Liberalized governmental
reforms such as the reduction in tariffs and food subsidies in developing
economies in the F&B sector have ensued in the development of the
production, processing, distribution, and promotion of food and beverages. Roughly 4.5 billion low-income people belonging to
the developing countries collectively spend $2.3 trillion a year on food and
beverage products. In the developed nations, this rate is even
higher owing to the increase in the per capita incomes and changes in lifestyle
that people lead. Some part of this money is spent on products
like ice-creams and frozen desserts, which is flourishing the frozen desserts
market. Increased demand for low-content sugar and calorie desserts and
ice-creams backed by the consumer spending across the region is anticipated to
be a key factor driving the market growth. The South America ice-creams and
frozen dessert market was valued at $11.5 billion as of 2018 and is anticipated
to grow with a CAGR of 1.6% throughout the forecast period 2019-2025.
Packaged ice-creams and frozen dessert market cover major categories like ice-cream, ice pops, snow cone, and frozen novelties and other categories such as yogurt, sorbet, and frozen custard. Companies are investing more in improving the shelf life and facilities for storing frozen dessert items, which in turn, is estimated to influence market growth positively. The growth of the well-organized retail sector in developed and developing countries is the factor behind increasing the purchase of frozen desserts. Online shopping, the introduction of new mobile applications, and digitalization in the retail industry are the other factors influencing the ice-creams and frozen dessert market. Manufacturers are using effective marketing strategies through mobile apps, social media, and digital platforms in these emerging markets and are introducing new flavors to increase consumption and create new customer acquisition.
Due to convenience and
variety, consumers are inclined toward online shopping. With economic
development and rising purchasing power, consumers can afford products with
improved nutritional value and shelf life. Nowadays, ice-cream novelties and
artisanal ice-creams exhibit higher growth as ice-cream manufacturers strive
for product innovation for their customers. The supermarkets, hypermarkets, and
convenience stores accounted for the highest revenue share in the market value.
Whereas, convenience stores are a popular choice among the urban population in
developed countries, which will positively influence the frozen desserts market
share and size in that region.
Brazil held the largest
share in the South America ice-creams and frozen dessert market with a regional
share of 38% as of 2018. A scoop of ice-cream is almost a necessity for every
Brazilian in humid summers, where temperatures can start at over 85 degrees
Fahrenheit and climb into the triple digits. Hypermarkets,
supermarkets, ice-cream specialty shops, and mobile vendors are accounted for the leading distribution channels for ice creams in this country. The product type that will be creating the most
lucrative opportunities for this market is ice-creams. This application segment
is projected to grow at a CAGR of 1.7% through to 2025. The rise in the
economic status and aspirations of the emerging middle class and a younger demographic
in the economies are the significant factors to boost the segment growth.
South America Ice-creams
and Frozen Dessert Market Growth Drivers
· Lactose-free
Frozen Ice-Cream
Lactose-free frozen
ice-cream market is driven by increasing rates of food allergies and
intolerances. Dairy-free frozen desserts replace milk and cream with
alternative cashew milk, soy, almond, and coconut. Lactose-free frozen
ice-cream is one of the emerging trends anticipated to gain momentum in the
ice-cream market in the upcoming years.
· A Rise in
Demand for New Flavors
Consumers around the
globe are willing to try new flavors in ice-creams and frozen desserts. Flavors
provide a unique experience for customers to have at their favorite dessert
bar. Many companies change their flavor selection very often to evoke a sense of excitement in their customers.
· Propelled
Growth for Customization
Customization helps
cater to customers need, whether, for dietary or allergy restrictions, taste
preferences or nutritional information, the ability to indulge in frozen
desserts especially catered to customers’ needs is a large trend that is
growing within the food markets. Instead of picking and choosing from menus,
customers create exactly what they want, the way they want. Mix-and-match
options can elevate a few menu items into endless possibilities, and customer
is willing to pay a premium for those options.
Eggloo, a new Korean ice
cream introduced by a New York City concept, that begins with egg-rich, chewy
waffle cones and are available in three flavors. These ice cream flavors are
filled with various toppings such as diced nuts and fruity pebbles based on customer
taste.
· Protein-Packed
Ice-creams
Ice-creams that are
lower in sugar, fat, and calories and rich in protein have higher demand around
the globe. Many protein-packed ice-creams recipes use frozen fruit as a base
ingredient.
· The major players in the South America Ice-creams and Frozen Dessert Market:
The prominent players in
the South America ice-creams and frozen dessert market include Blue Bell
Creameries, Chiquinho Ice Cream, Diletto, Frutos do Brasil, General Mills,
Kibon, Mars, Mil Frutas, Nestle, and Unilever. These companies are continuously
focusing on R&D investments, mergers and acquisitions, and partnership
strategies to gain ground in the market.
Mergers and acquisitions
are the other key strategies adopted by the players to stay ahead of their
competitors. Unilever, a British-Dutch transnational consumer goods company
announced acquisition with GlaxoSmithKline Consumer Healthcare Ltd. Such joint
ventures aid the market players to expand their geographical boundaries and
accentuate their footprint into the South America ice-creams and frozen dessert
market.
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Related Reports:
· Frozen Food
Market
https://www.industryarc.com/Report/7433/frozen-food-market-analysis.html
· E-Grocery
Market
https://www.industryarc.com/Report/15478/e-grocery-market.html
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