MarketLine Industry Profile

Ice Cream in India

October 2022

Reference Code: 0102-0121

Publication Date: October 2022

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 Ice Cream in India

Industry Profiles

1. Executive Summary

1.1. Market value

The Indian ice cream market grew by 10.1% in 2021 to reach a value of $2,164.8 million.

1.2. Market value forecast

In 2026, the Indian ice cream market is forecast to have a value of $3,548.8 million, an increase of 63.9%
since 2021.

1.3. Market volume

The Indian ice cream market grew by 6.4% in 2021 to reach a volume of 670.3 million Kilograms.

1.4. Market volume forecast

In 2026, the Indian ice cream market is forecast to have a volume of 922.4 million Kilograms, an increase of
37.6% since 2021.

1.5. Category segmentation

Take-home and bulk ice cream is the largest segment of the ice cream market in India, accounting for
53.5% of the market's total value.

1.6. Geography segmentation

India accounts for 9.8% of the Asia-Pacific ice cream market value.

1.7. Market share

Gujarat Cooperative Milk Marketing Federation is the leading player in the Indian ice cream market,
generating a 33.2% share of the market's value.

1.8. Market rivalry

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High operating and exit costs drive up rivalry in the ice cream market, although larger players tend to be
diversified, alleviating this pressure somewhat. Strong growth during the review period (2016-2021) will
assuage rivalry.

1.9. Competitive Landscape

The Indian ice cream market has experienced strong value and volume growth in recent years. Gujarat
Cooperative Milk Marketing Federation Ltd. (GCMMF) is the leading player in the sector in value terms,
while Unilever and Wells Enterprises Inc accounted for second and third largest value shares, respectively,
in 2021. Moreover, Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) gained maximum value
share during 2016-2021.

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TABLE OF CONTENTS
1. Executive Summary2

1.1. Market value .............................................................................................................................................. 2

1.2. Market value forecast ................................................................................................................................ 2

1.3. Market volume........................................................................................................................................... 2

1.4. Market volume forecast............................................................................................................................. 2

1.5. Category segmentation.............................................................................................................................. 2

1.6. Geography segmentation .......................................................................................................................... 2

1.7. Market share .............................................................................................................................................. 2

1.8. Market rivalry ............................................................................................................................................ 2

1.9. Competitive Landscape .............................................................................................................................. 3

2. Market Overview9

2.1. Market definition ....................................................................................................................................... 9

2.2. Market analysis .......................................................................................................................................... 9

3. Market Data11

3.1. Market value ............................................................................................................................................ 11

3.2. Market volume......................................................................................................................................... 12

4. Market Segmentation13

4.1. Category segmentation ............................................................................................................................ 13

4.2. Geography segmentation ........................................................................................................................ 15

4.3. Market distribution .................................................................................................................................. 16

5. Market Outlook17

5.1. Market value forecast .............................................................................................................................. 17

5.2. Market volume forecast........................................................................................................................... 18

6. Five Forces Analysis19

6.1. Summary .................................................................................................................................................. 19

6.2. Buyer power............................................................................................................................................. 20

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6.3. Supplier power ......................................................................................................................................... 21

6.4. New entrants ........................................................................................................................................... 22

6.5. Threat of substitutes ................................................................................................................................ 23

6.6. Degree of rivalry ...................................................................................................................................... 24

7. Competitive Landscape26

7.1. Market share ............................................................................................................................................ 26

7.2. Who are the leading players in the Indian ice cream market? ................................................................ 26

7.3. Which companies have been most successful in increasing their market shares in the last 5 years (2016-
2021)? 27

7.4. Which companies’ market shares have suffered over the same period? ................................................ 27

7.5. What are the most popular brands in the market? ................................................................................. 27

8. Company Profiles28

8.1. Gujarat Cooperative Milk Marketing Federation Ltd ............................................................................... 28

8.2. Unilever Plc. ............................................................................................................................................. 30

8.3. Wells Enterprises Inc ................................................................................................................................ 34

8.4. Devyani International Ltd ........................................................................................................................ 36

9. Macroeconomic Indicators38

9.1. Country data ............................................................................................................................................ 38

Appendix 40

Methodology ........................................................................................................................................................... 40

9.2. Industry associations ............................................................................................................................... 41

9.3. Related MarketLine research ................................................................................................................... 41

About MarketLine .................................................................................................................................................... 42

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LIST OF TABLES
Table 1: India ice cream market value: $ million, 2016–21 11

Table 2: India ice cream market volume: million Kilograms, 2016–21 12

Table 3: India ice cream market category segmentation: % share, by value, 2016–2021 13

Table 4: India ice cream market category segmentation: $ million, 2016-2021 13

Table 5: India ice cream market geography segmentation: $ million, 2021 15

Table 6: India ice cream market distribution: % share, by value, 2021 16

Table 7: India ice cream market value forecast: $ million, 2021–26 17

Table 8: India ice cream market volume forecast: million Kilograms, 2021–26 18

Table 9: India ice cream market share: % share, by value, 2021 26

Table 10: Gujarat Cooperative Milk Marketing Federation Ltd: key facts 28

Table 11: Gujarat Cooperative Milk Marketing Federation Ltd: Key Employees 29

Table 12: Unilever Plc.: key facts 30

Table 13: Unilever Plc.: Annual Financial Ratios 32

Table 14: Unilever Plc.: Key Employees 33

Table 15: Wells Enterprises Inc: key facts 34

Table 16: Wells Enterprises Inc: Key Employees 35

Table 17: Devyani International Ltd: key facts 36

Table 18: Devyani International Ltd: Key Employees 37

Table 19: India size of population (million), 2017–21 38

Table 20: India gdp (constant 2005 prices, $ billion), 2017–21 38

Table 21: India gdp (current prices, $ billion), 2017–21 38

Table 22: India inflation, 2017–21 38

Table 23: India consumer price index (absolute), 2017–21 39

Table 24: India exchange rate, 2017–21 39

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LIST OF FIGURES
Figure 1: India ice cream market value: $ million, 2016–21 11

