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Southeast Asia Ice Cream Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Flavor (Vanilla, Chocolate, Fruit, and Others), Category (Conventional and Sugar Free), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Market Report I 2023-05-12 I 136 Pages I The Insight Partners
The Southeast Asia ice cream market size is expected to grow from US$ 7,175.68 million in 2022 to US$ 9,529.27 million by 2028; it is estimated to record a CAGR of 4.8% from 2022 to 2028.
Functional ice cream is becoming more popular than regular ice cream among health-conscious consumers as it contains high-quality ingredients and can fulfill consumers' nutritional requirements. The increasing interest of ice cream manufacturers in fortification and the addition of functional ingredients may influence the consumer's decision to select a healthy alternative. Beyond basic nutrition, functional food provides advantages that can help lower or prevent the risk of certain diseases such as nutrient deficiency. Moreover, sugar-free, low-fat functional ice creams are gaining huge popularity due to their health benefits. The COVID-19 pandemic further influenced the demand for functional ice creams, and manufacturers are taking advantage of this opportunity. Low-sugar and high-protein ice creams have become especially popular among athletes and consumers looking for non-staple food and beverage products with better nutritional content. In January 2023, Museum of Ice Cream, a Singapore-based manufacturer, launched an innovative probiotic ice cream to fulfill the demand for functional ice creams. The probiotic ingredients in the ice cream have immunity boosting properties and aid in the healthy digestive system.
The popularity of functional ice cream is majorly driven by product innovations, especially in terms of taste profile and nutritional value. In August 2022, California's cult ice cream brand and celebrity favorite Coolhaus made its debut in Singapore with six flavors. Whey as is the base of all ice creams. The result is creamy ice cream with the taste and mouthfeel of conventional dairy. They are also more digestible than dairy as it's lactose-free. These launches of functional products help consumers follow and maintain their health goals and enjoy a good meal simultaneously, as health became a priority for consumers during the COVID-19 crisis. Since people have started focusing on convenience food products while maintaining the nutritional balance in their diets, manufacturers are launching nutritionally enriched ice creams. Such product innovations help them extend their reach and gain a competitive edge in regional markets. Thus, the rising demand for functional ice creams is expected to create lucrative opportunities for the ice cream market in the coming years.
The Southeast Asia ice cream market is segmented on the basis of flavor, category, and distribution channel. Based on flavor, the Southeast Asia ice cream market is segmented into vanilla, chocolate, fruit, and others. The fruit segment held the largest share of the market in 2022, whereas the chocolate segment is expected to register the highest CAGR from 2022 to 2028. Chocolate flavors contain cocoa content. Dark chocolate, white chocolate, milk chocolate, brute chocolate, and bittersweet chocolate are a few types of chocolate flavor. The flavor provides many health benefits as its consumption protects cells from inflammation, improves body function, and boosts immunity and cardiovascular health because it is a rich source of flavanols. Therefore, its plenty of variations and health benefits encourage consumers to opt for chocolate flavor, which drives the demand for chocolate flavors. Chocolate flavor can be both light and rich. Also, antioxidant properties of chocolate make it a favorite flavor for all age groups. These factors increase the consumption of chocolate-flavored ice cream across the region.
Based on country, the Southeast Asia ice cream market is segmented into Indonesia, Malaysia, the Philippines, Thailand, Singapore, Vietnam, and the Rest of Southeast Asia. In 2022, Indonesia accounted for the largest share of the Southeast Asia ice cream market. Indonesia is one of the major countries dominating the ice cream market in Southeast Asia. The market growth in the country is attributed to increasing demand for different flavored ice creams and rising disposable income in the country. In July 2019, Yili Group announced the launch of its first Mocha Coffee ice cream in Indonesia. PT. Campina Ice Cream Tbk and Unilever PLC are the leading players operating in the ice cream market in this country. Various strategies such as expansion and acquisition by leading players are further propelling the growth of the ice cream market across the country. In January 2022, Yili Group announced the launch of the first phase of the Yili Indonesia Dairy Production Base in West Java, Indonesia. The project aimed to increase ice cream manufacturing with a production capacity of four million products on a daily basis.
Lotte Corp, Nestle SA, BR IP Holders LLC, Morinaga & Co Ltd, Mars Inc, General Mills Inc, Unilever PLC, Bigrade Co Ltd, Udders Pte Ltd, and American Food Co Ltd are a few of the major players operating in the Southeast Asia ice cream market.
