Global Ice Cream - Data Monitor

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Global - Ice Cream 0199 - 0121 - 2010

© Datamonitor. This profile is a licensed product and is not to be photocopied Page 1

INDUSTRY PROFILE

Global Ice Cream

Reference Code: 0199-0121

Publication Date: July 2011

EXECUTIVE SUMMARY

Global - Ice Cream 0199 - 0121 - 2010


EXECUTIVE SUMMARY

Market value

The global ice cream market grew by 4% in 2010 to reach a value of $55,369.7 million.

Market value forecast

In 2015, the global ice cream market is forecast to have a value of $68,023 million, an increase of 22.9%

since 2010.

Market volume

The global ice cream market grew by 3% in 2010 to reach a volume of 13,314.3 million liters.

Market volume forecast

In 2015, the global ice cream market is forecast to have a volume of 15,408.9 million liters, an increase of

15.7% since 2010.

Market segmentation I

Take-home ice cream is the largest segment of the global ice cream market, accounting for 39.2% of the

market's total value.

Market segmentation II

Europe accounts for 44% of the global ice cream market value.

Market share

Unilever is the leading player in the global ice cream market, generating a 18.1% share of the market's

value.

Market rivalry

The global ice cream market is generally a high volume and low margin sector.

CONTENTS

Global - Ice Cream 0199 - 0121 - 2010


TABLE OF CONTENTS

EXECUTIVE SUMMARY 2

MARKET OVERVIEW 7

Market definition 7

Research highlights 8

Market analysis 9

MARKET VALUE 10

MARKET VOLUME 11

MARKET SEGMENTATION I 12

MARKET SEGMENTATION II 13

MARKET SHARE 14

FIVE FORCES ANALYSIS 15

Summary 15

Buyer power 16

Supplier power 17

New entrants 18

Substitutes 20

Rivalry 21

LEADING COMPANIES 22

Unilever 22

Nestle S.A. 27

General Mills, Inc. 33

MARKET DISTRIBUTION 38

MARKET FORECASTS 39

Market value forecast 39

Market volume forecast 40

APPENDIX 41

Methodology 41

Industry associations 42

CONTENTS

Global - Ice Cream 0199 - 0121 - 2010


Related Datamonitor research 42

Disclaimer 43

ABOUT DATAMONITOR 44

Premium Reports 44

Summary Reports 44

Datamonitor consulting 44

CONTENTS

Global - Ice Cream 0199 - 0121 - 2010


LIST OF TABLES

Table 1: Global ice cream market value: $ million, 2006–10(e) 10

Table 2: Global ice cream market volume: million liters, 2006–10(e) 11

Table 3: Global ice cream market segmentation I:% share, by value, 2010(e) 12

Table 4: Global ice cream market segmentation II: % share, by value, 2010(e) 13

Table 5: Global ice cream market share: % share, by value, 2010(e) 14

Table 6: Unilever: key facts 22

Table 7: Unilever: key financials ($) 24

Table 8: Unilever: key financials (€) 24

Table 9: Unilever: key financial ratios 25

Table 10: Nestle S.A.: key facts 27

Table 11: Nestle S.A.: key financials ($) 30

Table 12: Nestle S.A.: key financials (CHF) 31

Table 13: Nestle S.A.: key financial ratios 31

Table 14: General Mills, Inc.: key facts 33

Table 15: General Mills, Inc.: key financials ($) 36

Table 16: General Mills, Inc.: key financial ratios 36

Table 17: Global ice cream market distribution: % share, by value, 2010(e) 38

Table 18: Global ice cream market value forecast: $ million, 2010–15 39

Table 19: Global ice cream market volume forecast: million liters, 2010–15 40

CONTENTS

Global - Ice Cream 0199 - 0121 - 2010


LIST OF FIGURES

Figure 1: Global ice cream market value: $ million, 2006–10(e) 10

Figure 2: Global ice cream market volume: million liters, 2006–10(e) 11

Figure 3: Global ice cream market segmentation I:% share, by value, 2010(e) 12

Figure 4: Global ice cream market segmentation II: % share, by value, 2010(e) 13

Figure 5: Global ice cream market share: % share, by value, 2010(e) 14

Figure 6: Forces driving competition in the global ice cream market, 2010 15

Figure 7: Drivers of buyer power in the global ice cream market, 2010 16

Figure 8: Drivers of supplier power in the global ice cream market, 2010 17

Figure 9: Factors influencing the likelihood of new entrants in the global ice cream market, 2010 18

Figure 10: Factors influencing the threat of substitutes in the global ice cream market, 2010 20

Figure 11: Drivers of degree of rivalry in the global ice cream market, 2010 21

Figure 12: Unilever: revenues & profitability 25

Figure 13: Unilever: assets & liabilities 26

Figure 14: Nestle S.A.: revenues & profitability 32

Figure 15: Nestle S.A.: assets & liabilities 32

Figure 16: General Mills, Inc.: revenues & profitability 37

Figure 17: General Mills, Inc.: assets & liabilities 37

Figure 18: Global ice cream market distribution: % share, by value, 2010(e) 38

Figure 19: Global ice cream market value forecast: $ million, 2010–15 39

Figure 20: Global ice cream market volume forecast: million liters, 2010–15 40

MARKET OVERVIEW

Global - Ice Cream 0199 - 0121 - 2010


MARKET OVERVIEW

Market definition

The ice cream market consists of the retail sales of artisanal ice cream, frozen yogurt, impulse ice cream

and take-home ice cream. The market is valued according to retail selling price (RSP) and includes any

applicable taxes. Any currency conversions used in the creation of this report have been calculated using

constant 2010 annual average exchange rates.

For the purpose of this report, the global market consists of Africa & Middle East, Americas, Europe, and

Asia-Pacific.

Americas comprises Argentina, Brazil, Canada, Chile, Colombia, Mexico, Venezuela, Peru, Uruguay and

the US.

Europe comprises Belgium, the Czech Republic, Denmark, France, Germany, Hungary, Italy, the

Netherlands, Norway, Poland, Romania, Russia, Spain, Sweden, Ukraine, Turkey, Ireland, Greece,

Switzerland, Austria, Portugal, Finland, Croatia, Bulgaria, Lithuania, Lativa, Slovenia, Slovakia, Estonia

and the United Kingdom.