Figure 2: India ice cream market volume: million Kilograms, 2016–21 12

Figure 3: India ice cream market category segmentation: $ million, 2016-2021 14

Figure 4: India ice cream market geography segmentation: % share, by value, 2021 15

Figure 5: India ice cream market distribution: % share, by value, 2021 16

Figure 6: India ice cream market value forecast: $ million, 2021–26 17

Figure 7: India ice cream market volume forecast: million Kilograms, 2021–26 18

Figure 8: Forces driving competition in the ice cream market in India, 2021 19

Figure 9: Drivers of buyer power in the ice cream market in India, 2021 20

Figure 10: Drivers of supplier power in the ice cream market in India, 2021 21

Figure 11: Factors influencing the likelihood of new entrants in the ice cream market in India, 2021 22

Figure 12: Factors influencing the threat of substitutes in the ice cream market in India, 2021 23

Figure 13: Drivers of degree of rivalry in the ice cream market in India, 2021 24

Figure 14: India ice cream market share: % share, by value, 2021 26

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2. Market Overview

2.1. Market definition

The ice cream market consists of artisanal ice cream (both dairy and water-based), impulse ice cream (includes
single-serve ice cream tubs, packaged cones ice cream sandwiches, and chocolate-coated ice creams) and take-
home ice cream (includes multiple-serving ice cream tubs and, ice-cream cakes). The market is valued according to
retail selling price (RSP) and includes any applicable taxes. All currency conversions have been made using constant
annual average 2021 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Ghana, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea and Thailand.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.

2.2. Market analysis

The Indian ice cream market registered strong growth during the review period (2016-2021). The performance of
the market is forecast to slightly decelerate over the forecast period (2021-2026).
The Indian Ice cream market suffered setbacks in COVID-19 lockdowns as mobility was restricted. However, in-
home consumption compensated for the decrease in volume sales to a large extent. As restrictions lifted and
economic conditions improved, discretionary spending was less seen as people started to spend on non-essential
items. Preference towards ice creams with healthier ingredients was also seen.
The Indian Ice Cream market had total revenues of $2,164.8m in 2021, representing a compound annual growth
rate (CAGR) of 10.9% between 2016 and 2021. In comparison, the South Korean market declined with a CAGR of -
8.2%, and the Chinese market increased with a CAGR of 2.1%, over the same period, to reach respective values of
$1,229.8m and $8,073.8m in 2021.
Market production volume increased with a CAGR of 7.3% between 2016 and 2021, to reach a total of 670.3
million kilograms in 2021. The market's volume is expected to rise to 922.4 million kilograms by the end of 2026,
representing a CAGR of 6.6% for the 2021-2026 period.
The Take-Home and Bulk Ice Cream segment was the market's most lucrative in 2021, with total revenues of
$1.16b, equivalent to 53.5% of the market's overall value. The Impulse Ice Cream - Single Serve segment
contributed revenues of $906.5m in 2021, equating to 41.9% of the market's aggregate value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 10.4% for the five-year
period 2021 - 2026, which is expected to drive the market to a value of $3,548.8m by the end of 2026.

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Comparatively, the South Korean market will decline with a CAGR of -5.8%, and the Chinese market will increase
with a CAGR of 3.8%, over the same period, to reach respective values of $914.6m and $9,722.0m in 2026.

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3. Market Data

3.1. Market value

The Indian ice cream market grew by 10.1% in 2021 to reach a value of $2,164.8 million.
The compound annual growth rate of the market in the period 2016–21 was 10.9%.

Table 1: India ice cream market value: $ million, 2016–21

Year $ million Rs. million € million % Growth

2016 1,291.5 95,485.4 1,091.8
2017 1,451.8 107,344.2 1,227.4 12.4%
2018 1,641.5 121,364.5 1,387.8 13.1%
2019 1,865.0 137,893.8 1,576.8 13.6%
2020 1,966.3 145,384.4 1,662.4 5.4%
2021 2,164.8 160,058.1 1,830.2 10.1%

CAGR: 2016–21 10.9%

SOURCE: MARKETLINE MARKETLINE

Figure 1: India ice cream market value: $ million, 2016–21

SOURCE: MARKETLINE MARKETLINE

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3.2. Market volume

The Indian ice cream market grew by 6.4% in 2021 to reach a volume of 670.3 million Kilograms.
The compound annual growth rate of the market in the period 2016-21 was 7.3%.

Table 2: India ice cream market volume: million Kilograms, 2016–21

Year million Kilograms % Growth

2016 470.8
2017 512.8 8.9%
2018 557.3 8.7%
2019 610.4 9.5%
2020 629.8 3.2%
2021 670.3 6.4%

CAGR: 2016–21 7.3%

SOURCE: MARKETLINE MARKETLINE

Figure 2: India ice cream market volume: million Kilograms, 2016–21

SOURCE: MARKETLINE MARKETLINE

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4. Market Segmentation

4.1. Category segmentation

Take-home and bulk ice cream is the largest segment of the ice cream market in India, accounting for 53.5% of the
market's total value.
The Impulse ice cream - single serve segment accounts for a further 41.9% of the market.

