Gourmet Ice Cream Market Set to Grow $2.5 Billion by 2024 — Its Biggest Players

By Jemima McEvoy | Sunday, 21 March 2021 | Business, Food & Beverage

The future is sweet for the gourmet ice cream market. The market is projected to grow $2.5 billion in value in the next three years, according to a new report from market research company Technavio. COVID-19 has played a significant role in shaping this forecast, as the ice cream market as a whole reports a positive impact from the year-long pandemic. Some of the companies leading the gourmet ice cream global market stand to benefit from this expected business growth.

Van Leeuwen

Van Leeuwen is a luxury ice cream company that ships its product across the US and operates a string of gourmet ice cream stores in both New York City and Los Angeles. The company was started in the streets of New York in 2008 and has now grown into a multi-million dollar brand, raking in profits from special flavors like “Japanese Yam & Yuzu Swirl,” “Praline Butter Cake,” and “Vegan Banana Peanut Butter Fudge.” The gourmet ice cream company has been growing its business since raising $18.7 million in a February 2020 funding round. In total, the company has raised $22.6 million to date, according to Crunchbase. Also, in an effort to grow the retail stores run by the business, the company has continued to innovate and expand its product offerings, recently launching a line of vegan-friendly ice cream bars.

Amorino

Amorino is a gourmet ice cream company that makes renowned Italian gelato — and is most notable for their flower-shaped cones. The business has been around for more than 15 years and has stores across the world (in the US, Europe, the Middle East, and more), according to Amorino’s website. The French gelato company has continued to expand over the years, pulling in millions in revenue. Amorino makes up a significant portion of the global market.

Dreyer’s Grand Ice Cream

Dreyer’s Grand Ice Cream is based in California and has been in business for nearly 100 years. The company is connected to brands like Häagen-Dazs, Outshine, and Drumstick, as it was purchased by Nestlé in a deal valued at $2.4 billion nearly two decades ago. However, Froneri, the joint venture between Nestlé and PAI Partners, agreed to take over all of Nestlés US-based ice cream businesses, including Dreyer’s, in 2020. This deal came out at around $4 billion, according to Barron’s. Froneri said the company hopes the acquisition of Dreyer’s will diversify the business and help with its goal of becoming “the world’s best ice cream company.”

Braum’s

Braum’s is a legacy ice cream company that was founded in 1933, the beginning of the Great Depression, with its first store launching in Oklahoma City in 1968. Braum’s makes gourmet ice cream which comes from the company’s home farm in Tuttle, Oklahoma. The company now has over 300 stores in operation, with locations in Texas, Kansas, Arkansas, and Missouri too. A sign of its growth, Braum’s is looking to expand its business within Texas and Pennsylvania.