Market Overview:
Artisanal ice cream refers to premium quality ice cream made using traditional methods and fresh, high-quality ingredients. The growing consumer demand for unique and premium flavors, as well as the increasing popularity of gourmet desserts, are driving the growth of the artisanal ice cream market. These products offer a wide range of flavors and textures, along with a handcrafted touch, appealing to consumers who seek a unique and indulgent ice cream experience.
Market Key Trends:
One key trend in the artisanal ice cream market is the rising popularity of plant-based and vegan options. With the growing emphasis on health and sustainability, consumers are looking for ice cream options that are not only delicious but also align with their dietary preferences. This has led to an increase in the availability of artisanal ice cream made from alternative ingredients such as almond milk, coconut milk, and soy milk. These plant-based options cater to a wider consumer base and offer a guilt-free indulgence for those following a vegan or lactose-free diet. The trend of plant-based and vegan ice cream is expected to drive market growth in the coming years.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the artisanal ice cream market is relatively low. This is due to the high barriers to entry, such as the need for significant capital investment to establish production facilities, distribution networks, and brand recognition. Additionally, established players already enjoy economies of scale and strong customer loyalty, making it difficult for new entrants to compete effectively.
Bargaining Power of Buyers: The bargaining power of buyers in the artisanal ice cream market is moderate. While buyers have the ability to choose from a variety of artisanal ice cream brands, they are also willing to pay a premium for high-quality, unique flavors and ingredients. As a result, buyers may have some power to negotiate price, but they are generally less price-sensitive than in other consumer goods industries.
Bargaining Power of Suppliers: The bargaining power of suppliers in the artisanal ice cream market is relatively low. This is because most raw materials used in ice cream production, such as milk, sugar, and flavorings, are readily available commodities. As a result, ice cream producers have multiple options for sourcing their ingredients and can easily switch suppliers if necessary.
Threat of New Substitutes: The threat of new substitutes in the artisanal ice cream market is low. While there are alternative frozen desserts available, such as frozen yogurt or gelato, artisanal ice cream offers a unique experience with its premium ingredients, flavors, and textures. This makes it difficult for substitutes to replicate the same level of quality and customer satisfaction.
Competitive Rivalry: The competitive rivalry in the artisanal ice cream market is high. With a growing number of artisanal ice cream brands entering the market, competition for market share and consumer attention is intense. Established players must continuously innovate and differentiate themselves to maintain their competitive advantage, while new entrants strive to gain market share by offering unique flavors and experiences.
The Artisanal Ice Cream Market Demand is estimated to be valued at US$11,642.2 Million in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023–2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global artisanal ice cream market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period. This growth is driven by increasing consumer demand for premium and indulgent desserts, as well as the rising popularity of artisanal food and beverages.
In terms of regional analysis, North America is the fastest-growing and dominating region in the artisanal ice cream market. The region is known for its strong consumer base and high disposable income, which enables consumers to indulge in premium ice cream products. Additionally, the rising trend of experiential eating and unique flavor profiles has contributed to the growth of the artisanal ice cream market in this region.
Key players operating in the artisanal ice cream market include Unilever, Van Leeuwen, Nestlé S.A., Bi-Rite Creamery, Carmela Ice Cream Co., Gracie’s Ice Cream, Boho Gelato, High Road Craft Brands, True & 12 Handmade Ice Cream, and Fiasco Gelato Cafes Ltd. These players are investing in product innovation, expanding their distribution networks, and engaging in effective marketing strategies to maintain their market position and meet the growing demand for artisanal ice cream.
In conclusion, the global artisanal ice cream market is poised for significant growth, driven by factors such as increasing consumer preference for premium desserts and indulgent experiences. Regional analysis highlights North America as the fastest-growing and dominating market, and key players in the industry are continuously innovating to meet customer demands and maintain their competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it