Table 3: India ice cream market category segmentation: % share, by value, 2016–2021

Category 2016 2017 2018 2019 2020 2021

Take-Home and Bulk
49.8% 49.7% 49.5% 49.4% 53.6% 53.5%
Ice Cream
Impulse Ice Cream -
45.2% 45.3% 45.4% 45.5% 41.8% 41.9%
Single Serve
Artisanal Ice Cream 5.1% 5.1% 5.1% 5.1% 4.6% 4.6%

Total 100.1% 100.1% 100% 100% 100% 100%

SOURCE: MARKETLINE MARKETLINE

Table 4: India ice cream market category segmentation: $ million, 2016-2021

Category 2016 2017 2018 2019 2020 2021 2016-21

CAGR(%)
Take-Home and Bulk
642.7 720.9 813.2 921.7 1,053.4 1,157.8 12.5%
Ice Cream
Impulse Ice Cream -
583.2 657.4 745.1 848.9 822.3 906.5 9.2%
Single Serve
Artisanal Ice Cream 65.5 73.6 83.2 94.4 90.6 100.5 8.9%

Total 1,291.4 1,451.9 1,641.5 1,865 1,966.3 2,164.8 10.9%

SOURCE: MARKETLINE MARKETLINE

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Figure 3: India ice cream market category segmentation: $ million, 2016-2021

SOURCE: MARKETLINE MARKETLINE

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4.2. Geography segmentation

India accounts for 9.8% of the Asia-Pacific ice cream market value.
China accounts for a further 36.5% of the Asia-Pacific market.

Table 5: India ice cream market geography segmentation: $ million, 2021

Geography 2021 %
China 8,073.8 36.5
Japan 5,174.7 23.4
India 2,164.8 9.8
South Korea 1,229.8 5.6
Singapore 127.9 0.6
Rest of Asia-Pacific 5,330.6 24.1

Total 22,101.6 100%

SOURCE: MARKETLINE MARKETLINE

Figure 4: India ice cream market geography segmentation: % share, by value, 2021

SOURCE: MARKETLINE MARKETLINE

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4.3. Market distribution

Convenience Stores form the leading distribution channel in the Indian ice cream market, accounting for a 55.9% share
of the total market's value.
Food & drinks specialists accounts for a further 34.4% of the market.

Table 6: India ice cream market distribution: % share, by value, 2021

Channel % Share
Convenience Stores 55.9%
Food & drinks specialists 34.4%
Hypermarkets & Supermarkets 7.5%
“Dollar”, Variety & General Merchandise Stores 0.6%
Other 1.6%

Total 100%
SOURCE: MARKETLINE MARKETLINE

Figure 5: India ice cream market distribution: % share, by value, 2021

SOURCE: MARKETLINE MARKETLINE

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5. Market Outlook

5.1. Market value forecast

In 2026, the Indian ice cream market is forecast to have a value of $3,548.8 million, an increase of 63.9% since
2021.
The compound annual growth rate of the market in the period 2021–26 is predicted to be 10.4%.

Table 7: India ice cream market value forecast: $ million, 2021–26

Year $ million Rs. million € million % Growth

2021 2,164.8 160,058.1 1,830.2 10.1%
2022 2,418.9 178,847.6 2,045.1 11.7%
2023 2,684.5 198,482.5 2,269.6 11.0%
2024 2,953.2 218,347.1 2,496.7 10.0%
2025 3,238.2 239,420.5 2,737.7 9.7%
2026 3,548.8 262,386.5 3,000.3 9.6%

CAGR: 2021–26 10.4%

SOURCE: MARKETLINE MARKETLINE

Figure 6: India ice cream market value forecast: $ million, 2021–26

SOURCE: MARKETLINE MARKETLINE

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5.2. Market volume forecast

In 2026, the Indian ice cream market is forecast to have a volume of 922.4 million Kilograms, an increase of 37.6% since
2021.
The compound annual growth rate of the market in the period 2021–26 is predicted to be 6.6%.

Table 8: India ice cream market volume forecast: million Kilograms, 2021–26

Year million Kilograms % Growth

2021 670.3 6.4%
2022 709.9 5.9%
2023 761.5 7.3%
2024 811.5 6.6%
2025 864.2 6.5%
2026 922.4 6.7%

CAGR: 2021–26 6.6%

SOURCE: MARKETLINE MARKETLINE

Figure 7: India ice cream market volume forecast: million Kilograms, 2021–26

SOURCE: MARKETLINE MARKETLINE

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6. Five Forces Analysis

The ice cream market will be analyzed taking manufacturers of ice cream as players. The key buyers will be taken
as retailers (including supermarkets, hypermarkets, specialist retailers and convenience stores), and raw material
producers i.e. suppliers of milk, fat, emulsifiers etc. as the key suppliers.

6.1. Summary

Figure 8: Forces driving competition in the ice cream market in India, 2021

SOURCE: MARKETLINE MARKETLINE

High operating and exit costs drive up rivalry in the ice cream market, although larger players tend to be diversified,
alleviating this pressure somewhat. Strong growth during the review period (2016-2021) will assuage rivalry.
Convenience stores and Food and Drink specialists are the main buyers. However their buyer power is limited, as
branding influences consumer purchasing decisions and retailers must follow consumer demand.
Manufacturers are able to source their inputs from a relatively large number of suppliers, although the lack of suitable
substitutes for major ingredients boosts supplier power.
Substitutes of ice cream are available; however retailers are likely to continue selling ice cream as part of their product
range. The threat of substitute is therefore assessed as moderate.
For new entrants, the existence of large, well-established incumbents presents a significant barrier to entry, although it
is increasingly possible to enter the market on a smaller scale with a more artisan offering.

