The global artisanal ice creams market size is projected to steadily expand in the forthcoming years on account of the growing visibility of gourmet ice cream brands around the world, shares Fortune Business Insights™ in its report, titled “Artisanal Ice Creams Market Size, Share and Industry Analysis, By Flavor (Chocolate, Fruits, Others (Herbal, Caramel)), By Distribution Channel (Mass Merchandisers, Specialty Stores, Convenience Stores, e-Commerce) Others and Regional Forecast, 2019-2026”. Artisanal ice cream brands are gaining traction across the globe owing to the inventive flavors and textures they offer. For example, Jeni’s, an Ohio-based ice cream chain, is known for its unique range of flavors and recipes, with its buttercream texture being a hit among consumers. Moreover, the Virtual Crowd Pleaser Collection boasts a suite of imaginative flavors, such as Gooey Butter Cake and Skillet Cinnamon Roll, which has surged the popularity of the brand. Similarly, in India, the New Delhi-based artisanal ice cream maker, Chubby Cheeks Creamery, has gained fame for featuring a limited yet unusual lineup of ice creams made from cream, eggs, and milk only. The flavors offered by the company range from salted caramel to fig and honey. The blending of dissimilar flavors and tastes by these ice cream companies is allowing them to cater to the changing consumer demands with regard to snacking and eating desserts. The progress of these brands, in turn, is fueling the growth of this market.
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Economic Fallout of the COVID-19 Pandemic to Impede Market Growth
Artisanal ice creams are expensive and are thus unaffordable to a large chunk of consumers. This disadvantage of these delicacies has been exacerbated by the outbreak of the COVID-19 pandemic, which has led to a severe, unprecedented downturn in the global economy. In June 2020, for example, the World Bank predicted that if the pandemic continues unabated, the global economy could shrink by 8% in 2020. The fallout emanating from this pandemic has had cascading effects on national economies and personal incomes as well. India, for instance, reported a shocking -23.9% contraction of its economy in the second quarter of 2020, owing to the nationwide lockdown and strict trade and travel bans, both domestic and international. Back in June 2020, the State Bank of India, India’s top lender, forecasted in a report that the coronavirus crisis could decline per capita income in the country by 5.4%. In a study conducted by the UK-based non-profit organization, CABI, it was found that Kenya and Uganda were undergoing severe food insecurity due to COVID-19. In such dire circumstances, the demand for niche, gourmet foods, such as artisanal ice creams, is likely to remain diminished, thus affecting market growth.
Widespread Presence of Specialty Stores to Propel the Market in North America
Among regions, North America is expected to dominate the artisanal ice creams market share due to the robust presence and operations of specialty stores across the US and Canada. Underpinning the thriving growth of such stores is the increasing demand from consumers for natural ice cream flavors infused with organic, low-calorie ingredients. To meet the soaring demand for gourmet desserts and sweets, local ice cream brands are also partnering with foodservice companies and offering doorstep delivery of products. Most importantly, the high disposable incomes in North America are allowing consumers to purchase artisanal ice creams, which are known to be expensive.
Regional Expansion by Leading Players to Liven up Competition
In a bid to expand the market footprint, key players are augmenting their regional presence by establishing operations in different states and cities, thus aiding the artisanal ice creams market growth. This strategy is enabling these companies to cater to a wider audience, strengthen distribution networks, and diversify revenue streams.
- December 2020: Van Leeuwen Ice Cream, based in New York, announced that it will be inaugurating its first shop in Houston, Texas in 2021. The company currently serves ice cream lovers in New York City and Los Angeles through physical shops and food trucks.
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