Top 10 Companies in the India Ice Cream Market

Gujarat Co-operative Milk Marketing Federation Ltd, Vadilal Industries Ltd, Mother Dairy Fruit & Vegetable Pvt Ltd, Hindustan Unilever Limited, Devyani Food Industries Ltd, Graviss Foods Pvt Ltd, Dinshaws Dairy Foods Pvt. Ltd, Havmor Ice Cream Pvt Ltd, Ramani Icecream Company Limited, Dairy Classic Ice Creams Pvt. Ltd., and General Mills Inc., among others, are the major players in India ice cream market.

The India ice cream market reached a value of about USD 3.46 billion in 2023. The market is projected to grow at a CAGR of 15% in the forecast period of 2024-2032 to reach around USD 12.17 billion by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by India being the world's largest manufacturer of dairy products.

Ice cream, a beloved frozen dessert cherished by all ages, boasts a creamy texture achieved through a blend of dairy, sweeteners, and flavourings. Stabilisers like gluten ensure its smooth consistency. Rapid chilling prevents large ice crystals from forming, resulting in its signature fluffy texture. Vanilla, chocolate, raspberry, strawberry, and butterscotch are among the favoured flavourings. Enjoyed worldwide, ice cream comes in various forms, from cones to sundaes, offering a refreshing and indulgent treat, especially during warm weather or as a dessert choice, catering to diverse tastes.

In India, ice cream has emerged as a preferred dessert choice, driven by the nation's warm and humid climate and evolving consumer palates. Consequently, dessert sales are steadily rising across the region, reflecting shifting food preferences and the enduring appeal of this cool treat amidst the heat.

India, a key player in global dairy production, plays a pivotal role in driving its booming ice cream market. The nation's robust dairy industry, coupled with rapid urbanisation and rising per capita incomes, has spurred demand for premium ice cream offerings. Consumers, keen on exploring novel flavours and styles, have fuelled the India ice cream market expansion, leading to the introduction of diverse products such as sundaes.

In February 2024, Jungle Ventures invested USD 20 million in Walko Food to support its expansion in the Indian ice cream market. This second investment, following a previous one in May 2023, reflected Jungle’s confidence in Walko's potential dominance. Walko strategically broadened its product range, introducing Yummo, a new ice cream brand tailored for the Indian mass retail market. Renowned for using high-quality ingredients, Walko exclusively produced Yummo ice creams from pure milk, establishing itself as the brand with the widest variety of ice creams among all competitors in India.

Top 10 Ice Cream Companies in India:

Gujarat Co-operative Milk Marketing Federation Ltd

Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), known as AMUL, is India's premier dairy product manufacturer and distributor. Established in 1973, GCMMF offers a diverse range of dairy products, including butter, milk, cheese, and ice cream. With a turnover of INR 72,000 Crores (USD 9 Billion) in 2022-23, it stands as India's largest FMCG brand. GCMMF's extensive product portfolio also encompasses sweets, ghee, and non-alcoholic beverages, serving customers nationwide with a commitment to quality and excellence.

Vadilal Industries Ltd

The name Vadilal is synonymous with delectable ice cream offerings in a wide array of flavours, embodying quality, accessibility, and innovation. Originating in 1907 with Vadilal Gandhi's modest soda fountain, the business transitioned through generations, with Ranchod Lal Gandhi spearheading its expansion in 1926. Under the stewardship of Ramchandra and Lakshman, Vadilal embraced modernisation, evolving into a thriving corporate entity by the 1970s. Despite humble beginnings, Vadilal's commitment to excellence and calculated risk-taking has cemented its legacy as a pioneer in the ice cream industry.

Mother Dairy Fruit & Vegetable Pvt Ltd

Established in 1974 as part of Operation Flood, Mother Dairy is a wholly owned subsidiary of the National Dairy Development Board (NDDB), aimed at making India self-sufficient in milk production. Through innovative programs and initiatives, it has played a pivotal role in achieving this goal. Mother Dairy offers a wide range of milk and milk products, including cultured products, ice creams, and ghee, meeting the diverse needs of households. With a focus on quality and sustainability, it maintains market leadership in the branded milk segment and ensures equitable support for dairy farmers.