The overall Southeast Asia ice cream market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Southeast Asia ice cream market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis Formulation:
3.2.4 Macro-economic Factor Analysis:
3.2.5 Developing Base Number:
3.2.6 Data Triangulation:
3.2.7 Country Level Data:
3.2.8 Limitations and Assumptions:
4. Ice Cream Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Expert Opinion
4.4 Ecosystem Analysis
4.4.1 Raw Material
4.4.2 Manufacturing Process
4.4.3 Retailers
5. Southeast Asia Ice Cream Market Key Market Dynamics
5.1 Market Drivers
5.1.1 Ever-Growing Demand for Ice Cream Among Frozen Delight
5.1.2 Availability of Innovative Flavors and Loaded Indulgence
5.2 Market Restraints
5.2.1 Health Concerns Associated with Ice Cream
5.3 Market Opportunities
5.3.1 Rising Popularity of Functional Ice Cream
5.4 Future Trends
5.4.1 Increasing Demand for Dairy-Free and Vegan Ice Cream
5.5 Impact Analysis of Drivers and Restraints
6. Ice Cream - Market Analysis
6.1 Ice Cream Market Overview
6.2 Southeast Asia Ice Cream Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Competitive Positioning - Key Market Players
7. Ice Cream Market Analysis - By Flavor
7.1 Overview
7.2 Ice Cream Market, By Flavor (2021 and 2028)
7.3 Vanilla
7.3.1 Overview
7.3.2 Vanilla: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Chocolate
7.4.1 Overview
7.4.2 Chocolate: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Fruit
7.5.1 Overview
7.5.2 Fruit: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
8. Ice Cream Market Analysis - By Category
8.1 Overview
8.2 Ice Cream Market, By Category (2021 and 2028)
8.3 Conventional
8.3.1 Overview
8.3.2 Conventional: Ice Cream Market- Revenue and Forecast to 2028 (US$ Million)
8.4 Sugar Free
8.4.1 Overview
8.4.2 Sugar Free: Ice Cream Market- Revenue and Forecast to 2028 (US$ Million)
9. Ice Cream Market Analysis - By Distribution Channel
9.1 Overview
9.2 Ice Cream Market, By Distribution Channel (2021 and 2028)
9.3 Supermarkets and Hypermarkets
9.3.1 Overview
9.3.2 Supermarkets and Hypermarkets: Ice Cream Market- Revenue and Forecast to 2028 (US$ Million)
9.4 Specialty Stores
9.4.1 Overview
9.4.2 Specialty Stores: Ice Cream Market- Revenue and Forecast to 2028 (US$ Million)
9.5 Online Retail
9.5.1 Overview
9.5.2 Online Retail: Ice Cream Market- Revenue and Forecast to 2028 (US$ Million)
9.6 Others
9.6.1 Overview
9.6.2 Others: Ice Cream Market- Revenue and Forecast to 2028 (US$ Million)
10. Southeast Asia Ice Cream Market - Geographic Analysis
10.1 Overview
10.1.1 Southeast Asia: Ice Cream Market, by Key Country
10.1.1.1 Indonesia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Indonesia: Ice Cream Market, by Flavor
10.1.1.1.2 Indonesia: Ice Cream Market, by Category
10.1.1.1.3 Indonesia: Ice Cream Market, by Distribution Channel
10.1.1.2 Malaysia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Malaysia: Ice Cream Market, By Flavor
10.1.1.2.2 Malaysia: Ice Cream Market, By Category
10.1.1.2.3 Malaysia: Ice Cream Market, By Distribution Channel
10.1.1.3 Philippines: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Philippines: Ice Cream Market, By Flavor
10.1.1.3.2 Philippines: Ice Cream Market, By Category
10.1.1.3.3 Philippines: Ice Cream Market, By Distribution Channel
10.1.1.4 Thailand: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Thailand: Ice Cream Market, By Flavor
10.1.1.4.2 Thailand: Ice Cream Market, By Category
10.1.1.4.3 Thailand: Ice Cream Market, By Distribution Channel
10.1.1.5 Singapore: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Singapore: Ice Cream Market, By Flavor
10.1.1.5.2 Singapore: Ice Cream Market, By Category
10.1.1.5.3 Singapore: Ice Cream Market, By Distribution Channel
10.1.1.6 Vietnam: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Vietnam: Ice Cream Market, By Flavor
10.1.1.6.2 Vietnam: Ice Cream Market, By Category
10.1.1.6.3 Vietnam: Ice Cream Market, By Distribution Channel
10.1.1.7 Rest of Southeast Asia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.7.1 Rest of Southeast Asia: Ice Cream Market, By Flavor
10.1.1.7.2 Rest of Southeast Asia: Ice Cream Market, By Category
10.1.1.7.3 Rest of Southeast Asia: Ice Cream Market, By Distribution Channel
11. Impact of COVID-19 Pandemic on Ice Cream Market
11.1 Impact of COVID-19 on Southeast Asia Ice Cream Market
12. Industry Landscape
12.1 Overview
12.2 New Product Development
12.3 Partnerships
12.4 Other Business Strategies
13. Company Profiles
13.1 Lotte Corp
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Nestle SA
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 BR IP Holders LLC
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Morinaga & Co Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Mars Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 General Mills Inc
