How the ice cream market in China became the biggest in the world
The ice cream market in China has witnessed steady growth over the past seven years. According to Chyxx, in 2021, the country’s ice cream industry was valued at 160 billion RMB, with a growth rate of 8.84%. Such market is expected to reach 40.19 USD (275.19 RMB) by 2027.
Along with the increasing demand, many ice cream-related businesses are emerging. In 2020, the number of new enterprises related to China’s ice cream industry was 3,492, and a year later, 2,798 more new companies entered this industry.
With the development of China’s economy and the widespread increase in disposable income, the ice cream market still has a lot of room for improvement. The forecast from Guanyan World Data Center shows that China’s ice cream industry will continue to grow, with a market size expected to reach 223 billion RMB in 2025. And the total profit of China’s ice cream industry from 2019 to 2025 will maintain a year-on-year growth rate of about 3%-6%.
COVID-19 impact on ice cream consumption in China
During the first two weeks since the coronavirus outbreak in China, ice-cream deliveries increased by 18%. The year-on-year rise reached 38%, surpassing all the other fast-moving consumer goods, food and snacks, indicating a different effect from 17 years ago when SARS hit China, and ice cream sales lagged behind those of other snacks.
Read More at https://daxueconsulting.com/hot-trend-indulgence-ice-cream-industry-china/