Amidst global turmoil, frozen dessert players aim for sweet growth and innovation in 2024
In the middle of economic uncertainties due to geopolitical crisis across the globe, players from the frozen dessert companies are gearing up to face 2024 with the hope of growing their businesses to contribute more to India’s growth story.
Even though India is known for its sweet craving, the frozen dessert category faced significant hurdles in the previous year, including unexpected weather changes, high raw material prices and changes in customer preferences.
However, this year, industry leaders are expecting good sales led by stable input costs, increased consumer spending, premiumisation and demand in tier two and tier three regions.
“We anticipate increased activity from both big and small brands and more specifically attempts at premiumisation by all major players would continue,” said Mohit Khattar, Chief Executive Officer, Graviss Foods – Baskin Robbins India.
The season ahead could be peppered with multiple new flavour introductions, new brand launches and more by almost all players across the industry, he stated.
Additionally, while online channels have grown significantly this year, Mohit expects that this year could see robust growth in both online and offline channels.
Komal Anand, Managing Director, Havmor Ice Cream and Gagan Anand, Founder and Director, Scuzo Ice ‘O’ Magic have similar points of view and plans for the year ahead.
“It is anticipated further innovation and a wider variety of flavors as consumers become more adventurous in their dessert selections. Also, technology is playing a role in enhancing the at-home dessert experience for our digitally engaged audience,” said Gagan.
Looking forward to the upcoming year 2024, Havmor Ice Cream has geared up for further growth and innovation.
“Our expansion into newer markets of West and South India and establishment of a cutting-edge manufacturing plant in Maharashtra’s Pune district will lead to further growth. We are also looking at launching a bigger portfolio of ice cream range in India from LOTTE,” Komal said.
According to Wazir Advisors, the Indian ice cream industry is expected to exceed USD 5 billion by FY25, due to the spread of domestic brands beyond metros and increased interest in foreign brands.
