Icecream Segment Assignment | Top Universities
In January 2018, a report by Grand View Research, Inc2, said the global ice cream market was anticipated to reach US$ 78.8 billion by 2025.3 The growing demand for premium products, especially in developed countries, was expected to drive ice cream sales. In addition, the growing number of health-conscious consumers was expected to contribute to market growth and push sales higher. Over the years, the increase in the demand for lactose-free ice creams was driven by an increase in cases of lactose intolerance and allergies. Also, these products were chosen by consumers who were health-conscious and preferred healthy foods. Companies were incorporating new flavors and healthier formulations-including free-from and reduced sugar varieties in the icecream segment to increase their revenue.
This trend toward health had started reflecting on the shelves of food retailers in the US. Ice cream brands like Halo Top, Ben & Jerry’s, So Delicious Dairy Free, Enlightened, and Arctic Zero were offering nutritional and guilt-free ice creams. Ice cream launches with health and wellness claims increased from 14. 9 percent in 2013 to 19.6 percent in 2017. In 2017, a US-based vegan ice cream brand, Snow Monkey Superfood Ice Treat (Snow Monkey), joined the trend. Snow Monkey positioned itself as a healthy alternative to traditional ice creams. It offeredpaleo5 products made of natural plant-based ingredients and were free from allergens. Started in the year 2015, Snow Monkey was an innovative creation of two ice cream lovers and roommates at Boston University (BU), Rachel (Rachel) and Mariana Ferreira (Mariana). In 2017, Snow Monkey announced its expansion plans to cover specialty food retailers like Wegmans, CentralMarket, and Nugget Markets and was available in more than 130 stores in the US. The mission ofTeam Snow Monkey was ”to change the way people eat by reimagining staple favorites as delicious fuel for a healthy life, sparking a movement where all people have access to affordable food that is great for us and great for the environment. “6The brand was allergy-friendly and catered to the needs of the paleo community in the US, which led to the boost in sales. Commenting on the growth of Snow Monkey, Co-founder Rachel explained,”Once we get a consumer who really buys into our values and sees the full potential in feeling great but also fueling their bodies, they want to share it with their friends because there is a huge community around the Paleo lifestyle.”7At a time when consumers had become conscious about health and clean label products, it remained to be seen how well Snow Monkey with its clean-label products loaded with luscious taste and packed with protein fitted in with the changing trend. Only time would tell whether it would be successful in placing ice creams as a breakfast snack, as the founders intended and continue to transform the frozen aisle. Get Accounting Homework Help Today.