Functional Ice Cream Market to Surpass US$ 319.8 Million by 2028 at 8.56% CAGR - Report by Market Research Future (MRFR)

Functional Ice Cream Market Insights and Industry Analysis by Flavor Type (Vanilla, Chocolate, Hybrid and Others), by Claim (Lactose-free, Sugar free, Vegan, Multi-claim, and Others), Distribution Channel (Store based {Supermarkets/hypermarkets, Specialty Stores, and Others} and Non-Stored Based), and Region (North America, Europe, Asia-Pacific, and Rest of the World), Competitive Market Size, Share, Trends and Forecast to 2028

New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Functional Ice Cream Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), Functional Ice Cream Market Information by Flavor Type, Claim, Distribution Channel, and Region - Forecast till 2028”, the market is expected to reach USD 319.8 Million by 2028 at 8.56% CAGR.

Market Scope:

Ice cream has a great deal of potential as a probiotic food carrier. As more sophisticated new ingredients are introduced to the ice cream mix, there is still a lot to learn about how they affect physical and chemical qualities. Probiotic strains were injected as single or mixed cultures into ice cream mixes before and after the aging stages of ice cream production. The survival of the probiotic strains was then tested over the storage period of functional ice cream products.

Competitive Landscape:

The major firms in the Global Functional Ice Cream Market are:

  • Nightfood (United States)
  • The Brooklyn Creamery (India)
  • Foxy's Thoughtful Icecream (United Kingdom)
  • LightWhey(Dubai)
  • One Earth Functional Food Ltd (Canada)
  • LOHILO(Sweden)
  • Wells Enterprises Inc. (United States)
  • Guudy Icecream (United States)
  • The Urgent Company (United States)
  • Coolhull Farm (Ireland)

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Market USP:

Market Drivers

The functional ice cream business is currently in its early phases of development, but it is predicted to grow rapidly over the next few years. Demand has been strong in developed economies, but demand in emerging nations is likely to progressively rise during the predicted period. During the forecast period, experimental eating habits and health-conscious binging are expected to rise dramatically. Demand has been increased by the growing market for functional products. During the forecast, high-level investments and innovative product lines for plant-based functional products are predicted to boost demand for functional ice cream. In the United States, the trend toward plant-based products has had a significant impact on consumer tastes. The market impact is still in its early stages, but this trend could help novel plant-based functional ice cream.

Consumer awareness and desire for functional products are projected to fuel the growth of the functional ice cream market around the world. Functional ice cream has been popular for several years, and it has primarily been consumed by consumers who are health-conscious, such as athletes. Because of the high production costs and initial investments, the prices of functional ice cream are higher than those of traditional ice cream. This may have an impact on consumer acceptance in the early stages, but new firms joining the market can improve competition and, as a result, buyer power in the long run.

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Market Restraints:

While there has been strong demand for functional ice cream in the market, demand from other groups has dwindled. While the efficacy of functional ice cream has been demonstrated, the pricing of functional ice cream is high, which can raise churn and harm brand loyalty in the early stages.

COVID-19 Analysis

COVID-19 has put a lot of pressure on supermarkets and hypermarkets, as well as retail stores and other supply chain nodes. In the early phases of pandemic lockdowns around the world, stockpiles for fresh and processed food have become a regular phenomenon as a result of increased concern among customers for food. To meet consumer demand, manufacturers of functional ice cream are focusing on online selling. During the lockdown, however, logistics remained the most pressing worry. The COVID-19 pandemic's rapid spread over the world has resulted in additional restrictions on vehicular mobility and trade.

Market Segmentation

The global functional ice cream market has been classified into vanilla, chocolate, mixes, and others based on taste type. In 2020, the vanilla sector had the biggest market share. This is due to the high demand for mild flavors and low sugar levels among consumers.

The global functional ice cream market has been split into lactose-free, sugar-free, vegan, multi-claim, and other categories based on claim. In 2020, the vegan segment had the biggest market share, and it is predicted to increase at a modest rate over the forecast period.

The global functional ice cream market has been divided into store-based and non-store-based segments depending on distribution channel. Supermarkets and hypermarkets, specialty stores, and others make up the store-based component. Changes in consumer purchasing patterns have had a significant impact on supermarkets and hypermarkets, and demand is likely to grow through non-store channels until the mid-term forecast.

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Regional Insight:

North America, Europe, Asia-Pacific, and the Rest of the World are the geographies that make up the worldwide functional ice cream market.

In 2020, North America held the biggest market share of 54.7 percent. In 2020, the functional ice cream market in North America held the largest share of the global market. Because of high demand and new competitors joining the market, North America is a burgeoning market for functional ice cream. While the trend of greater acceptance of functional ice cream has been marginally hampered by the products' palatability, demand for functional ice cream is likely to remain robust during the projection period. Functional ice cream is projected to expand in popularity in North America due to rising disposable income and increased expenditure on plant-based products and dairy alternatives.

Europe accounted for the second-largest market and is predicted to grow at the fastest rate from 2021 to 2028. Manufacturers of functional ice cream should find Europe to be a lucrative market. During the post-pandemic demand, the adoption of better lifestyle choices has fueled the area market's rise. The growing knowledge of lactose-free products in the region is likely to boost demand for vegan and dairy-free products. During the projection period, Europe is expected to grow rapidly.

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