Hindustan Unilever Limited

Hindustan Unilever Limited (HUL), India's leading FMCG company with a 90-year legacy, is driven by a purpose of sustainable living. Serving nine out of ten Indian households with over 50 brands across 16 categories, HUL emphasises sustainability in its compass business strategy, ensuring consistent growth aligned with social responsibility. As a subsidiary of Unilever, HUL fosters a culture of innovation and purpose-driven leadership, offering a diverse portfolio from nutrition to personal care. 

Devyani Food Industries Ltd

Founded in 1991, Devyani International Limited (DIL) stands as one of India's premier operators of Quick Service Restaurants (QSRs), boasting a vast network of over 1358 restaurants across India, Nepal, and Nigeria. As the largest franchisee for Yum Brands in India, DIL operates over 1300 stores including KFC and Pizza Hut outlets. Additionally, DIL caters to coffee enthusiasts through Costa Coffee and is a prominent player in the food retail business with its food courts. Since 1997, DIL has been expanding its operations with Yum Brands, now spanning multiple cities and countries.

Graviss Foods Pvt Ltd

Graviss Good Foods, a division of The Graviss Group, aims to revolutionise the food industry by offering diverse and enjoyable dining experiences. They launched The Brooklyn Creamery for low-calorie treats and recently introduced Plantaway. Operating in over 7 countries, including UAE, India, and Saudi Arabia, they aspire to be a global FMCG leader in better-for-you food and beverages. With a 70-year-old legacy, the Graviss Group manages various businesses, including Baskin Robbins, Kwality Ice Cream, and Zaffran restaurants, embodying traditional values alongside modern innovation.

Dinshaws Dairy Foods Pvt. Ltd

Established in 1932, Dinshaws Dairy Foods Pvt. Ltd stands as a premier manufacturer of ice cream and dairy products in India, renowned for the commitment to honesty, integrity, and quality. Founded by brothers Dinshaw and Erachshaw Rana, the company has grown into a fast-growing food conglomerate, fuelled by a vision of providing the tastiest and purest products. With a focus on innovation and freshness, the company offers delectable ice creams enjoyed across Maharashtra, Madhya Pradesh, Chhattisgarh, and beyond, enriching lives with the goodness of pure health and taste for over 89 years.

Havmor Ice Cream Pvt Ltd

Established in 1944 and now a part of LOTTE Wellfood Co. Ltd., Havmor has emerged as one of India's beloved ice cream brands. With a diverse portfolio boasting flavours from Paan to Belgian Dark Chocolate, Havmor has expanded its presence to 20 states with 60,000 retail outlets and 200+ flagship stores. Garnering 10 consecutive wins at the Times Food Awards, Havmor ensures quality and innovation in every scoop, serving over 4 million litres of ice cream daily. Partnering with esteemed clients like Taj and IIM Ahmedabad, Havmor continues to delight with its unique flavours and commitment to excellence.

Ramani Icecream Company Limited

Established in 1988, Ramani Ice-cream Co. P. Ltd., popularly known as TOP 'N TOWN, stands as a leading ice cream brand in India. With production capacity of 2 lakh litres per day and plants in Bhopal and Durg, it's recognised as one of India's Small Giants. Certified to ISO 9000 / 22000 standards, it offers a diverse portfolio including ice creams, bakery, and dairy products. With a robust distribution network spanning 8 states, TOP 'N TOWN has been delighting customers for nearly 48 years, evolving from a humble beginning into a cherished legacy.

Dairy Classic Ice Creams Pvt. Ltd.

In 2002, Dairy Day was born from the vision of ice cream industry veterans leaving corporate roles to pursue their passion. Recognising an untapped market, they embarked on a journey in a modest factory, believing in the power of flavours to evoke emotions. Dairy Day is a leading brand in India, spanning South India, Maharashtra, and Odisha. Offering over 150 products across various formats and flavours, its state-of-the-art facilities in Karnataka adhere to international standards, producing 2 lakh litres daily under strict ISO compliance.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.