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6.2. Buyer power

Figure 9: Drivers of buyer power in the ice cream market in India, 2021

SOURCE: MARKETLINE MARKETLINE

Convenience stores are the main buyers in the Indian ice cream market, accounting for 55.9% of the market's total
value. Food and drink specialists are the second-largest distribution channel accounting for 34.4% of the market.
Manufacturers of ice cream can differentiate their products by brand, flavor and calorie content. Major buyers
generally need to offer a range of products to their customers, which weaken buyer power somewhat. Drivers of buyer
power are especially mitigated, when consumers are loyal to particular brands.
Retailers are unlikely to be swayed by brand loyalty, and price sensitivity remains high. Some retailers have attempted
backward integration; for example, supermarkets have been developing private label products. However, large,
international ice cream producers have responded by selling direct to consumers through franchised ice cream parlors.
Ice cream is generally not a significant part of a food retailer's business, which moderately strengthens buyer power.
Overall, the buyer power is assessed as high.

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6.3. Supplier power

Figure 10: Drivers of supplier power in the ice cream market in India, 2021

SOURCE: MARKETLINE MARKETLINE

Ice cream, a flavored frozen food, is made up of milk fat or butterfat, milk solids, sweeteners, stabilizers, emulsifiers,
and water. As long-term supply contracts are uncommon, dairy products are usually purchased in the open market.
Therefore, ice cream companies have little control over prices and often use techniques such as hedging to mitigate the
impact of price fluctuations. Large ice cream manufacturing firms usually have strong negotiating position, but the
absence of fixed-term agreements means that the cost of switching suppliers is low.
Supplier power is boosted to an extent by the presence of large dairies and companies, who sell milk fat and
concentrates in bulk to the ice cream industry, as well as companies who supply trademarked ingredients. Leading
manufacturers must maintain product quality to ensure brand equity. Therefore, producers must source raw materials
of appropriate quality.
Packaging is an important input in this market and some players may enter into long-term contracts with suppliers.
Substitutes for some minor ingredients are available however there are no satisfactory substitutes for major ingredients
such as milk and sugar. This strengthens supplier power. Overall, supplier power is assessed as moderate.

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6.4. New entrants

Figure 11: Factors influencing the likelihood of new entrants in the ice cream market in India, 2021

SOURCE: MARKETLINE MARKETLINE

Despite the relative maturity of the ice cream market, individual makers of gourmet ice cream can appeal to customers
by emphasizing their use of natural ingredients and general quality of products on offer. Specialty ice creams can be
sold at higher prices and any initial investment in raw materials and production equipment can be recouped through
good margins on the price of the end product.
Larger companies, however, produce not only premium ice cream but also mass-marketed products. Here, margins are
much higher.
The other limitation of entering this market concerns distribution channels. Fresh ice cream is by nature difficult to
transport and the storage cost is rather high. Producers must to distribute their products widely to supermarkets which
have considerable buyer power. Sales space is a vital but finite resource, and it may be difficult to persuade retailers to
allocate it to a new player's product.
International companies such as Unilever have their own chains of ice cream parlors, which sell products directly to the
consumer. However, smaller companies may not be able to afford such outlets and instead must convince
supermarkets, specialist stores, and other businesses to stock their products.
Manufacturers of ice cream can differentiate their products. Consumers want ice cream to be associated with pleasure
and flavor experimentation. Strong levels of differentiation in the market make it difficult for newcomers to attract
buyers away from existing companies and diminish the likelihood of new entrants.
Low switching costs mean that retailers can easily change their preferences. However, retailers must stock products
that meet with consumer demand.
The market recorded strong growth rate during the review period, which boosts the likelihood of newcomers. Overall,
there is a moderate likelihood of new entrants.

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6.5. Threat of substitutes

Figure 12: Factors influencing the threat of substitutes in the ice cream market in India, 2021

SOURCE: MARKETLINE MARKETLINE

From a consumer’s point of view, there are a number of substitutes for commercially-available ice cream. These include
frozen desserts, sorbets, confectionery, savory snacks, and smoothies.
Retailers will stock all kinds of substitutes. From the retailer's point of view, these can offer benefits, such as higher
margins, cheaper storage, and longer shelf-lives.
Switching costs are not significant. However, most retailers are likely to continue selling ice cream as part of their
product range. The threat of substitutes is assessed as moderate.

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6.6. Degree of rivalry

Figure 13: Drivers of degree of rivalry in the ice cream market in India, 2021

SOURCE: MARKETLINE MARKETLINE

The Indian ice cream market is concentrated with the top four players, Gujarat Cooperative Milk Marketing Federation
Ltd (GCMMF), Unilever, Wells Enterprises and Devyani Food Industries Pvt ltd. holding 67.4% of the total market by
value. Notably, GCMMF alone accounted for 33.2% of the total market value in 2021. The large number of competitors
in this market, as well as the presence of strong incumbents, serves to increase rivalry.
Retailers can switch between different manufacturers' products quite easily, which increases the degree of rivalry.
However, consumers’ brand loyalty exerts a pull-through on retailers and makes it difficult for them to abandon a
popular product or replace with a private-label variant.
It is notable that the largest players in this market own majority of their factories. Consequently, exit barriers are high,
since leaving the market would require the divestment of substantial, and often quite specialized, assets. Fixed costs
are also likely to be high, although automated processes mean that production can be ramped up when necessary.
These factors tend to intensify rivalry.
Some leading players have diversified into other food business areas, which reduces rivalry by making them less reliant
on ice cream sales.
Strong market growth during the review period helps to alleviate the competition somewhat. Overall, there is a
moderate degree of rivalry in this market.