Asia-Pacific comprises Australia, China, Japan, India, Singapore, South Korea, Indonesia, the

Philippines, Thailand, Vietnam, New Zealand, Hong Kong, Malaysia, Pakistan and Taiwan.

Africa & Middle East comprises Egypt, Israel, Morocco, Nigeria and South Africa.

MARKET OVERVIEW

Global - Ice Cream 0199 - 0121 - 2010


Research highlights

The global ice cream market generated total revenues of $55.4 billion in 2010, representing a compound

annual growth rate (CAGR) of 3.8% for the period spanning 2006-2010.

Take-home ice cream sales proved the most lucrative for the global ice cream market in 2010, generating

total revenues of $21.7 billion, equivalent to 39.2% of the market's overall value.

The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.2% for the five-

year period 2010-2015, which is expected to drive the market to a value of $68 billion by the end of 2015.

MARKET OVERVIEW

Global - Ice Cream 0199 - 0121 - 2010


Market analysis

The global ice cream market grew at a steady rate during the period 2006-2010, as a result of moderate

sales growth in the impulse ice cream, take home ice cream and artisanal ice cream categories. Although

the overall market growth is expected to accelerate in the forecast period, the annual rate of growth is set

to fall from a high of 4.5% in 2014 to a low of 3.9% in 2015.

The global ice cream market generated total revenues of $55.4 billion in 2010, representing a compound

annual growth rate (CAGR) of 3.8% for the period spanning 2006-2010. In comparison, the Americas and

Asia-Pacific markets grew with CAGRs of 2.6% and 5.3% respectively, over the same period, to reach

respective values of $15.5 billion and $14.2 billion in 2010.

Market consumption volumes increased with a CAGR of 2.9% between 2006 and 2010, to reach a total of

13.3 billion liters in 2010. The market's volume is expected to rise to 15.4 billion liters by the end of 2015,

representing a CAGR of 3% for the 2010-2015 period.

Take-home ice cream sales proved the most lucrative for the global ice cream market in 2010, generating

total revenues of $21.7 billion, equivalent to 39.2% of the market's overall value. In comparison, sales of

impulse ice cream generated revenues of $21.1 billion in 2010, equating to 38.1% of the market's

aggregate revenues.

The performance of the market is forecast to accelerate, with an anticipated CAGR of 4.2% for the five-

year period 2010-2015, which is expected to drive the market to a value of $68 billion by the end of 2015.

Comparatively, the Americas and Asia-Pacific markets will grow with CAGRs of 2.7% and 6.1%

respectively, over the same period, to reach respective values of $17.7 billion and $19.1 billion in 2015.

MARKET VALUE

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MARKET VALUE

The global ice cream market grew by 4% in 2010 to reach a value of $55,369.7 million.

The compound annual growth rate of the market in the period 2006–10 was 3.8%.

Table 1: Global ice cream market value: $ million, 2006–10(e)

Year $ million € million % Growth

2006 47,752.1 35,960.9

2007 49,425.9 37,221.4 3.5

2008 51,291.7 38,626.5 3.8

2009 53,248.1 40,099.8 3.8

2010(e) 55,369.7 41,697.5 4.0

CAGR: 2006–10 3.8%

Source: Datamonitor D A T A M O N I T O R

Figure 1: Global ice cream market value: $ million, 2006–10(e)


MARKET VOLUME

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MARKET VOLUME

The global ice cream market grew by 3% in 2010 to reach a volume of 13,314.3 million liters.

The compound annual growth rate of the market in the period 2006–10 was 2.9%.

Table 2: Global ice cream market volume: million liters, 2006–10(e)

Year million liters % Growth

2006 11,874.3

2007 12,211.2 2.8

2008 12,569.2 2.9

2009 12,930.8 2.9

2010(e) 13,314.3 3.0

CAGR: 2006–10 2.9%


Figure 2: Global ice cream market volume: million liters, 2006–10(e)


MARKET SEGMENTATION I

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MARKET SEGMENTATION I

Take-home ice cream is the largest segment of the global ice cream market, accounting for 39.2% of the

market's total value.

The impulse ice cream segment accounts for a further 38.1% of the market.

Table 3: Global ice cream market segmentation I:% share, by value, 2010(e)

Category % Share

Take-home ice cream 39.2%

Impulse ice cream 38.1%

Artisanal ice cream 19.9%

Frozen yogurt 2.7%

Total 100%


Figure 3: Global ice cream market segmentation I:% share, by value, 2010(e)


MARKET SEGMENTATION II

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MARKET SEGMENTATION II

Europe accounts for 44% of the global ice cream market value.

Americas accounts for a further 28% of the global market.

Table 4: Global ice cream market segmentation II: % share, by value, 2010(e)

Category % Share

Europe 44.0%

Americas 28.0%

Asia-Pacific 25.7%

Africa and Middle East 2.3%

Total 100%


Figure 4: Global ice cream market segmentation II: % share, by value, 2010(e)


MARKET SHARE

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MARKET SHARE

Unilever is the leading player in the global ice cream market, generating a 18.1% share of the market's

value.

Nestle S.A. accounts for a further 13.8% of the market.

Table 5: Global ice cream market share: % share, by value, 2010(e)

Company % Share

Unilever 18.1%

Nestle S.A. 13.8%

General Mills, Inc. 1.9%

Others 66.2%

Total 100%


Figure 5: Global ice cream market share: % share, by value, 2010(e)


FIVE FORCES ANALYSIS

Global - Ice Cream 0199 - 0121 - 2010



The ice cream market will be analyzed taking manufacturers of ice cream as players. The key buyers will

be taken as retail stores such as supermarkets, hypermarkets and convenience stores, and raw material

producers i.e. suppliers of milk, fat, emusifiers etc. as the key suppliers.

Summary

Figure 6: Forces driving competition in the global ice cream market, 2010


The global ice cream market is generally a high volume and low margin sector.

