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Jun 15, 2023

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17 Jan, 2023, 08:30 ET

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Increase in impact of western culture, rapid urbanization, change in perception of consumers toward the consumption of alcohol-based food products, and change in consumer preferences in the developing regions drive the growth of the global alcohol-infused ice cream market.

PORTLAND, Ore., Jan. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Alcohol-Infused Ice Cream Market by Flavor (Beer, Rum, Vodka, Others), by ABV (Low alcohol, High alcohol), by Distribution channel (Online store, Offline store): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global alcohol-infused ice cream industry generated $786.7 million in 2021, and is anticipated to generate $1.4 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.

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Prime determinants of growth

Increase in impact of western culture, rapid urbanization, change in perception of consumers toward the consumption of alcohol-based food products, and change in consumer preferences in the developing regions drive the growth of the global alcohol-infused ice cream market. However, rise in innovations in the ice cream industry and availability of close substitutes restrict the market growth. Moreover, growth in millennial population present new opportunities for the market growth in the coming years.

Covid-19 Scenario

The low alcohol segment to maintain its leadership status throughout the forecast period

Based on ABV, the low alcohol segment held the highest market share in 2021, accounting for around two-thirds of the global alcohol-infused ice cream market, and is estimated to maintain its leadership status throughout the forecast period. Low ABV content of such products is expected to attract health-conscious consumers over the next few years. Many brands are launching alcohol infused ice cream with 0.5 percent or less alcohol as consumers are preferring healthy and less alcohol content drinks. However, the high alcohol segment is projected to manifest the highest CAGR of 6.6% from 2022 to 2031. There are various products available in the market with more than 9% ABV content. This has made it massively appealing among health-conscious buzz seekers.

The vodka segment to maintain its leadership status throughout the forecast period

Based on flavor, the vodka segment held the highest market share in 2021, accounting for nearly one-thirds of the global alcohol-infused ice cream market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.3% from 2022 to 2031. Increasing demand for alcohol infused ice cream encourages the manufacturer to give new flavors to consumers, which is likely to contribute towards the growth of the market during forecast period.

The offline store segment to maintain its lead position during the forecast period

Based on distribution channel, the offline store segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global alcohol-infused ice cream market, and is projected to maintain its lead position during the forecast period. Consumers across the globe use offline segments for their purchasing. The stores are organized and sorted by product categories, making shopping more convenient. Offline stores are now so common worldwide that they can be found in both urban and rural settings. Furthermore, these firms have a broad product selection, allowing customers to purchase all of their necessities at one place. However, the online stores segment is expected to portray the largest CAGR of 6.9% from 2022 to 2031. This is due to rise in adoption of mobile phones and surge in penetration of internet.

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North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly three-fifths of the global alcohol-infused ice cream market, and is likely to dominate the market during the forecast period, owing to the increased demand for alcoholic-infused products in the countries, such as the U.S. and Canada. However, the Europe region is expected to witness the fastest CAGR of 6.9% from 2022 to 2031. Owing to changing perception towards alcohol across the globe, people nowadays are giving positive response towards alcohol consumption. Moreover, the trend of using alcohol while cooking in several dishes and its use in ice creams will foster the demand for alcoholic infused ice cream market in Europe in future.

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SOURCE Allied Market Research