Convenience stores segment acquired the largest market revenue share among all the verticals in the overall Jordan ice cream market – 6Wresearch
Ice cream market in the Jordan is currently in the maturity stage of the industry life cycle and is expected to grow slowly in the coming year as ice cream market revenues in Jordan is nearing towards its total addressable market. Although, growth can be brought by growing e-commerce grocery and dairy delivery startups. Additionally, rapid advancements in logistics and manufacturing processes have also enabled manufacturers to offer ice cream in the majority of restaurants, supermarkets, and corner stores, in order to expand its customer base, which is expected to drive market demand during the forecast period.
According to 6Wresearch, Jordan Ice Cream Market size is projected to grow at a CAGR of 1.8% during 2022-2028. The country's demand for the ice cream market is driven by growing young age population, rising temperatures and increasing contribution of hospitality sector to GDP. However, lockdown restrictions imposed in Jordan to limit the spread of COVID-19, led to decline in physical purchase of ice creams. Further, according to a survey done by ILO, over 39% of enterprises reduced staff and 50% of enterprises closed temporarily due to Covid-19, resulting in higher unemployment and reduction in the per capita consumption of ice cream. Although, online grocery startups gained significant profits, as “Basket”, a Jordanian grocery delivery startup saw an eight times increase in business during Covid-19. Therefore, consumers shifted towards online purchase of ice creams, which helped the market to recover a bit, though overall negative impact of Covid-19 was found in Jordan ice cream market as declining revenues were observed. Resumption of economic activities would help the market to bring back to its growth trajectory.
According to Syed Monis Raees, Research Associate, 6Wresearch, “Jordan's retail market is anticipated to show growth of 5%, reaching $16.8 billion by 2023. Furthermore, online retail is expected to show strong potential in the coming years as government tax exemption for online purchases would increase the retail market. Thus, growth in the retail sector would boost the Jordan ice cream market in the forecasted year through increase in supermarket, hypermarkets and convenience stores.”
According to Eshita Goel, Manager, 6Wresearch, “Jordan's main attraction is the rose-red city, one of the world's seven wonders and the main reason for tourist arrival. In 2019, there were nearly 5.4 million international arrivals, a 0.5 million increase over the previous year. The increasing number of tourist visitors has bolstered the hotel chain players' investment in the development of the hospitality sector in the country; as a result, several hotels, restaurants, cafés, and resort projects are currently under construction in Amman, Madaba, the Dead Sea, and other areas. Thus, the growing hospitality sector is expected to drive the ice cream market growth in the coming years.”
Jordan ice cream market (2022-2028)” report provides an in-depth analysis with 18 figures and 7 tables, covered in 67 pages. The report thoroughly covers market by product type and distribution channel. Jordan Ice Cream market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.