The industry is projected to grow at a compound annual growth rate (CAGR) of around 15.16 per cent from 2023 to 2028, potentially reaching Rs 30,000 crore (approximately $3.6 billion) by 2028
In India, there is a growing demand for quality ice cream products, particularly low-calorie options. As of 2022, the Indian ice cream market was valued at approximately Rs 14,500 crore (about $1.8 billion). The industry is projected to grow at a compound annual growth rate (CAGR) of around 15.16 per cent from 2023 to 2028, potentially reaching Rs 30,000 crore (approximately $3.6 billion) by 2028, according to Sandeep Kumar, Founder Director of Techno Light. He shared this information during a seminar on the ice cream industry organised at the 8th International Dairy & Feed Expo.
Kumar highlighted the promising potential of the Indian ice cream market, noting that trending products include scoop ice cream, stick kulfi, and low-calorie ice cream. He emphasised the importance of ensuring the quality and shelf life of ice cream products.
The future of the ice cream industry in India appears bright, driven by consumer trends and market dynamics. Innovations in product offerings and distribution channels will be essential for companies looking to capitalise on this expanding market. Currently, India’s per capita ice cream consumption is 450 ml, which is lower than that of many other countries.
Kumar pointed out several challenges facing the industry, including a lack of awareness regarding technical details, proper production processes, and regulatory requirements. He stressed the need for training within the ice cream sector.
Additionally, the Indian ice cream industry is currently grappling with supply chain issues, including insufficient cold storage facilities. There is also a gap in knowledge regarding machinery specifications and quality assurance.
Mukesh Kothari, Chairman of the Small Scale Ice Cream Manufacturers Association, noted that the ice cream industry has grown significantly over the past 15 to 20 years. Ice cream has transformed from a luxury item to a regular consumable.
Anil Patode, Founder of Cream and Joy Ice Cream, added that Maharashtra is one of the largest consumers of ice cream in India, with the market size in the state estimated at around Rs 3,000 crore.
