We've come a long way from good, old-fashioned vanilla.
Over the years, specialty ice cream has become a blank canvas to tell stories of freshly baked mix-ins and locally-grown produce. But lately, even wacky ingredients like CBD and luxurious edible gold are making their way into flavor combinations. With artisanal recipes and innovative concoctions, it's no wonder why supermarket freezer aisles are getting jam-packed.
With pints ranging between $10 and $20, these ultra-premium newcomers are making the market for ice cream skyrocket in value. Today, the ice cream industry is worth over $61 billion globally and is expected to grow 13% by 2024, according to the statistics company Statista. And with the average American consuming 23 pounds of ice cream each year, according to the International Dairy Foods Association, the evolution of ice cream is only going to expand from here.
Millennials and members of Generation Z in particular are more willing to drop money on premium price tags.
Because many young consumers have fewer bills and may be living at home, they choose to spend their disposable income on food, says food industry analyst Phil Lempert.
"They're willing to pay for that experience of having something that's super-premium that probably everybody else doesn't have," he says. "So I think we're going to see the most growth in that super-premium category."
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