In this piece, we will take a look at the 15 largest ice cream companies in the world. For more companies, head on over to 5 Biggest Ice Cream Companies in the World.
If there's one food that both adults and children can agree on, it's ice cream. Widely called America's favorite treat, it's thought that there are more than a thousand different ice cream flavors all over the world. Simply put, ice cream is a dessert that is a frozen form of either milk or cream. Its popularity and appeal are so strong, that the Mughal Emperors of the Indian subcontinent had ice cream brought by horsemen from the mountains of the Hindu Kush.
Today's ice cream world doesn't involve horses. However, it does involve a few large multinational companies owning most of the brands and then selling them all over the world. An ice cream brand that is a household name is Cornetto, which is owned by Unilever PLC (NYSE:UL), which also owns a wide variety of other brands as well. The attention of multinationals is unsurprising, as the ice cream market itself is worth billions of dollars. According to research from Fortune Business Insights, the market was worth $71 billion in 2021, and it will sit at $73.6 billion by the end of this year. From then until 2029, the research firm expects that the market will grow at a compounded annual growth rate (CAGR) of 5.20% to sit at a whopping $104 billion by the end of the forecast period. Some key factors that will drive this growth, according to the research firm, are a shift in the industry to rebranding ice cream with a food that has health benefits, and the localization of flavors. In terms of segments, ice cream bought on the go is the more popular kind, vanilla is the most popular flavor in the world, and Asia Pacific will the strongest growing region with a 5.63% CAGR.
With the advancement of technology, ice cream companies are also improving their operations. A key concern in the food industry is traceability. Firms have to ensure that they document their products on each link of the supply chain, from the source to the consumer. This is due to the fact that in case of a health hazard, the product's origins can easily be identified to ensure that no other products are at risk and also to rectify the situation. Some technological innovations that are making the companies' jobs easier are lasers that allow companies to print their brands on wooden sticks, using automated instead of manual systems for raw materials mixing (a crucial step in the manufacturing chain as this is where supplies from different sources are mixed together, which blurs their traceability), and advanced traceability systems to nip out bacteria and potential diseases right when the ice cream is being made.
We took a broad look at the ice cream industry to pick out which brands are among the most popular in the world. Alongside these, their owners and other firms that primarily sell ice cream were identified. The companies were then sorted through their revenue; however, since some of them are private, their latest available information that might not correspond to the current fiscal or calendar year is also used as a gauge for their scope.
15 Largest Ice Cream Companies in the World
15. Crystal Creamery
Revenue during 2021: N/A
Crystal Creamery is one of the oldest dairy companies in the U.S. The firm is more than a hundred years old, as it was set up in 1901 and is based in California. It sells a wide variety of dairy products such as milk, yogurt, butter, cheese, sour cream, and ice cream. Crystal Creamery's ice cream lineup offers 29 different flavors, and its ice creams are also used in cakes, affogatos, milkshakes, and floats.
14. Perry’s Ice Cream
Revenue during 2021: N/A
Perry’s Ice Cream is another old ice cream that has been around for more than a hundred years. The firm was set up in 1918, and it is headquartered in Akron, New York. It sells ice cream in New York, Ohio, Massachusetts, and Pennsylvania. It has dozens of different ice cream flavors in its portfolio and also has partnerships with sports teams. Perry's claims to be the 26th largest ice cream brand in the U.S., and it also supplies to 25 different countries through its contract manufacturing division.
13. Pierre's Ice Cream Company
Revenue during 2021: $N/A
Pierre's Ice Cream Company is an Ohio based firm that was set up in 1932. It has a large catalog of ice creams, with more than 235 different products with its brand name. Additionally, Pierre's Ice Cream Company also makes ice cream for other brands through its manufacturing facilities. Its products are sold all over America, in states such as Ohio, Texas, New York, and New Jersey.
