An increased demand for premium ice cream products, the growth of online food delivery, and innovations in packaging are among the trends driving a 5.4% CAGR in the market through 2023. A new report from Allied Market Research predicts a sweet CAGR of 5.4% in the ice cream market from 2017-2023, growing from $70.8 billion in 2017 to $97.3 billion by the end of the forecast period. This growth, says the report, can be attributed to a high demand for ultra-premium ice cream products made from high-quality ingredients, a surge in the number of online food delivery platforms, and an increase in consumer preference for lactose-free ice cream. However, it cautions, growing health consciousness among consumers to curb sugar consumption and an increasing incidence of lactose intolerance worldwide are expected to hinder the market growth. Conversely, says Allied, the expansion of retail channels such as hypermarkets, supermarkets, convenience stores, and grocery stores coupled with the expansion of the cold storage industry will provide lucrative opportunities to the market.
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