Industry revenue of “manufacture of ice cream“ in Austria 2012-2024
Covid-19 to impact the ice cream industry
The Global ice cream industry was valued at 69 billion U.S. dollars in 2019 and according to initial projections, was forecast to grow 9 percent in the short term. However, the outbreak of the Covid-19 is expected to stall this growth, owing to reduced demand and supply in many nations including Austria. General Mills, one of the leading manufacturers of ice cream, has reported far lesser sales in Asia as compared to the same period last year. Moreover, Amul, one of the largest producers of ice cream in India, has also witnessed drastically low sales owing to the nationwide lockdown. Manufacturers are getting increasingly tensed, as stock inventories are simply piling up owing to tepid demand and dysfunctional distribution channels.