Ice Cream is Booming Worldwide
The global ice cream market is expected to grow at a CAGR of almost 12 percent from 2017 to 2021, according to a new report from Technavio. In the market report, the global technology research company looked at the growth prospects of ice cream, including gelato, sorbet and frozen custard.
Gelato accounted for nearly 70 percent of the market share in 2016. The Americas, which includes the United States, is the second largest global market with a revenue share of almost 35 percent last year; Italy is the largest market. U.S. consumers looking for low-fat ice cream products will be a major driver in the growth predicted for the next five years. The gourmet ice cream market in the Americas is expected to reach $42.4 billion by 2021.