The scorching sun of summer 2023 shows no sign of letting up. Daytime temperatures in Korea have been hovering between 30 and 35 degrees Celsius, with persistent heat waves and sweltering tropical nights making for persistently hot conditions. The intense heat is not just limited to Korea, however. According to the World Meteorological Organization (WMO), the global average temperature reached 16.95°C from July 1 to 23, surpassing the previous July record of 16.63°C observed in 2019. The WMO predicts that this July could be the hottest on record since 1940, and the sizzling conditions are expected to continue into August.
The global market for ice cream, a temporary respite from the heat, is valued at USD 83.47 billion. This represents an increase of 7.3% from the previous year, and from its value of USD 69.35 billion in 2018, it is growing at an average annual rate of 4.7%. The growth of ice cream is driven by the increasing preference of the MZ generation, rising consumer income, improvement and development of cold chain infrastructure, and advances in rapid freezing technology. With the global heat wave and the popularity of Korean culture through movies and dramas, Korean ice cream exports are increasing. Last year, Korea's annual ice cream exports totaled USD 77.61 million, the largest ever for a single year. By country, the United States (USD 19 million), China (USD 7 million), the Philippines (USD 6 million) and Canada (USD 5 million) accounted for the largest exports.
The main distribution channel for ice cream in Korea is convenience stores at 36.4%, reflecting consumers' convenience-oriented shopping patterns.  The recent increase in the number of unmanned ice cream shops in South Korea seems to have affected ice cream sales in regular channels. Ice cream trends in the convenience store industry include the introduction of various PB ice cream products to strengthen the brand identity of convenience stores and the introduction of differentiated products to increase customer traffic. GS Retail is targeting consumers with differentiated products and exotic flavors such as “Knotted Soft Cone”, BGF Retail (CU)'s “Larasweet Ice Cream”, and E-Mart 24's "Seongju Chamoe Cone" and "Busan Ssiat Hotteok Cone".
South Korea's ice cream exports have been growing every year, reaching KRW 77,605 billion in 2022. With Korean convenience store brands such as CU and GS25 expanding overseas, local consumers now have easier access to Korean ice cream. GS25 in Vietnam sells Korean ice creams such as “Samanco”, “Melona”, and “Screw Bar”, which are popular with local consumers for their competitive prices and variety of flavors.
Ice cream has evolved beyond just taste and refreshment, adapting to consumer preferences. From plant-based options to ice cream with unique flavors and intriguing textures to zero-sugar treats, the industry continues to introduce innovative offerings to meet consumer demands.