Food retailers are the main buyers, and may exert strong buyer power, especially if they are large chains.

Ice cream manufacturers are able to source their inputs from a relatively large number of suppliers,

although lack of suitable substitutes for major ingredients moderates supplier power. It is possible to enter

this market on a small-scale. However, presence of strong brands and the scale economies associated

with high-volume production facilities deter new entrants from entering the industry. High exit costs

contribute to a strong degree of rivalry in this market.


Global - Ice Cream 0199 - 0121 - 2010


Buyer power

Figure 7: Drivers of buyer power in the global ice cream market, 2010


The global ice cream market will be analyzed by taking ice cream manufacturers as players and

supermarkets/hypermarkets as the main buyers, since the latter distributes the single largest share of the

market's value (around 37.8%). The food retail in the global market is fairly fragmented, which means that

players can sell to a large number of relatively small buyers. In these circumstances, buyer power is

weakening. Retailers themselves are unlikely to be swayed by brand loyalty, and price sensitivity remains

high. Some retailers have attempted backward integration; for example, supermarkets have been

developing private label ice cream products, which have put the branded products under pressure. Ice

cream is generally not a significant part of a food retailer's business, which moderately strengthens buyer

power. However, these drivers of buyer power are mitigated when consumers are loyal to particular

brands. Retailers need to stock these products to meet customers' demand. Large, international

companies have integrated forward by selling to consumers directly through chains of shops and

franchised ice cream parlors, which tends to reduce buyer power. Manufacturers of ice cream can

differentiate their products quite strongly by brand, flavor and calorie content. However, major buyers

generally need to offer a wide range of products to their customers, which tend to weaken buyer power.

Overall, the buyer power is moderate.


Global - Ice Cream 0199 - 0121 - 2010


Supplier power

Figure 8: Drivers of supplier power in the global ice cream market, 2010


Ice cream, a flavored frozen food, is made up of milkfat or butterfat, milk solids, sweeteners, stabilizers,

emulsifiers and water. As long-term supply contracts are uncommon, dairy products are usually

purchased in the open market. Therefore, ice cream companies have little control over prices, and often

use techniques such as hedging to mitigate the impact of price fluctuations. Large ice cream

manufacturing firms may have strong negotiating position, but absence of fixed-term agreements means

that the cost of switching suppliers is low. Supplier power is boosted to some extent by the presence of

large dairies and companies, who sell milk fat and concentrates in bulk to the ice cream industry, as well

as companies who supply trademarked ingredients. Leading players in the global ice cream market must

maintain product quality, if they are to maintain their brand equity in the long term. Their need to source

raw materials of appropriate quality (without genetically engineered ingredients) increases the strength of

the suppliers. Packaging is an important input in this market and some market players may enter into

long-term contracts with their suppliers, which increase supplier power. It may be possible to find

substitutes for some minor ingredients such as flavorings in the production of ice cream but there are no

satisfactory substitutes for major ingredients like milk and sugar. This also tends to strengthen supplier

power, which is moderate overall.


Global - Ice Cream 0199 - 0121 - 2010


New entrants

Figure 9: Factors influencing the likelihood of new entrants in the global ice cream market, 2010


Entry to the global ice cream market is possible through the following modes: starting a new company,

merging with an existing company, exporting to the country, and acquiring a company. Individual makers

of gourmet ice cream can appeal to customers by emphasizing their use of natural ingredients and the

high quality of products on offer. Such specialty or 'home-made' ice creams can be sold at higher prices

and any initial investment in raw materials, production equipment, etc. can be recouped by adding a good

margin to the price of the end-product. Larger companies, however, produce not only premium ice cream

but also mass-marketed products. Here, margins may be much higher. The other limitation of entering

new market concerns distribution channels. Fresh ice cream is by nature difficult to transport and the

storage cost is rather high. Producers need to distribute their ice cream widely, which generally involves

channels such as supermarkets. These retail chains often have considerable buyer power, which forces

down the prices that the manufacturers of ice creams can obtain. Some of the large international

companies such as Unilever and General Mills have their own chains of ice cream parlors, which sell

products directly to the consumer. However, smaller companies may not be able to afford their own ice

cream parlors and must instead persuade supermarkets, specialist stores, and other businesses to stock

their products. Sales space is a vital but finite resource, and it may be difficult to persuade retailers to

allocate it to a new player's ice cream, especially in highly competitive food retail markets. Problems with

accessing distribution channels make market entry more difficult. Manufacturers of ice cream can

differentiate their products quite strongly. To hold on to their market shares, they must be willing to push


Global - Ice Cream 0199 - 0121 - 2010


out old flavors and replace them quickly. More demanding consumers want ice cream to be associated

with pleasure and experimentation of flavors unfamiliar to them. The strong differentiation of ice cream

market makes it difficult for newcomers to attract buyers away from the existing companies and

diminishes the likelihood of new entrants. Overall, there is a moderate likelihood of new entrants.


Global - Ice Cream 0199 - 0121 - 2010


Substitutes

Figure 10: Factors influencing the threat of substitutes in the global ice cream market, 2010


From the point of view of consumers, there are a number of substitutes for commercially-available ice

cream. These include frozen desserts such as sorbets and gelati, confectionery, and smoothies.

Retailers, aiming to meet consumer demand, will tend to stock all kinds of substitutes. From the retailers'

point of view, they may offer benefits such as higher margins (e.g. premium-priced desserts), cheaper

storage and longer shelf-life (e.g. confectionery does not need to be stored in a freezer). Switching costs

are not very high. However, most food retailers are likely to continue selling ice cream as part of their

product range, and the threat of substitutes is assessed as moderate.


