ICE CREAM PACKAGING MARKET ANALYSIS

 Global ice cream packaging market  was valued at US$ 820.9 Mn in 2022,  exhibiting CAGR of 4.0% from 2023-2030.  Market is likely to reach US$ 1,123.46 Mn by the end of 2030. Increasing consumption of ice creams in various regions and launches of numerous varieties of ice creams are projected to bolster the demand for innovative ice cream packaging.  Thus, the market is estimated to grow 1.5 times the current market value during the forecast period 2023-2030.

Global Ice Cream Packaging Market: Regional Insights

Among region, market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific held a dominant position in the global ice cream packaging market in 2022 accounting for 44.5% market share, owing to increasing standard of living and growth in the consumption of ice cream in China, India, Japan, and ASEAN countries. For instance, Ice cream packaging market in China increased by14% in retail sales in 2022 Forecast predict that the ice cream shop market will grow further at a CAGR (compound annual growth rate). Asia Pacific is followed by North America and Europe.

Figure 1. Global Ice Cream Packaging Market (%), By Region 2022

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Global Ice Cream Packaging Market: Growth Drivers

• Continuous Innovation in the Industry to Spur Product Demand

Traditional ice cream has nutritional properties but has no health benefits. Thus, increasing interest of market players in the fortification and addition of functional ingredients that can encourage consumers to choose the product as a healthy snack option. Functional foods provide  not only basic nutrition but also  plays a role in reducing or minimizing the risk of certain diseases.  Rising production of fortified or functional products is expected to increase the consumption of the product i.e. ice cream globally.

• Rising Expenditure on R&D and Digitalization

Rising expenditure by market players on the research and development of innovative products is anticipated to boost the market growth. For instance, in January 2022, Unilever group, launched vegan stick bars, magnum vegan classic, and magnum vegan almond in mini-sized multi-packs.

Global Ice Cream Packaging Market: Restraints

• Low shelf- life and seasonality

Ice cream is a frozen dairy product and can spoil in a limited time, if it is not stored properly. It has low shelf- life. Product stored in a stale storage atmosphere usually develops a foul smell and microorganisms. Italso picks up absorbed volatile flavors from the storage environment such as paint and ammonia. Thus, the high storage cost of the product is expected to hamper the market growth. Furthermore, the demand for the product i.e. ice cream is usually at peak during summers but decrease in demand can be seen during winter and monsoon, and thus, this can further hinder the market growth. 

Figure 2. Global Ice Cream Packaging Market (%), By distribution channel 2022

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Among distribution channel, supermarket/hypermarket segment held 43.7% market share in 2020. The supermarkets and hypermarkets are increasing across the globe. These are arranging special events such as cookery classes to increase the footfall and boost consumer engagement. Retail suppliers often partner with brands for such initiatives. For instance, there are 42,505 Supermarkets & Grocery Stores in the U.S. as of 2021 that is increase of 0.6% from 2020. There are more than 435,000+ supermarkets in India.

Global Ice Cream Packaging Market: Key Developments

• In June 2022, Borealis, partnered with Paccor (Germany) and Froneri (Finland). It has developed a mono-material PP ice cream packaging manufactured with bio-based feedstock.
• In August 2019, Berry Global Inc., introduced a pint-sized sustainable solution for ice cream that included usage of paper pint by ice cream manufacturers. It is a clear pint that provides an eco-friendly solutions on all three fronts (reduce, reuse and recycle).

Ice Cream Packaging Market: Key companies

Key players operating in the global ice cream packaging market include Sonoco Products Company, International Paper Company, Sealed Air Corp., Huhtamaki Oyj, Amcor Plc, Linpac Group Ltd., Ampac Holdings LLC, INDEVCO Group, Tetra Laval, Berry Global, Stora Enso, and SIG.

Definition: Packaging Institute International defined packaging as the enclosure of products, items or packages in a wrapped pouch, bag, box, cup, tray, can, tube, bottle or other container form to perform various functions such as containment, protection, preservation, communication, utility, and performance.