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7. Competitive Landscape
The Indian ice cream market has experienced strong value and volume growth in recent years. Gujarat
Cooperative Milk Marketing Federation Ltd. (GCMMF) is the leading player in the sector in value terms, while
Unilever and Wells Enterprises Inc accounted for second and third largest value shares, respectively, in 2021.
Moreover, Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) gained maximum value share during
2016-2021.

7.1. Market share

Table 9: India ice cream market share: % share, by value, 2021

Company % Share
Gujarat Cooperative Milk Marketing Federation 33.2%
Unilever 15.9%
Wells Enterprises, Inc. 12.3%
Devyani Foods Industries Pvt. Ltd. 5.9%
Other 32.6%

Total 100%
SOURCE: MARKETLINE MARKETLINE

Figure 14: India ice cream market share: % share, by value, 2021

SOURCE: MARKETLINE MARKETLINE

7.2. Who are the leading players in the Indian ice cream market?

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India based Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) is the leading player in the Indian ice cream
market, accounting for 33.2% of the market value in 2021 and is expected to retain its lead position in the coming
years. The company has a strong foothold in Impulse Ice Cream - Single Serve and Take-Home and Bulk Ice Cream
segments in 2021, through brand such as Amul.
UK based multinational Unilever is the second leading player in the Indian ice cream market, accounting for 15.9% of
the market value in 2021. The company has a strong foothold in Impulse Ice Cream - Single Serve and Take-Home and
Bulk Ice Cream segments in 2021, through brands such as Paddle Pop, Magnum, Cornetto, Feast.
US based Wells Enterprises Inc is the third leading player in the Indian ice cream market, accounting for 12.3% of the
market value in 2021. The company has a strong foothold in Impulse Ice Cream - Single Serve and Take-Home and Bulk
Ice Cream segments in 2021, through brand such as Vadilal.

7.3. Which companies have been most successful in increasing their

market shares in the last 5 years (2016-2021)?
In the Indian ice cream market, Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) gained largest market
share with a 1.0 percentage points increase in value terms over the last five years, increasing from 32.2% in 2016 to
33.2% in 2021. Over the same period, value market share of Wells Enterprises, Inc. increased with a 0.6 percentage
points, growing from 11.7% in 2016 to 12.3% in 2021. Moreover, value market share of Devyani Foods Industries Pvt.
Ltd. increased with a 0.4 percentage points, growing from 5.5% in 2016 to 5.9% in 2021.

7.4. Which companies’ market shares have suffered over the same
period?

In the Indian ice cream market, Unilever witnessed loss of value share in the last five years, falling 0.2 percentage
points, down from 16.1% in 2016 to 15.9% in 2021.

7.5. What are the most popular brands in the market?

Amul (owned by Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) is the most popular brand in the
Indonesian ice cream market, accounting for a value share of 33.3%, in 2021. Furthermore, Vadilal (owned by Wells
Enterprises, Inc.) and Cream Bell (owned by Devyani Foods Industries Pvt. Ltd.) are also top brands of the sector, which
held brand value shares of 12.3% and 5.9%, respectively, in the same year.

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8. Company Profiles

8.1. Gujarat Cooperative Milk Marketing Federation Ltd

8.1.1. Company Overview

Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) is a manufacturer and distributor of dairy
products. The company’s product portfolio includes butter, sweets, milk, fresh cream, milk powders, ghee,
bread spreads, and curd. It also offers ice-creams, chocolates and confectionery, and non-alcoholic beverages.
GCMMF collects milk from village milk cooperative societies and markets its products under Amul and Sagar
brands, through a network of sales offices, dealers and retailers. It operates and franchises retail parlors in
various cities in India including Ahmadabad, Baroda, New Delhi, Bengaluru, Hyderabad, Mumbai, and Surat.
GCMMF exports products to the US, Singapore, Japan, the Philippines, China, Australia, and Gulf countries. It is
apex organization of the Dairy Cooperatives of Gujarat, known as AMUL. GCMMF is headquartered in Anand,
Gujarat, India.

8.1.2. Key Facts

Table 10: Gujarat Cooperative Milk Marketing Federation Ltd: key facts

Head office: Amul Dairy Road Opposite Hotel Surabhi, Anand, Gujarat, India
Website: www.amul.com
Financial year-end: March
SOURCE: COMPANY WEBSITE MARKETLINE

8.1.3. Business Description

Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) is a marketer and distributor of dairy products. The
company’s product portfolio comprises milk, milk powder, paneer, fresh cream, bread spread, healthy beverages,
buttermilk, curd, ghee, butter, cheese, pizza cheese, ice-cream, paneer, chocolates and traditional Indian sweets.
GCMMF markets products under Amul and Sagar brands in India, the US, Singapore, the Philippines, Japan, China,
Australia and Gulf Countries. The company sells its products through dairy and ice-cream distributors and online.
The company, also known as AMUL, has dairy cooperative societies at the village level, a federation of societies
under a milk union at the district level and a federation of member unions at the state level. GCMMF has 3.64
million milk producing members, 18,600 village societies and 18 member unions including 33 districts. The 18-
district cooperative milk producers’ unions are located in Anand, Mehsana, Himatnagar, Palanpur, Surat,
Vadodara, Godhra, Valsad, Bharuch, Ahmedabad, Rajkot, Gandhinagar, Surendranagar, Amreli, Bhavnagar, Anjar,
Porbandar, and Junagadh.
GCMMF procures 26.3 million liters of milk each day from these village milk cooperative societies and total milk
handling capacity of 41 million liters of milk per day. It also provides support in dairy farming by extending
veterinary services and quality inputs including cattle feed. GCMMF has plants with production capacity of 10,000
metric ton per day. The cattle feed plants are located in Ahmedabad, Banaskantha, Kheda, Mehsana, Panchmahal,
Sabarkantha, Surat and Vadodara. GCMMF operates through 76 sales offices. It also operates food retailing chains
including Amul preferred outlets, Amul ice-cream parlor, Amul railway stalls, Amul Kiosks in Food and Cafe Amul.

