South America Frozen Desserts Market – Growth, Trends, and Forecast (2020 - 2025)
South America Frozen Desserts Market is projected to grow at a CAGR of 7.4% during the forecast period 2020-2025.
In South America, the frozen desserts market is being driven by rising disposable incomes, the introduction of new flavors, increasing impulse purchasing, and huge demand for frozen desserts products among consumers.
Moreover, the growing demand for ice-creams with 'natural' and 'functional' claims is exhibiting strong growth in metropolitan countries. Manufacturers are using effective marketing strategies through digital platforms, mobile apps and social media platforms such as twitter in these emerging markets and are introducing new flavors to drive the consumption and create new customer acquisition.
Key Market Trends
Active Participation of Medium and Small Enterprises in Brazil
In order to gain competitive advantage and cater to the rising demand for economically priced ice cream, country-level players are differentiating their offerings in terms of flavor, ingredients, size, packaging design, and marketing initiatives. For instance, in 2018, there were around 8000 players operating in the Brazil ice cream industry, out of which around 7,200 were micro and small enterprises. Small enterprises have a significant presence in the ice cream market of Brazil, especially in the market for popsicles, as they come up with offerings that fulfill the need of local customers. Owing to such a competitive market, small players are adopting various strategic moves in order to broaden their presence. For instance, Sorvetes Jundiá Indústria e Comércio Ltda and Sorveteria Creme Mel SA are slowly increasing their penetration.
Argentina is the Fastest Growing Country
The Argentine frozen desserts market is mature and offers a wide choice of products. As the demand for ice cream in the country is driven by consumer desire, ice cream companies are tapping into this trend by offering products that help people achieve these desires. In order to gain market share, existing companies are changing their product portfolio by introducing novel products. For instance, a new trend that will continue to be popular in the coming years is the trend of hybrid products, i.e. ice cream in combination with cakes, cookies, marshmallows, etc. Some of the leading private label brands operating in Argentina are Coto, Carrefour, Great Value, and Jumbo, among others.
Companies are increasing their investments in research and development (R&D) and marketing and expanding their distribution channels to maintain their position in the market and offer innovative and healthy frozen desserts. Furthermore, some of the major players such as Unilever, Nestle, Grupo Nutresa, Arcor, and Creme Mel Sorvetes are the most active companies with numerous brands offering a broad range of frozen desserts across the region. The companies have spent considerably on improving quality, product innovation in terms of flavor, and packaging.
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