India’s ice cream market is projected to reach about ₹57,533 crore by 2033, according to the latest IMARC estimate. The market was valued at ₹24,350 crore in 2025 and is estimated at ₹27,166 crore for 2026. IMARC projects an 11.29% compound annual growth rate between 2026 and 2034.
The forecast cited in recent industry coverage comes with an important qualification: market estimates vary considerably depending on methodology and what is included in the category. Grand View Research, for instance, puts India’s 2033 market at $6.28 billion and forecasts a 6.6% CAGR for 2026-33.
What The Latest Numbers Show
The latest IMARC data provides a clearer picture of where the category stands today. Impulse ice cream accounted for 60.6% of the market in 2025, while cones represented 27.3%, the largest share among the formats tracked by the researcher. Maharashtra was the biggest state market, accounting for 15.9% of the national market.
The category is also expected to grow strongly in the near term. Euromonitor forecasts 11% growth in retail current value and 7% growth in retail volume in 2026. It describes India’s market as fragmented, with Amul expected to hold a 19% retail value share and Kwality Wall’s 9%.
That difference between value and volume growth is worth watching. It means the industry’s expansion is not expected to come only from selling more units. Pricing and the mix of products being bought will also influence the value of the market.
Competition Changes In 2026
The competitive picture has already changed this year.
Reliance Consumer Products entered the market on September 1 with Bombay Creamery. Its products start at ₹10 and include cones, cups, tubs, bars and sticks. The brand was launched first in western India, with the company saying it will subsequently expand across the country.
The entry puts one of India’s largest consumer businesses into a category already populated by Amul, Vadilal, Mother Dairy, Kwality Wall’s and Hatsun Agro’s Arun, among others. Reuters reported that a grocery-delivery app check found Amul’s mango ice cream stick at ₹20, giving some context to Reliance’s ₹10 entry point.
Reliance is not the only major change. In March, The Magnum Ice Cream Company completed its acquisition of 61.9% of Kwality Wall’s India, following the demerger of Hindustan Unilever’s ice cream business. Kwality Wall’s was listed separately on the BSE and NSE in February.
Why Distribution Matters
Distribution will remain important as the market expands. IMARC identifies urban retail, quick commerce and foodservice channels among the factors supporting the category. The research also shows that impulse products already make up the largest part of the market.
That combination matters because ice cream is different from many packaged foods. Availability depends not only on getting the product onto a shelf but also on maintaining frozen storage and ensuring consumers can find it when they want it.
The growing presence of quick-commerce platforms gives brands another route to consumers, particularly for products bought for immediate consumption. But the available market data does not yet establish how much of India’s ice cream sales come specifically through quick commerce, so it would be premature to put a precise number on its contribution.
Forecasts Need Some Caution
There is a reason to treat the ₹57,500-crore figure as a forecast rather than a settled industry size. IMARC’s current estimate is substantially different from an older IMARC forecast cited in a 2025 Business Standard filing, which had put the 2033 market at ₹1.078 lakh crore.
The latest IMARC series now puts the market at ₹575.33 billion in 2033 and ₹639.41 billion in 2034.
For companies, the more immediate story is therefore the size of the opportunity today and the changes underway in competition and distribution. The market is estimated at ₹27,166 crore in 2026, Euromonitor expects double-digit value growth this year, Reliance has entered at the ₹10 price point, and Magnum has taken control of Kwality Wall’s.
Those are the developments that will shape India’s ice cream market well before the 2033 forecast comes into view.
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