Published on : Jul 21, 2015
Mintel, a Chicago-based market research firm has stated in a recent market study that China has become the world’s biggest ice cream market, overtaking the U.S.
According to the research report, from 2008 to 2014, the total sales value for ice cream in China has almost doubled. Increasing up to 90%, it has reached US$11.4 billion till now. In the meantime, the U.S. ice cream market has reported a sluggish growth, rising by 15% only and reached US$11.2 billion over the same period.
In 2014, the sales volume of ice cream in China had reached 5.9 billion liters, whereas the U.S. could only sell 5.8 billion liters of ice cream that year. The research firm has stated that the sales value are also likely to rise significantly and reach US$12.6 billion in China in the year 2015. However, the U.S. is expected to post slight growth and reach US$11.4 billion in 2015.
Although the sales of ice cream in China is at a continual rise, but the U.S. maintains its leading position in terms of individual consumption. Approx. 18.4 lit per person is the annual consumption ratio in the U.S., whereas, in China only 4 liters of ice cream is consumed by an individual per year, as per the report.
The top five markets for ice cream around the world in terms of volume are China with a production volume of 5.9 billion liters, the U.S. with 5.8 billion liters, Japan with 784 million liters, Russia with 668 million liters, and Germany with 545 million liters.
Mintel also determined the overall sales value of the global ice cream market in this report, which had reached US$50 billion in 2014.