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Table 11: Gujarat Cooperative Milk Marketing Federation Ltd: Key Employees

Name Job Title Board

R.S. Sodhi Managing Director Senior Management
Shamalbhai B Patel Chairman Executive Board
Valamjibhai R Humbal Vice Chairman Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

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8.2. Unilever Plc.

8.2.1. Company Overview

Unilever Plc (Unilever or ‘the company’) manufactures and markets fast moving consumer goods, including
food products, home care products, beverages, personal care and health products. It offers these products
under several brands, including Knorr, Lipton, Hellmann’s, Wall’s, Dove, Omo, Lux, Rexona, Comfort, Surf Excel,
Sunsilk, Lifebuoy, Pond’s, TRESemme, Rin, Ben & Jerry’s, Breyers, Brooke Bond, Magnum, Suave, Vaseline, and
Axe. The company sells its products to small family-owned shops, bricks and mortar store partners, value
retailers, and online retailers. It primarily operates across Asia-Pacific, the Americas, Africa, Europe and the
Middle East. The company is headquartered in London, Greater London, the UK.
The company reported revenues of (Euro) EUR52,444 million for the fiscal year ended December 2021
(FY2021), an increase of 3.4% over FY2020. In FY2021, the company’s operating margin was 16.5%, compared
to an operating margin of 16.4% in FY2020. In FY2021, the company recorded a net margin of 11.5%, compared
to a net margin of 11% in FY2020.

8.2.2. Key Facts

Table 12: Unilever Plc.: key facts

Head office: Unilever House Blackfriars, , London, United Kingdom

Telephone: 442018942790
Fax: 442078225951
Number of Employees: 148000
Website: www.unilever.com
Financial year-end: December
Ticker: ULVR
Stock exchange: London Stock Exchange (LON)
SOURCE: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

Unilever Plc. (Unilever or ‘the company’) is a manufacturer and distributor of personal care, household and food
products. The company offers products under more than 400 brands and serves around 25 million retail stores
globally, including approximately 2.5 billion customers in 190 countries.
The company operates its business through four reportable segments: Beauty and Personal Care, Foods and
Refreshment, and Home Care.
Under the Beauty and Personal Care segment, Unilever offers skincare and hair care products, including
deodorants and oral care products. The company's major brands in this segment include Clear, Dove, Lux, Rexona,
Signal, Suave, TRESemme, Sunsilk, Axe, Vaseline, Pond’s and Lifebuoy, among others. In FY2020, the Beauty and
Personal Care segment reported revenue of EUR21,124 million, which accounted for 41.6% of the company’s
revenue.
The Foods and Refreshment segment of the company offers ice-creams, savory snacks, dressings, and tea
products. Unilever’s major brands under this segment are Ben & Jerry’s, Breyers, Brooke Bond, Heart (Wall’s),
Hellmann’s, Knorr, Lipton, Magnum, The Vegetarian, Butcher, and Unilever Food Solutions. In FY2020, the Foods
and Refreshment segment reported revenue of EUR19,140 million, which accounted for 37.7% of the company’s
revenue.

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Through the Home Care segment, the company provides home care products, such as powders, liquids and
capsules, soap bars, and a wide range of cleaning products. The company's key brands in this segment include
Omo, Surf, Persil, Seventh Generation, Sunlight, Cif, Domestos, and Rin, among others. In FY2020, the s Home Care
segment reported revenue of EUR10,460 million, which accounted for 20.6% of the company’s revenue.
Geographically, the company operates in four regions, including Asia, Africa, the Middle East, Turkey, Russia,
Ukraine, and Belarus (Asia/AMET/RUB); the Americas; and Europe. In FY2020, the company generated 46.2% of its
revenue from Asia/AMET/RUB region, followed by the Americas (31.7%) and Europe (22.1%). The company
manages approximately 450 logistics warehouses, 290 offices, and 290 factories.

