Pearl Strategy and Innovation Design recently attended the webinar hosted by Mintel where experts shared insights on global ice cream trends. Here is our take on it.
Summary:
Global ice cream consumption remains incredibly popular, with significant numbers of consumers in the UK, Germany, the US, and Canada. Despite its indulgent reputation, ice cream continues to serve as a comfort food, especially during times of stress. However, shifting consumer preferences towards healthier options have prompted ice cream brands to innovate, exploring alternatives like plant-based ingredients and functional benefits. There is also a growing trend towards adventurous flavours and nostalgic offerings, reflecting consumer desires for both novelty and familiarity. Brands are balancing tradition with innovation to meet evolving consumer expectations.
Consumer Preferences and Indulgence:
Ice cream remains a global favorite, with classic flavours like chocolate and vanilla continuing to dominate consumer preferences. Despite a shift towards healthier eating habits, many consumers still seek out traditional, indulgent treats for comfort and pleasure. Brands are responding by offering high-quality ice creams that balance indulgence with better-for-you options, such as reduced sugar or dairy-free alternatives.
Innovation in Flavour and Product Development:
The ice cream industry is experiencing a wave of innovation in flavour profiles and product development. There’s a growing interest in adventurous flavours like floral and savory. Brands are leveraging consumer insights and technological advancements like AI to create unique flavour combinations that cater to diverse tastes and preferences. This innovation not only attracts new consumers but also supports brand loyalty among existing customers seeking novel culinary experiences. This approach ensures that the ice cream industry remains vibrant and competitive.
Health and Functional Benefits:
There’s an increasing demand for ice creams with functional health benefits, as health-consciousness rises globally. Consumers are interested in products that offer added nutritional value, such as high protein content or natural ingredients. Brands are capitalizing on this trend by introducing functional ice creams that promote energy, gut health, or other wellness benefits. This segment represents a growing opportunity for brands to differentiate themselves in a competitive market while meeting evolving consumer expectations.
Nostalgia and Emotional Connection:
Nostalgia plays a significant role in shaping consumer choices within the ice cream industry. Many consumers, especially younger demographics, are drawn to brands and flavours that evoke childhood memories. Brands take advantage of this emotional connection through marketing campaigns that highlight heritage, retro packaging, or limited-edition flavours. This strategy enhances their appeal and fosters deeper connections with consumers, driving engagement in a competitive marketplace.
Implications:
The global ice cream industry is at a pivotal juncture where tradition meets innovation amidst evolving consumer preferences. While classic flavours like chocolate and vanilla remainfavorites, brands are increasingly embracing healthier alternatives and functional benefits to cater to a more health-conscious market. The consumers’ desire for new varieties push the industry for adventurous flavours. Successful brands will balance between tradition and innovation, leveraging technological advancements and consumer insights to create products that resonate with their target audiences. By doing so, they not only meet current consumer expectations but also position themselves for sustained growth in a competitive global market.
Want more insights, strategy and innovation? connect with us at pearl-strategy.ca or John at johnchan@pearl-strategy.ca
Source: Mintel, May 24, 2024