Global - Ice Cream 0199 - 0121 - 2010


Rivalry

Figure 11: Drivers of degree of rivalry in the global ice cream market, 2010


The global ice cream market is fragmented with top three players holding 33.8% of the total market by

value; its most significant players include both large, well-known international companies like Unilever

,Nestle and General Mills. Smaller number of players in the market usually means less rivalry. However,

there is intense competition between big players. For example, in 2007, Nestle and Unilever had broken

antitrust guidelines by blocking retailers from stocking rival brands in their freezers. Retailers can switch

between different manufacturers' products quite easily, although the brand loyalty of consumers exerts a

pull-through on retailers and thus, makes it difficult for them to abandon completely a popular branded

product and replace with a private-label product. It is notable that the largest players in this market own

majority of their factories. Consequently, exit barriers are high, since leaving the ice cream market would

require divestment of substantial, and often quite specialized, assets. Fixed costs are also likely to be

high, and automated processes mean that production can be ramped up when necessary. These factors

tend to intensify rivalry. Some leading players have diversified into other food businesses, which reduces

rivalry by making them less reliant on ice cream sales. Overall, there is a strong degree of rivalry in this

market.

LEADING COMPANIES

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LEADING COMPANIES

Unilever

Table 6: Unilever: key facts

Head office: Unilever House, 100 Victoria Embankment, London EC4Y 0DY, GBR

Telephone: 44 20 7822 5252

Fax: 44 20 7822 5951

Website: www.unilever.com

Financial year-end: December

Ticker: UL

Stock exchange: New York

Source: company website D A T A M O N I T O R

Unilever is a global manufacturer and marketer of consumer goods in the food, personal and homecare

segments. Unilever operates under a dual structure. The group has two parent companies: Unilever NV

and Unilever plc. Unilever NV is a public limited company registered in the Netherlands, while Unilever plc

is a public limited company registered in the UK and Wales. The two parent companies, Unilever NV and

Unilever plc, along with the group companies, operate as a single economic entity: Unilever. It operates

through subsidiaries in Germany, Switzerland, France, the UK, the US, and China and has operations in

over 170 countries.

The group's primary operating segments comprises three geographic regions: Asia, Africa, Central and

Eastern Europe; the Americas; and Western Europe.

Although Unilever's operations are managed on a geographical basis, the group manages its products

under four categories: savoury, dressings and spreads; ice cream and beverages; personal care; and

home care and other operations. These categories are Unilever’s principal product areas.

The savoury, dressings and spreads product category includes products like soups, bouillons, sauces,

snacks, mayonnaise, salad dressings, olive oil, margarines, spreads and cooking products such as liquid

margarines, and frozen food products. Unilever's major brands in this segment includes: Knorr,

Hellmann's, Becel/Flora (Healthy Heart), Rama/Blue Band (Family Goodness), Calve, Wish-Bone, Amora,

Ragu and Bertolli. The company markets its frozen food products under Findus, Sagit, Cogesal and Iglo

brand names among others.

The ice cream and beverages segment includes sales of ice cream, tea-based beverages, weight

management products, and nutritionally enhanced staples sold in developing markets. Unilever's major

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


brands in ice cream are sold under the international Heart brand which includes Cornetto, Magnum, Carte

d’Or and Solero, Wall’s, Kibon, Algida and Ola. Its portfolio also includes brands like Ben & Jerry’s,

Breyers, Klondike and Popsicle. Its tea-based beverages include brands such as Lipton, Brooke Bond

and PG Tips. In addition, Unilever has weight management products such as Slim Fast, and nutritionally

enhanced products include Annapurna and AdeS/Adez brands.

The personal care product category offers skin care and hair care products; deodorants and anti-

perspirants; and oral care products. The company offers six global brands which are the core of

company's business in the mass skin care, daily hair care and deodorants product areas that includes

Dove, Lux, Rexona (including Sure and Degree), Sunsilk (including Seda/Sedal), Axe/Lynx and Pond’s.

Other key brands include Suave, Clear, Lifebuoy and Vaseline, along with Signal and Close Up in the oral

care category. In December 2010, the company acquired the personal care business of the Sara Lee

Corporation. The Sara Lee brand includes Sanex, Radox and Duschdas.

Home care and other operations include household products, such as laundry tablets, powders and

liquids, soap bars and cleaning products. Unilever's global brands in home care products include Cif,

Comfort, Domestos, Omo, Radiant, Surf and Sunlight brands. It also owns tea plantations to support its

consumer brands.

The company’s acquisitions in December 2010 included the purchase of 100% of Sara Lee’s Personal

Care business. This acquisition added brands like Radox, Duschdas and Neutral to its existing portfolio.

In January 2011, the company acquired EVGA’s ice cream brands and distribution network in Greece in

October 2010, and completed the disposal of its frozen foods business in Italy.

The company also provides solutions for professional chefs and caterers. Unilever PLC sells its products

directly as well as through independent brokers, agents, and distributors to chain, wholesale, co-operative

and independent grocery accounts, food service distributors and institutions through a network of

distribution centers, satellite warehouses, company-operated and public storage facilities and depots.

Key Metrics

The company recorded revenues of $58.6 billion in the financial year (FY) ended December 2010, an

increase of 11.1% over FY2009. The net profit of the company was $5.6 billion in FY2010, an increase of

25.9% over FY2009.

The ice cream and beverages division recorded revenues of $11.4 million in FY2010, an increase of 11%

over 2009.

Asia, Africa, Central and Eastern Europe accounted for 40% of the total revenues in FY2010. Revenues

from Asia, Africa, Central and Eastern Europe reached $23.4 billion in FY2010, an increase of 18.7% over

FY2009.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


The Americas accounted for 32.9% of the total revenues in FY2010. Revenues from The Americas

reached $19.3 billion in FY2010, an increase of 13.3% over FY2009.

Western Europe accounted for 27.1% of the total revenues in FY2010. Revenues from Western Europe

reached $15.9 billion in FY2010, a decrease of 0.5% over FY2009.