12. Cold Stone Creamery
Revenue during 2021: $406 million
Cold Stone Creamery is an ice cream parlor company that is a subsidiary of the MTY Food Group (TSE:MTY.TO), which raked in $406 million in revenue last year. When compared to some of the other companies on our list, it is one of the relatively younger firms which was set up in 1988. The firm is also an aggressive franchisor, through which it has a presence in 20 countries with more than a thousand stores all over the globe. Its stores are located in the U.S., China, Taiwan, India, and other countries.
11. Tillamook County Creamery Association
Revenue during 2021: $1 billion
Tillamook County Creamery Association is an Ohio based dairy cooperative that was set up in 1909. It produces and sells several dairy products such as cheese, milk, sour cream, butter, and ice cream. The ice cream segment consists of simple ice cream, custards, and ice cream sandwiches. Within the simple ice cream segment, Tillamook offers 35 different flavors. The firm also announced earlier this year that 2021 was the first time that it had crossed $1 billion in net sales or revenue.
10. Wells Enterprise
Revenue during 2021: $1 billion (EST)
Wells Enterprise is a private company that is headquartered in Le Mars, Iowa. The firm is the largest private ice cream company in the U.S. in terms of output and it owns different brands such as Blue Bunny, 2nd Street Creamery, and Bomb Pop. An estimate of Wells Enterprise's 2021 revenue was provided by its chief executive Mr. Mike Wells in December 2022, as part of the coverage of his firm's acquisition by the Ferrero Group. While he didn't provide a specific figure, Mr. Wells stated that his firm had earned more than $1 billion last year.
9. HP Hood LLC
Revenue during 2021: $2.7 billion
HP Hood LLC is an American company that is headquartered in Lynnfield, Massachusetts. The firm is probably the oldest on our list since it was set up in 1873. It has a variety of different brands under its portfolio, which comprises other dairy companies as well. Some of its ice creams are Brigham's Ice Cream, Green's Ice Cream, and Hagan Ice Cream. HP Hood LLC raked in $2.7 billion in revenue in 2021.
Revenue during fiscal year 2022: $6.5 billion
Amul is an Indian dairy company that is owned by Gujarat Cooperative Milk Marketing Federation which was set up in 1946. The firm procures its raw materials directly from farmers, and it has close to 50 different ice cream flavors and types in its product lineup. These are available in one liter tubs, cones, tricones, cups, and combo packs. Amul brought in $6.5 billion in revenue during its fiscal year 2022.
7. Meiji Holdings Co., Ltd. (TYO:2269.T)
Revenue during fiscal year 2022: $7.5 billion
Meiji Holdings Co., Ltd. (TYO:2269.T) is a Japanese holding firm that is also one of the largest confectionery companies in the world. The firm is headquartered in Tokyo, Japan. Its ice cream business dates back to 1924, and it also has a presence in China, where it established operations in 2020. Meiji Holdings Co., Ltd. (TYO:2269.T) releases limited time ice cream flavors throughout the year, and one of its more popular ice creams is the Essel Super Cup.
6. General Mills, Inc. (NYSE:GIS)
Revenue during 2021: $19 billion
General Mills, Inc. (NYSE:GIS) is known for its Häagen-Dazs ice cream brand which was set up in 1960 and has a global presence. Häagen-Dazs sells its products both in supermarkets and through online stores as well. It sells standard ice creams, ice cream bars, mini ice cream bars, layered ice cream, and sorbets. The firm's ice cream lineup has 49 different flavors. As for General Mills, Inc. (NYSE:GIS), it owns a variety of different food brands including pizza and yogurt. By the end of 2021, the firm had raked in $19 billion in revenue. Throughout its history, General Mills has tinkered with a host of different businesses including telecommunications and even aeronautical research.
40 of the 920 hedge funds polled by Insider Monkey during Q3 2022 had bought General Mills, Inc. (NYSE:GIS)'s shares.
General Mills, Inc. (NYSE: GIS)'s largest investor is Jim Simons' Renaissance Technologies which owns 3.6 million shares that are worth $281 million.
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Disclosure: None. 15 Largest Ice Cream Companies In the World is originally published on Insider Monkey.