According to a new research report by Market Research Future (MRFR), the frozen desserts market could grow at a rate of 5.82% between 2023 and 2030. With the market expected to reach around $178 billion by the end of 2030, many companies are betting big on frozen.
The research looked at revenue forecasts and the competitive landscape in the frozen desserts market globally, proving that the cold treats could get real hot!
According to the study, the rise of health consciousness in consumers is leading to the growing consumption of frozen yogurt and dairy-free products. Product, flavour and packaging innovation have become increasingly important, with many consumers looking for sweets with low sugar and calorie content.
Of all the global markets studied, North America leads the top spot for frozen desserts. New products are capitalizing on consumers’ want for frozen indulgences with new flavours and types including custard, yogurt, gelato, granita and sherbet. Of all the categories, yogurt is the most popular, with more than 400 brands now making some type of froyo.
Unilever recently bet big on the froyo its acquisition of U.S.-based Yasso. The company announced the acquisition on June 14. Yasso was founded in 2009 by childhood best friends Amanda Klane and Drew Harrington, who, at the time, became pioneers in a growing frozen yogurt market. Yasso’s portfolio of frozen Greek yogurt snacks each contain less than 150 calories.
“I am delighted to welcome Yasso to the Unilever family. It has built a strong customer appeal in the fast-growing, premium ‘Better For You’ segment,” says Matt Close, president of ice cream at Unilever, of the acquisition. “This acquisition is a great step in the evolution of our Ice Cream portfolio in North America towards high growth spaces. I am confident that with the full support of Unilever behind Yasso, we will take this fast-growing business to even greater heights.”
Policy makers in the U.S. are also joining the healthier-for-you frozen desserts wave. The United States Department of Agriculture (USDA) recently launched several initiatives, and is now promoting the use of yogurt throughout the area, and promoting low-fat yogurt as a fantastic source of calcium.
Similar to Unilever, The Ferrero Group also made moves in the frozen treats category last year. The company acquired Wells Enterprises, owner of iconic brands ice cream and frozen treat brands Blue Bunny, Bomb Pop and better-for-you ice cream brand, Halo Top.
MRFR lists the most affluent companies in the Frozen Desserts industry as: