Ice cream sales likely to spike by 30-40% amidst rising temperatures: Hocco
The rising temperatures coupled with favourable market conditions paint a promising picture for India's ice cream industry. As consumers seek ways to beat the heat, ice cream emerges as a refreshing indulgence, poised to witness substantial growth in the coming months.
As India experiences above-normal temperatures and an early onset of the summer season, the ice cream industry anticipates a surge in sales. Ankit Chona, managing director of Hocco, a prominent player in the ice cream market, sheds light on the current scenario and predicts a promising outlook for the industry.
Chona remarks on the stability of input prices for ice cream production, noting that they are even lower than the previous year. This favourable cost environment alleviates pricing pressures for ice cream manufacturers, setting the stage for robust growth. With an extended summer predicted, Chona foresees a bumper year ahead for ice cream companies, projecting a substantial increase in sales by 30-40% for most players.
Traditionally, the ice cream season gains momentum around the festival of Holi. However, this year, the onset of warmer weather in early March has led to an earlier uptick in ice cream consumption.
"Usually it is the festival of Holi when the ice cream season picks up, but this year from the first week of March itself we have seen the temperatures rising and so we have seen better offtake of ice creams. However, February was not a great month due to unseasonal rains, but March has seen a great uptick. Also, Holi just got over yesterday, so we are hoping that there will be a further uptick in sales starting today," Chona stated in an interview with CNBC-TV18.
Reflecting on consumer preferences, Chona highlights the popularity of certain ice cream flavours in India. While vanilla remains the top-selling flavour, butterscotch takes the lead as the second most favoured flavour, closely followed by chocolate. Interestingly, despite its global appeal, strawberry fails to make the top 10 list of preferred flavours in the Indian market.
First Published: Mar 27, 2024 12:10 AM IST
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