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Binggrae Co Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Udders Pte Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 American Food Co Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Unilever Plc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Southeast Asia Ice Cream Market -Revenue and Forecast to 2028 (US$ Million)
Table 2. Southeast Asia Ice Cream Market, by Flavor- Revenue and Forecast to 2028 (US$ Million)
Table 3. Southeast Asia Ice Cream Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 4. Southeast Asia Ice Cream Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 5. Indonesia Ice Cream Market, by Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 6. Indonesia Ice Cream Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 7. Indonesia Ice Cream Market, by Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 8. Malaysia Ice Cream Market, By Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 9. Malaysia Ice Cream Market, Category - Revenue and Forecast to 2028 (US$ Million)
Table 10. Malaysia Ice Cream Market, Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 11. Philippines Ice Cream Market, By Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 12. Philippines Ice Cream Market, Category - Revenue and Forecast to 2028 (US$ Million)
Table 13. Philippines Ice Cream Market, Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 14. Thailand Ice Cream Market, By Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 15. Thailand Ice Cream Market, Category - Revenue and Forecast to 2028 (US$ Million)
Table 16. Thailand Ice Cream Market, Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 17. Singapore Ice Cream Market, By Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 18. Singapore Ice Cream Market, Category - Revenue and Forecast to 2028 (US$ Million)
Table 19. Singapore Ice Cream Market, Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 20. Vietnam Ice Cream Market, By Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 21. Vietnam Ice Cream Market, Category - Revenue and Forecast to 2028 (US$ Million)
Table 22. Vietnam Ice Cream Market, Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of Southeast Asia Ice Cream Market, By Flavor - Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Southeast Asia Ice Cream Market, Category - Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Southeast Asia Ice Cream Market, Distribution Channel - Revenue and Forecast to 2028 (US$ Million)
Table 26. List of Abbreviation
LIST OF FIGURES
Figure 1. Ice Cream Market Segmentation
Figure 2. Ice Cream Market Segmentation - By Geography
Figure 3. Southeast Asia Ice Cream Market Overview
Figure 4. Fruit Segment Held the Largest Share in 2021
Figure 5. Indonesia Dominated the Ice Cream Market in 2021
Figure 6. Southeast Asia Ice Cream Market, Key Market Players
Figure 7. Porter's Analysis: Southeast Asia Ice Cream Market
Figure 8. Expert Opinion
Figure 9. Ecosystem: Ice Cream Market
Figure 10. Southeast Asia Ice Cream Market: Impact Analysis of Drivers and Restraints
Figure 11. Geographic Overview of Ice Cream Market
Figure 12. Southeast Asia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 13. Key Players: Ice Cream Market
Figure 14. Ice Cream Market Revenue Share, By Flavor (2021 and 2028)
Figure 15. Vanilla: Ice Cream Market - Revenue and Forecast To 2028 (US$ Million)
Figure 16. Chocolate: Ice Cream Market - Revenue and Forecast To 2028 (US$ Million)
Figure 17. Fruit: Ice Cream Market - Revenue and Forecast To 2028 (US$ Million)
Figure 18. Others: Ice Cream Market - Revenue and Forecast To 2028 (US$ Million)
Figure 19. Ice Cream Market Revenue Share, By Category (2021 and 2028)
Figure 20. Conventional: Ice Cream Market- Revenue and Forecast To 2028 (US$ Million)
Figure 21. Sugar Free: Ice Cream Market- Revenue and Forecast To 2028 (US$ Million)
Figure 22. Ice Cream Market Revenue Share, By Distribution Channel (2021 and 2028)
Figure 23. Supermarkets and Hypermarkets: Ice Cream Market- Revenue and Forecast To 2028 (US$ Million)
Figure 24. Specialty Stores: Ice Cream Market- Revenue and Forecast To 2028 (US$ Million)
Figure 25. Online Retail: Ice Cream Market- Revenue and Forecast To 2028 (US$ Million)
Figure 26. Others: Ice Cream Market- Revenue and Forecast To 2028 (US$ Million)
Figure 27. Southeast Asia: Ice Cream Market Revenue Share, by Key Country (2021 and 2028)
Figure 28. Indonesia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 29. Malaysia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 30. Philippines: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 31. Thailand: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 32. Singapore: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 33. Vietnam: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 34. Rest of Southeast Asia: Ice Cream Market - Revenue and Forecast to 2028 (US$ Million)
Figure 35. Impact of COVID-19 Pandemic on Southeast Asia Country Markets
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