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Table 13: Unilever Plc.: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Sales Growth % 1.90 -5.09 1.96 -2.42 3.39
Operating Income Growth % 8.64 50.95 -31.66 -4.80 3.78
EBITDA Growth % 8.07 49.90 -28.54 -3.58 0.58
Net Income Growth % 16.76 54.78 -39.96 -0.78 8.39
EPS Growth % 19.67 -6.35 26.06 -5.53 7.85
Working Capital Growth % -7.16 -24.57 -2.65 -2.48 66.34
Equity Ratios
EPS (Earnings per Share) EUR 2.30 2.16 2.72 2.57 2.77
Dividend per Share EUR 1.41 1.50 1.69 1.66 1.74
Dividend Cover Absolute 1.63 1.43 1.61 1.55 1.59
Book Value per Share EUR 4.98 4.36 5.04 5.81 6.68
Profitability Ratios
Gross Margin % 49.17 43.70 44.01 43.45 42.30
Operating Margin % 15.78 25.09 16.82 16.41 16.47
Net Profit Margin % 11.27 18.38 10.82 11.00 11.53
Profit Markup % 96.72 77.62 78.61 76.84 73.32
PBT Margin (Profit Before Tax) % 15.18 24.24 15.95 15.76 16.31
Return on Equity % 44.41 82.21 42.64 36.56 35.36
Return on Capital Employed % 22.84 31.23 19.95 17.68 17.17
Return on Assets % 10.37 15.44 8.93 8.43 8.47
Return on Working Capital % -136.83 -273.82 -192.24 -187.67 -117.09
Operating Costs (% of Sales) % 84.22 74.91 83.18 83.59 83.53
Administration Costs (% of Sales) % 31.00 23.37 23.26 23.41 22.31
Liquidity Ratios
Current Ratio Absolute 0.73 0.77 0.78 0.78 0.70
Quick Ratio Absolute 0.56 0.55 0.58 0.57 0.51
Cash Ratio Absolute 0.14 0.16 0.20 0.27 0.14
Leverage Ratios
Debt to Equity Ratio Absolute 1.75 2.30 2.11 1.75 1.73
Net Debt to Equity Absolute 1.48 1.95 1.72 1.34 1.47
Debt to Capital Ratio Absolute 0.64 0.70 0.68 0.64 0.63
Efficiency Ratios
Asset Turnover Absolute 0.92 0.84 0.83 0.77 0.73
Fixed Asset Turnover Absolute 4.85 4.52 4.30 4.48 5.01
Inventory Turnover Absolute 6.63 6.95 6.88 6.65 6.62
Current Asset Turnover Absolute 3.48 3.14 3.26 3.11 3.13
Capital Employed Turnover Absolute 1.45 1.24 1.19 1.08 1.04
Working Capital Turnover Absolute -8.67 -10.91 -11.43 -11.44 -7.11
SOURCE: COMPANY FILINGS MARKETLINE

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Table 14: Unilever Plc.: Key Employees

Name Job Title Board

Alan Jope Chief Executive Officer Executive Board
Alan Jope Director Executive Board
Andrea Jung Director Non Executive Board
Conny Braams Chief Digital and Marketing Officer Senior Management
Emily Pittman General Manager Ireland Senior Management
Emily Pittman Vice President Ireland Senior Management
Fabian Garcia President Unilever North America Senior Management
Feike Sijbesma Director Non Executive Board
Graeme Pitkethly Chief Financial Officer Executive Board
Graeme Pitkethly Director Executive Board
Hanneke Faber President Foods and Refreshment Senior Management
John Rishton Director Non Executive Board
Judith Hartmann Director Non Executive Board
Laura Cha Director Non Executive Board
Leena Nair Chief Human Resources Officer Senior Management
Marc Engel Chief Supply Chain Officer Senior Management
Nils Smedegaard Andersen Chairman Executive Board
Nitin Paranjpe Chief Operating Officer Senior Management
Peter Ter Kulve President Home Care Senior Management
Richard Slater Chief R&D Officer Senior Management
Ritva Sotamaa Chief Legal Officer Senior Management
Ritva Sotamaa Secretary Senior Management
Sanjiv Mehta Chairman Hindustan Unilever Ltd Executive Board
Sanjiv Mehta Managing Director Hindustan Unilever Ltd Executive Board
Sanjiv Mehta President Unilever, South Asia Executive Board
Strive Masiyiwa Director Non Executive Board
Sunny Jain President Beauty and Personal Care Senior Management
Susan Kilsby Director Non Executive Board
Youngme Moon Vice Chairman Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

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8.3. Wells Enterprises Inc

8.3.1. Company Overview

Wells Enterprises Inc (WEI) is an ice cream production company. The company produces and sells ice creams,
frozen treat and related products. WEI offers it ice creams under the brand names Blue Bunny, Blue Ribbon
Classics, Sorbabes, Halo Top and Bomb Pop. The company also offers food services for premium flavours with
special designations and dietary needs. WEI also offers ice creams such as Bomb Pop, Big Dipper, Kids
favourites, refreshing treats, ice cream bars, ice cream sandwiches and Froz fruit on mobile vending machines.
WEI is headquartered Le Mars, Iowa, the US.
As a privately-held company, Wells Enterprises is not obliged to release its financials.

8.3.2. Key Facts

Table 15: Wells Enterprises Inc: key facts

Head office: One Blue Bunny Drive Le Mars, Iowa, United States
Website: wellsenterprisesinc.com
Financial year-end: April
SOURCE: COMPANY WEBSITE MARKETLINE

8.3.3. Business Description

Wells Enterprises Inc. (WEI) is a manufacturing company. The company manufactures ice creams and frozen
treats. The company operates across the US.
The company operates through the following brands, namely Blue Bunny, Blue Ribbon Classics, Halo Top and
Bomb Pop.
WEI under the Blue Bunny offers wide variety of flavours such as classic scoops, caramel n coffee, baked goodies,
fruity fun, and go nuts. Under the classic scoops it products are chocolate, fudge, mint, Neapolitan, strawberry,
vanilla, and white chocolate. WEI through caramel n coffee provides caramel, coffee, mocha and toffee. Under the
baked goodies it provides brownie, cake, candy, cherry cheesecake, chocolate chips, cookie dough, cookies,
cookies and cream, cream cheese, graham, and marshmallow. Under the go nuts it offers black walnut, butter
pecan, hazelnut, mixed nuts, peanut butter, peanuts, pecan, and pistachio.
The company through Blue Ribbon Classics provides ice creams, frozen treats and sherbets. Under the ice creams
it offers cookies and cream, banana split, butter brickle, butter pecan, frozen treats nut chocolate, fudge twirl,
mint chip, Ozark black walnut, strawberry marble, tin roof sundae, and vanilla. WEI through frozen treats provides
cones, bars, pops, crunch bars, bar cookies, screamers and cookies, vanilla and chocolate cups. The company
through sherbets offers lime sherbets, orange sherbets, rainbow sherbets, and raspberry sherbets.
WEI’s Halo Top include dairy, dairy-free and keto series. Its various products include birthday cake, blueberry
crumble, candy bar, caramel macchiato, sea salt caramel, strawberry, seasonal flavors and vanilla bean.
The company offer its Bomb Pop products such as Crush, Original Bomb Pop, Root Beer Float Bomb Pop, Hawaiian
Punch Bomb Pop, Banana Fudge Bomb Pop, Watermelon Bomb Pop, WARHEADS Bomb Pop, Original Sugar Free
Bomb Pop and Chocolate Caramel Sundae Bomb Pop.