Table 7: Unilever: key financials ($)

$ million 2006 2007 2008 2009 2010

Revenues 52,514.3 53,236.3 53,681.4 52,754.1 58,634.5

Net income (loss) 6,285.8 5,150.5 6,659.3 4,464.3 5,622.1

Total assets 49,109.8 49,414.5 47,877.8 49,035.6 54,534.5

Total liabilities 33,647.7 32,433.0 34,137.9 32,429.0 34,560.5

Employees 179,000 174,000 174,000 163,000 167,000

Source: company filings D A T A M O N I T O R

Table 8: Unilever: key financials (€)

€ million 2006 2007 2008 2009 2010

Revenues 39,642.0 40,187.0 40,523.0 39,823.0 44,262.0

Net income (loss) 4,745.0 3,888.0 5,027.0 3,370.0 4,244.0

Total assets 37,072.0 37,302.0 36,142.0 37,016.0 41,167.0



LEADING COMPANIES

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Table 9: Unilever: key financial ratios

Ratio 2006 2007 2008 2009 2010

Profit margin 12.0% 9.7% 12.4% 8.5% 9.6%

Revenue growth 3.2% 1.4% 0.8% (1.7%) 11.1%

Asset growth (6.1%) 0.6% (3.1%) 2.4% 11.2%

Liabilities growth (17.4%) (3.6%) 5.3% (5.0%) 6.6%

Debt/asset ratio 68.5% 65.6% 71.3% 66.1% 63.4%

Return on assets 12.4% 10.5% 13.7% 9.2% 10.9%

Revenue per employee $293,376 $305,956 $308,514 $323,645 $351,105

Profit per employee $35,116 $29,601 $38,272 $27,388 $33,665


Figure 12: Unilever: revenues & profitability


LEADING COMPANIES

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Figure 13: Unilever: assets & liabilities


LEADING COMPANIES

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Nestle S.A.

Table 10: Nestle S.A.: key facts

Head office: Avenue Nestle 55, Vevey 1800, SUI

Telephone: 41 21 9242111

Fax: 41 21 9244800

Website: www.nestle.com

Financial year-end: December

Ticker: NESN

Stock exchange: Swiss


Nestle, the holding company of the Nestle Group, is engaged in the business of manufacturing and

marketing branded food and beverages. Nestle operates in Europe, the Americas, Asia, Oceania and

Africa.

Nestle operates through eight divisions that are organized along product groups. These include:

powdered and liquid beverages, water, milk products and ice cream, nutrition, prepared dishes and

cooking aids (frozen products, soups, bouillons, sauces and culinary preparations, pasta and sauces,

noodles, delicatessen products and cold meat), confectionery, pet care and pharmaceutical products

(ophthalmic therapeutic drugs, contact lens care solutions, surgical instruments and equipment,

intraocular lenses and products used during surgery and dermatology).

Nestle's purchasing activities are conducted at three levels: global, zonal/regional and local. The group

purchases commodities specific to a market from the local markets. Zonal/regional purchases are made

when the products are common to a particular zone/region. The supplies for products sold globally are

procured from global markets. A majority of Nestle's purchases are from the zonal/regional markets, while

fresh agricultural products are sourced from the local markets.

The key products of the powdered and liquid beverages division include coffee, chocolate-based and

malted drinks and fruit juices. Nescafe, the flagship soluble coffee product of this division, is one of the

leading brands in the world. The company's coffee range also includes Nespresso (espresso coffee in

capsules). Nestle is a major producer of chocolate-based and malted drinks. The key coffee brands

marketed by the company include Nescafe Cappuccino, Nescafe Classic, Nescafe Decaff and Nescafe

Gold. Further, Nescafe in collaboration with Krups (a manufacturer of coffee machines) offers Nescafe

Dolce Gusto, a multi-coffee capsule system for the household purpose.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


The Nestle Water division, has strong presence in the US and Europe. Pierre and Pure Life are popular

brands marketed by this division. It operates in 130 countries and markets about 64 different brands.

Nestle Waters has 103 production facilities in 36 countries. Nestle water brands are categorized into

Nestle brands, international brands and local brands. Nestle brands comprise Pure Life, Aquarel and

Vera. The company’s international brands include: Aquapanna, S.Pellegrino, Perrier, Vittel and Contrex.

Some of the popular local brands Nestle serves in various countries are Ice Mountain, Deer Park,

Ghadeer, Baraka, Al Manhal, Los Portales, Santa Maria, Montclair, Valvert, Sainte-Alix, Carola,

Rietenauer, Furst Bismarck, Korpi, Theodora, Aqua Claudia, San Bernardo, Dar Natury, Saint Springs,

Viladrau, Buxton, Powwow etc, Moreover, Nestle offers Aquarel mineral water and other brands in

Hungary, Portugal, Spain and Belgium.

The prepared dishes and cooking aids division includes frozen and chilled, culinary and other businesses.

Its popular brands include Hot Packets, Stouffer's, Lean Cuisine, Nestle Bake It, and Torchin. Nestle's

prepared dishes brands lead in North America and are second in Europe, while cooking aid products are

leading in the world. In June 2008, Nestle announced the sale of part of its Buitoni pasta business in Italy

to Switzerland-based investment firm, TMT Finance. However, Nestle will continue to manage and market

its Buitoni brand in the Italian fresh and frozen food sector. Moreover, the company’s cooking aid products

are in a leading position in the world. This division also includes the breakfast cereals business of Nestle

comprising products such as infant, junior and all family cereals, breakfast cereals, and cereal and

performance bars. Outside North America the company has a joint venture with General Mills and Cereal

Partners Worldwide. Some of the key brands include Carnation Instant Breakfast, Chocapic, Cini Minis

and Cheerios.

The milk products and ice cream division produces yoghurts, desserts and other products. Its popular

brands include Nido, Everyday, La Laitiere, Latte Creations, Cerevita, Coffee-Mate and Sveltesse. In

2009, Nestle Belgilux launched Nestle Baby Yogo Yogurt range in Belgium. The range includes three

flavors - Raspberry, Apricot, and Banana.

The ice cream business includes brands such as Slow Churned Dreyer's Grand Light, Sveltesse stick,

Haagen Dazs, Dibs, Extreme, Drumstick and Nero. Nestle has become the global leader in the ice cream

business after gaining full ownership of Dreyer's Grand Ice Cream Holdings in 2006. In 2003, Nestle

merged its US ice cream business with Dreyer's and owned 67% of the combined company.

Movenpick Ice Cream is a Swiss origin ice cream brand produced by the Nestle Corporation. In April

2003, Nestle bought the international rights for Movenpick ice cream and an independent business unit

called Swiss Premium Ice Cream was created. Movenpick Ice Cream has recently launched a multipack

of four 175ml cups in its Classics range including flavors like Caramelita, Stracciatella, Swiss Chocolate

and Vanilla Dream.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


The Nestle Nutrition business comprises four sub-business divisions: infant, healthcare, performance

nutrition and weight management. The infant sub division includes infant cereals, meals and drinks, and

growing up milks. Key brands in this division include Nestle, Nestum, Cerelac and Mucilon. Healthcare

sub divisions include geriatric care, pediatric care, critical care, proactive care, diabetes, obesity and

oncology. Key brands in this sub division include Nutren, Clinutren, Peptamen, Boost and Optifast. The

performance nutrition division provides sports nutrition products and nutrition products for women. Key

brands in this sub division include PowerBar and Musashi. Jenny Craig is a weight management

company offering consumers a range of branded nutritional products and services in the US, Canada,

Australia and New Zealand.

The pet care product group consists of some of the popular names in pet food products such as Purina

Dog Chow, Purina Beneful, Purina Gourmet, Purina Pro Plan and Purina ONE.

The confectionery division's key brands include Kit Kat, Aero Caramel, Butterfinger Crisp, Rossiya, Orion,

Smarties and Wonka. Nestle's chocolate brands rank first in Europe, second worldwide, and third in North

America.

The pharmaceutical products division of Nestle includes the operations of Alcon, as well as joint-ventures

with pharmaceutical and cosmetic companies such as Galderma and Laboratories Inneov. Alcon

develops, manufactures and markets pharmaceuticals, surgical equipment and devices, and consumer

eye care products to treat diseases and disorders of the eye.

Key Metrics

The company recorded revenues of $105.2 billion in the financial year (FY) ended December 2010, an

increase of 2% over FY2009. The net profit of the company was $32.8 billion in FY2010, as compared to

a net profit of $10 billion in FY2009.

The milk products and ice cream division recorded revenues of $19.5 billion in FY2010, an increase of

4.1% over 2009.

The US accounted for 28.2% of the total revenues in FY2010. Revenues from the US reached $29.7

billion in FY2010, an increase of 0.9% over FY2009.

France accounted for 7% of the total revenues in FY2010. Revenues from France reached $7.3 billion in

FY2010, a decrease of 5.2% over FY2009.

Brazil accounted for 6.3% of the total revenues in FY2010. Revenues from Brazil reached $6.6 billion in

FY2010, an increase of 19.6% over FY2009.

Germany accounted for 4.8% of the total revenues in FY2010. Revenues from Germany reached $5.1

billion in FY2010, a decrease of 9% over FY2009.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


The UK accounted for 3.4% of the total revenues in FY2010. Revenues from the UK reached $3.5 billion

in FY2010, a decrease of 1.3% over FY2009.

Italy accounted for 3.2% of the total revenues in FY2010. Revenues from Italy reached $3.4 billion in

FY2010, a decrease of 8.4% over FY2009.

Mexico accounted for 3.1% of the total revenues in FY2010. Revenues from Mexico reached $3.3 billion

in FY2010, an increase of 9.1% over FY2009.

Canada accounted for 2.6% of the total revenues in FY2010. Revenues from Canada reached $2.7 billion

in FY2010, an increase of 16.8% over FY2009.

Greater China Region accounted for 2.5% of the total revenues in FY2010. Revenues from Greater China

Region reached $2.7 billion in FY2010, an increase of 11% over FY2009.

Australia accounted for 2.4% of the total revenues in FY2010. Revenues from Australia reached $2.6


Switzerland accounted for 2% of the total revenues in FY2010. Revenues from Switzerland reached $2.1


Rest of the world (including unallocated items) accounted for 34.4% of the total revenues in FY2010.

Revenues from rest of the world and unallocated items reached $36.2 billion in FY2010, an increase of

1.8% over FY2009.

Table 11: Nestle S.A.: key financials ($)

$ million 2006 2007 2008 2009 2010

Revenues 94,370.8 103,087.3 105,345.5 103,150.5 105,167.2

Net income (loss) 8,815.2 10,206.9 17,290.2 9,995.1 32,811.9

Total assets 97,578.9 109,899.3 101,805.8 106,311.6 107,006.5


Employees 265,000 276,000 283,000 278,165 281,005


LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


Table 12: Nestle S.A.: key financials (CHF)

CHF million 2006 2007 2008 2009 2010

Revenues 98,458.0 107,552.0 109,908.0 107,618.0 109,722.0

Net income (loss) 9,197.0 10,649.0 18,039.0 10,428.0 34,233.0

Total assets 101,805.0 114,659.0 106,215.0 110,916.0 111,641.0



Table 13: Nestle S.A.: key financial ratios

Ratio 2006 2007 2008 2009 2010

Profit margin 9.3% 9.9% 16.4% 9.7% 31.2%

Revenue growth 8.1% 9.2% 2.2% (2.1%) 2.0%

Asset growth (1.5%) 12.6% (7.4%) 4.4% 0.7%

Liabilities growth (5.8%) 23.4% (15.1%) 11.7% (14.4%)

Debt/asset ratio 48.1% 52.7% 48.3% 51.6% 43.9%

Return on assets 9.0% 9.8% 16.3% 9.6% 30.8%




LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


Figure 14: Nestle S.A.: revenues & profitability


Figure 15: Nestle S.A.: assets & liabilities


LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


General Mills, Inc.

Table 14: General Mills, Inc.: key facts

Head office: General Mills, Number One General Mills Boulevard, Minneapolis, Minnesota 55426, USA

Telephone: 1 763 764 7600

Fax: 1 763 764 7384

Website: www.generalmills.com

Financial year-end: May

Ticker: GIS

Stock exchange: New York


General Mills manufactures and markets branded consumer foods, which are sold through retail stores.

The company is also involved in the supply of branded and unbranded food products to the foodservice

and commercial baking industries. It is headquartered in Minneapolis, Minnesota.

General Mills manufactures its products in 15 countries and markets them in more than 100 countries.

