Ice Cream - China - August 2012
“China’s ice cream market grew from 2007-12 with a volume compound annual growth rate (CAGR) of 4.6%, rising to an estimated 3,072.5 million litres in 2012. Value compound annual growth rate rose at 8.1% from 2007-12, growing to an estimated RMB42.4 billion as manufacturers increasingly passed on rising costs of sugar, milk and other raw materials to consumers to alleviate rising cost pressure.”
– Tan Heng Hong – Senior Research Analyst
Some questions answered in this report include:
- In what ways can off-peak consumption be improved, given the dependence on summer sales?
- What are the prospects for local/exotic flavours?
- How can packaged ice cream compete with the growing popularity of ice cream specialty stores?
- Is there a demand for better-for-you ice cream?
China’s ice cream market grew from 2007-12 with a volume compound annual growth rate (CAGR) of 4.6%, rising to an estimated 3,072.5 million litres in 2012. Value compound annual growth rate rose at 8.1% from 2007-12, growing to an estimated RMB42.4 billion as manufacturers increasingly passed on rising costs of sugar, milk and other raw materials to consumers to alleviate rising cost pressure.
The ice cream sector is largely dependent on summer sales but our survey has found nearly two thirds of respondents in ten cities surveyed for this report are open to the idea of ice cream suitable for all-year-round consumption, which bodes well for companies wishing to reduce the seasonality of their ice cream sales. Consumers continue to prefer the classic flavours of chocolate, vanilla and strawberry as well as milk but their openness to different flavour experience means opportunities for ice cream companies to engage them through new and exotic flavours.
On-trade such as ice cream specialty stores is becoming an increasing threat to the retail sector as on-trade is able to provide customers with a better sensorial experience at a time when income levels are rising. Packaged ice cream makers will need to reengage with these consumers to match their increasing level of sophistication in consumption.
Consumer data and news reports increasingly suggest consumers are concerned about health and food safety issues surrounding ice cream consumption. The lack of ice cream with health-related claims shows manufacturers have yet to respond effectively to the changing needs of consumers, which opens the prospect for better-for-you ice cream.”
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