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Table 16: Wells Enterprises Inc: Key Employees

Name Job Title Board

Erick Opsahl General Counsel Senior Management
Erick Opsahl Senior Vice President Legal Affairs Senior Management
Gwendolyn Hatten Butler Director Non Executive Board
Jeremy Pinkerman Chief Financial Officer Senior Management
Jeremy Pinkerman Executive Vice President Senior Management
Liam Killeen President Senior Management
Michael C Wells Chief Engagement Officer Senior Management
Michael C Wells Chief Executive Officer Senior Management
Michele Miller Chief Human Resources Officer Senior Management
Michele Miller Senior Vice President Senior Management
Sara Greenstein Director Non Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

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8.4. Devyani International Ltd

8.4.1. Company Overview

Devyani International Ltd (Devyani International) is a franchiser and operator of restaurants. The company
offers products such as tadka idli, rasam with papad, snacky dosa, vada pao, poori bhaji, masala upma,
uthappams, vada, parathas, desserts, curd rice, tomato rice, appetizers, burgers, salads, sandwiches, beverages,
buttermilk, lemonades, coffee, tea and ice cream, among others. It provides South Indian food under the brand
Vaango. Devyani International operates outlets of Pizza Hut, KFC, Costa and Vaango. The company has its
presence in the Indian subcontinent, Nepal, and Nigeria. Devyani International is headquartered in Gurgaon,
Haryana, India.
The company reported revenues of (Rupee) INR20,733.4 million for the fiscal year ended March 2022 (FY2022),
an increase of 84.9% over FY2021. In FY2022, the company’s operating margin was 11.4%, compared to an
operating margin of 1.7% in FY2021. The net profit of the company was INR1,563.4 million in FY2022, compared
to a net loss of INR552.1 million in FY2021. The company reported revenues of INR7,474.3 million for the
second quarter ended September 2022, an increase of 6.1% over the previous quarter.

8.4.2. Key Facts

Table 17: Devyani International Ltd: key facts

Head office: Plot No. 18 Sector 35 Near Hero Honda Chowk, Gurgaon, India
Telephone: 911141706720
Fax: 911244643203
Number of Employees: 12074
Website: dil-rjcorp.com
Financial year-end: March
SOURCE: COMPANY WEBSITE MARKETLINE

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Table 18: Devyani International Ltd: Key Employees

Name Job Title Board

Arjun Verma Chief Financial Officer Executive Board
Arjun Verma Director Executive Board
Girish Kumar Ahuja Director Non Executive Board
Manish Dawar Chief Financial Officer Executive Board
Manish Dawar Director Executive Board
Naresh Trehan Director Non Executive Board
Pradeep Khushalchand Sardana Director Non Executive Board
Raj Pal Gandhi Director Non Executive Board
Rashmi Dhariwal Director Non Executive Board
Ravi Gupta Director Non Executive Board
Ravikant Jaipuria Director Non Executive Board
V P Singh, Ph.D. Director Human Resources Senior Management
Varun Jaipuria Director Executive Board
Virag Joshi Chief Executive Officer Senior Management
Virag Joshi President Senior Management
SOURCE: COMPANY FILINGS MARKETLINE

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9. Macroeconomic Indicators

9.1. Country data

Table 19: India size of population (million), 2017–21

Year Population (million) % Growth

2017 1,283.6 1.2%
2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%

SOURCE: MARKETLINE MARKETLINE

Table 20: India gdp (constant 2005 prices, $ billion), 2017–21

Year Constant 2005 Prices, $ billion % Growth

2017 1,990.6 7.7%
2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%

SOURCE: MARKETLINE MARKETLINE

Table 21: India gdp (current prices, $ billion), 2017–21

Year Current Prices, $ billion % Growth

2017 3,035.3 13.6%
2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%

SOURCE: MARKETLINE MARKETLINE

Table 22: India inflation, 2017–21

Year Inflation Rate (%)
2017 6.4%
2018 6.3%
2019 6.3%
2020 6.2%

SOURCE: MARKETLINE MARKETLINE

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Table 23: India consumer price index (absolute), 2017–21

Year Consumer Price Index (2005 = 100)

2017 262.2
2018 278.7
2019 296.3
2020 314.6

SOURCE: MARKETLINE MARKETLINE

Table 24: India exchange rate, 2017–21

Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2017 65.0484 73.5945
2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848
2021 73.9362 87.4531

SOURCE: MARKETLINE MARKETLINE

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Appendix

Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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9.2. Industry associations

9.2.1. International Dairy Federation

Diamant Building, Boulevard Auguste Reyers 80, 1030 Brussels, BEL

Tel.: 32 2 325 67 40
Fax: 32 2 325 67 41
www.fil-idf.org

9.2.2. International Dairy Foods Association

1250 H Street, NW, Suite 900, Washington, DC 20005 USA

Tel.: 1 202 737 4332
Fax: 1 202 331 7820
www.idfa.org

9.3. Related MarketLine research

9.3.1. Industry Profile

Global Ice Cream

Ice Cream in Europe

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