Indian ice cream industry sees fourfold growth, poised to reach ₹45,000 crore by 2028

In the past 10 years, the Indian ice cream market has quadrupled, and the Indian Ice Cream Manufacturing Association (IICMA) projects that it will reach ₹45,000 crore within the next three years.

Despite being seasonal, the market has experienced tremendous growth, driven by factors such as rising disposable incomes, shifting consumer preferences, and expanding distribution networks.

"India has seen a fourfold increase in ice cream consumption over the past ten years. In fact, this sector is projected to reach ₹45,000 crore in the next three years and more than ₹90,000 crore in the next eight years," reads the IICMA statement.

Furthermore, ice cream producers have been able to maintain competitive pricing and increase profitability due to stable costs for essential ingredients, such as milk solids and packaging materials.

"Consumers are increasingly attracted to premium, health-oriented, and innovative flavors, leading brands to launch plant-based, low-sugar, and high-protein ice creams," the association said.

Additionally, the government is offering incentives for investments in the food processing industry.

"This strategic approach positions India as an attractive destination for both domestic and international investors looking to capitalize on the growing ice cream market. Rising disposable incomes, urbanization, and evolving consumer preferences are fueling demand, especially in tier-1 and tier-2 cities," it added.

Leading producers like Kwality and Havmore are members of IICMA, which represents ice cream manufacturers nationwide.

The association has declared March 27 as Ice Cream Day, with Minister of State for Animal Husbandry and Dairying SP Singh Baghel officially launching the inaugural event.