of the products has also caused the increased adoption trend of functional ice cream across the region. In addition, the factors such as high spending on plant-based products dairy alternatives and increased discretionary income are also anticipated to positively impact the regional market's growth over the coming years.
The function ice creams market for the European region is projected to hold the second position in the global market over the assessment era. The regional market's growth is primarily credited to the adoption of healthier life choices during the post-pandemic demand. Furthermore, the growing awareness of lactose-free foods across the region is also expected to increase the demand for functional ice creams market outlook over the projected timeframe.
Competitive Analysis
The global market for functional ice cream is well-known for the presence of top players reporting for minimum revenue share in the market. The global players are investing heavily to launch innovative flavors and products due to the rapid surge in demand for functional ice creams worldwide. The players are also implementing various growth strategies in order to expand their global market reach.
The global market for functional ice creams has prominent leaders such as Coolhull Farm (Ireland), The Urgent Company (United States), Wells Enterprises Inc. (United States), One Earth Functional Food Ltd (Canada), Foxy's Thoughtful Icecream (United Kingdom), Night food (United States), Guudy Icecream (United States), LOHILO(Sweden), LightWhey(Dubai), The Brooklyn Creamery(India), and several others.
Recent Developments
- April 2021- Yasso Inc., a Boulder, Colo.-based company, has announced the launch of its first incubator brand, Jüve Pops. The latest product is a functional vitamin- and electrolyte-packed water-based pop. After investing a decade of innovating within frozen Greek yogurt, the company said that it is pursuing to recognize opportunities within the category where it can offer quality nutrition and great taste.
- November 2021- the prominent player in sustainable, plant-based dairy products, Eclipse Foods, has announced that its Vintage Vanilla, Mint Chip, Cookie Butter Ice Cream flavors are now available in Whole Foods Market locations across Northern California.
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