The company’s joint ventures manufacture and market products in more than 130 countries. As of May

2010, General Mills operated 66 facilities for the production of a wide variety of food products, of which 40

are located in the US, 12 in the Asia/Pacific region, three in Canada, six in Europe, four in Latin America

and Mexico, and one in South Africa.

In addition to its consolidated operations, General Mills has several joint ventures, including with Cereal

Partners Worldwide (CPW) and Häagen-Dazs ice cream in Japan and Korea.

General Mills operates through three business segments: US retail, bakeries and foodservice, and

international.

The US retail segment operates in a wide variety of product categories, which include ready-to-eat

cereals, refrigerated yogurt, ready-to-serve soup, dry dinners, shelf stable and frozen vegetables,

refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain,

fruit and savory snacks, microwave popcorn, and organic products, including soup, granola bars, and

cereal. The segment sells these products to a wide variety of grocery stores, mass merchandisers,

membership stores, natural food chains, and drug, dollar and discount chains operating throughout the

US.

The international business segment comprises the company’s retail businesses outside the US.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


In Canada, General Mills offers ready-to-eat cereals, shelf stable and frozen vegetables, dry dinners,

refrigerated and frozen dough products, dessert and baking mixes, frozen pizza snacks, and grain, fruit

and savory snacks. In markets outside North America, the company operates in several product

categories, which include super-premium ice cream, grain snacks, shelf stable and frozen vegetables,

dough products, and dry dinners.

The segment also comprises products manufactured in the US by General Mills for export, and for sale to

international joint ventures. General Mills primarily exports its products to Caribbean and Latin American

markets. The international business is managed through 34 sales and marketing offices.

The bakeries and foodservice segment sells branded ready-to-eat cereals, snacks, dinner and side dish

products, refrigerated and soft-serve frozen yogurt, frozen dough products, branded baking mixes, and

custom food items. The segment serves foodservice distributors and operators, convenience stores,

vending machine operators, quick service and other restaurant operators, and business and school

cafeterias in the US and Canada. In addition, the segment markets mixes and frozen dough products to

retail, supermarket, and wholesale bakeries throughout the US and Canada.

General Mills markets its products under trademarks and service marks that are owned or licensed to the

company. The company markets its ready-to-eat cereals under the following brands: Cheerios, Wheaties,

Lucky Charms, Cascadian Farm, Total, Trix, Golden Grahams, Chex, Kix, Fiber One, Reese’s Puffs,

Cocoa Puffs, Nature Valley, Cookie Crisp, Cinnamon Toast Crunch, Clusters, Oatmeal Crisp, and Basic

4. The ready-to-eat cereals are offered through its Big G product line made with whole grains.

The refrigerated yogurt is marketed through brands, which include Yoplait, Trix, Yoplait Kids, Go-

GURT,Fiber One, Yo-Plus, Yoplait Whips!, and Colombo.

The refrigerated and frozen dough products are marketed under the following brands: Pillsbury, the

Pillsbury Doughboy character, Grands!, Golden Layers, Big Deluxe Classics, Toaster Strudel, Toaster

Scrambles, Jus-Rol, Forno de Minas, Latina, Wanchai Ferry, V.Pearl, La Salteña, and Frescarini.

The dry dinners and shelf stable and frozen vegetable products are sold under the following brands: Betty

Crocker, Hamburger Helper, Tuna Helper, Chicken Helper, Old El Paso, Green Giant, Potato Buds,

Suddenly Salad, Bac*O’s, Betty Crocker Complete Meals, Valley Selections, Simply Steam, Wanchai

Ferry, and Diablitos.

The grain, fruit, and savory snacks are marketed under the brands that include Nature Valley, Fiber One,

Betty Crocker, Fruit Roll-Ups, Fruit By The Foot, Gushers, Chex Mix, Gardetto’s, Bugles, and Lärabar.

The dessert and baking mixes are sold under the following brands: Betty Crocker, SuperMoist, Warm

Delights, Bisquick, Gold Medal, and Creamy Deluxe.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


The ready-to-serve soup is marketed under the Progresso brand while the ice cream and frozen desserts

are marketed under the Häagen-Dazs brand.

The frozen pizza and pizza snacks are sold under the following brands: Totino’s, Jeno’s, Pizza Rolls,

Pillsbury Pizza Pops, and Pillsbury Pizza Minis.

The microwave popcorn is marketed under the Pop•Secret brand while organic products are sold under

the Cascadian Farm and Muir Glen brands.

General Mills licenses all its cereal trademarks to Cereal Partners Worldwide (CPW), a joint venture with

Nestle S.A. (Nestle). The company also licenses its Green Giant trademark to a third party, which uses it

to sell its fresh produce in the US. General Mills owns the Häagen-Dazs trademark and has the right to

use the trademark outside of the US and Canada. Furthermore, the company licenses this trademark to

its joint ventures in Japan and Korea.

The principal raw materials used by the company to manufacture its products are grains (wheat, oats, and

corn), sugar, dairy products, vegetables, fruits, meats, vegetable oils, and other agricultural products.

General Mills also uses substantial quantities of carton board, corrugated and plastic packaging materials,

operating supplies, and energy. For its domestic and Canadian operations, the company purchases most

of these raw materials from suppliers in the US.

The principal research and development facilities of General Mills are located in Minneapolis, Minnesota.

The company focuses its research and development activities on new product development, product

improvement, process design and improvement, packaging, and conducts exploratory research in new

business areas.

Key Metrics

The company recorded revenues of $14.8 billion in the financial year (FY) ended May 2010, an increase

of 0.7% over FY2009. The net profit of the company was $1.5 billion in FY2010, an increase of 17.3%

over FY2009.

The International division recorded revenues of $2.7 billion in FY2010, an increase of 4.3% over 2009.

US accounted for 81.6% of the total revenues in FY2010. Revenues from US reached $12.1 billion in

FY2010, an increase of 0.2% over FY2009.

Non-US countries accounted for 18.4% of the total revenues in FY2010. Revenues from non-US

countries reached $2.7 billion in FY2010, an increase of 3.2% over FY2009.

LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


Table 15: General Mills, Inc.: key financials ($)

$ million 2006 2007 2008 2009 2010

Revenues 11,711.3 12,441.5 13,652.1 14,691.3 14,796.5

Net income (loss) 1,090.3 1,143.9 1,294.7 1,304.4 1,530.5

Total assets 18,075.3 18,183.7 19,041.6 17,874.8 17,678.9


Employees 28,147 28,580 29,500 30,000 33,000


Table 16: General Mills, Inc.: key financial ratios

Ratio 2006 2007 2008 2009 2010

Profit margin 9.3% 9.2% 9.5% 8.9% 10.3%

Revenue growth 3.6% 6.2% 9.7% 7.6% 0.7%

Asset growth 0.8% 0.6% 4.7% (6.1%) (1.1%)

Liabilities growth 0.5% 4.6% (0.3%) (2.9%) (3.4%)

Debt/asset ratio 68.1% 70.7% 67.4% 69.7% 68.1%

Return on assets 6.1% 6.3% 7.0% 7.1% 8.6%




LEADING COMPANIES

Global - Ice Cream 0199 - 0121 - 2010


Figure 16: General Mills, Inc.: revenues & profitability


Figure 17: General Mills, Inc.: assets & liabilities


DISTRIBUTION

Global - Ice Cream 0199 - 0121 - 2010


MARKET DISTRIBUTION

Supermarkets / hypermarkets form the leading distribution channel in the global ice cream market,

accounting for a 37.8% share of the total market's value.

Specialist Retailers accounts for a further 33.7% of the market.

Table 17: Global ice cream market distribution: % share, by value, 2010(e)

Channel % Share

Supermarkets / hypermarkets 37.8%

Specialist Retailers 33.7%

Independent Retailers 13.4%

Others 15.1%

Total 100%


Figure 18: Global ice cream market distribution: % share, by value, 2010(e)


MARKET FORECASTS

Global - Ice Cream 0199 - 0121 - 2010


MARKET FORECASTS

Market value forecast

In 2015, the global ice cream market is forecast to have a value of $68,023 million, an increase of 22.9%

since 2010.

The compound annual growth rate of the market in the period 2010–15 is predicted to be 4.2%.

Table 18: Global ice cream market value forecast: $ million, 2010–15

Year $ million € million % Growth

2010 55,369.7 41,697.5 4.0%

2011 57,643.0 43,409.5 4.1%

2012 60,079.3 45,244.2 4.2%

2013 62,691.2 47,211.1 4.3%

2014 65,492.3 49,320.6 4.5%

2015 68,023.0 51,226.4 3.9%

CAGR: 2010–15 4.2%


Figure 19: Global ice cream market value forecast: $ million, 2010–15


MARKET FORECASTS

Global - Ice Cream 0199 - 0121 - 2010


Market volume forecast

In 2015, the global ice cream market is forecast to have a volume of 15,408.9 million liters, an increase of

15.7% since 2010.

The compound annual growth rate of the market in the period 2010–15 is predicted to be 3%.

Table 19: Global ice cream market volume forecast: million liters, 2010–15

Year million liters % Growth

2010 13,314.3 3.0%

2011 13,712.5 3.0%

2012 14,125.0 3.0%

2013 14,551.5 3.0%

2014 14,990.0 3.0%

2015 15,408.9 2.8%

CAGR: 2010–15 3.0%


Figure 20: Global ice cream market volume forecast: million liters, 2010–15


APPENDIX

Global - Ice Cream 0199 - 0121 - 2010


APPENDIX

Methodology

Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated,

analyzed, cross-checked and presented in a consistent and accessible style.

Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys

and supported by analysis from industry experts using highly complex modeling & forecasting tools,

Datamonitor’s in-house databases provide the foundation for all related industry profiles

Preparatory research – We also maintain extensive in-house databases of news, analyst

commentary, company profiles and macroeconomic & demographic information, which enable our

researchers to build an accurate market overview

Definitions – Market definitions are standardized to allow comparison from country to country. The

parameters of each definition are carefully reviewed at the start of the research process to ensure they

match the requirements of both the market and our clients

Extensive secondary research activities ensure we are always fully up-to-date with the latest

industry events and trends

Datamonitor aggregates and analyzes a number of secondary information sources, including:

- National/Governmental statistics

- International data (official international sources)

- National and International trade associations

- Broker and analyst reports

- Company Annual Reports

- Business information libraries and databases

Modeling & forecasting tools – Datamonitor has developed powerful tools that allow quantitative

and qualitative data to be combined with related macroeconomic and demographic drivers to create

market models and forecasts, which can then be refined according to specific competitive, regulatory

and demand-related factors

Continuous quality control ensures that our processes and profiles remain focused, accurate and

up-to-date

APPENDIX

Global - Ice Cream 0199 - 0121 - 2010


Industry associations

International Dairy Foods Association

Diamant Building, Boulevard Auguste Reyers 80, 1030 Brussels, Belgium

Tel.: 32 2 733 9888

Fax: 32 2 733 0413

www.fil-idf.org

International Dairy Foods Association

1250 H Street, NW, Suite 900, Washington, DC 20005 USA

Tel.: 1 202 737 4332

Fax: 1 202 331 7820

www.idfa.org

Related Datamonitor research

Industry profiles

Ice Cream in Europe

Ice Cream in Asia-Pacific

Ice Cream in the United Kingdom

Ice Cream in Germany

Ice Cream in France

Ice Cream in Japan

Ice Cream in the United States

Ice Cream in China

Ice Cream in Italy

Ice Cream in Belgium

Ice Cream in Spain

Ice Cream in the Netherlands

Ice Cream in Canada

APPENDIX

Global - Ice Cream 0199 - 0121 - 2010


Disclaimer

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Please note that the findings, conclusions and recommendations that Datamonitor delivers will be

based on information gathered in good faith from both primary and secondary sources, whose

accuracy we are not always in a position to guarantee. As such Datamonitor can accept no liability

whatever for actions taken based on any information that may subsequently prove to be incorrect.

ABOUT DATAMONITOR

Global - Ice Cream 0199 - 0121 - 2010


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Global Ice Cream - Data Monitor