Ice cream worth billions: how the industry is growing in Ukraine – new data for 2024
2 June 17:57
According to YC.Market analysts, Ukrainians consumed more than UAH 13.3 billion worth of ice cream in 2024, which is 21% more than in 2023 (UAH 10.5 billion) and 44% more than in 2022 (UAH 7.5 billion). Analysts have studied the financial performance of companies, market structure, geography of production, and connections between the main players in the industry.
Key findings of the study:
- 98% of the market is controlled by the top 15 producers, which indicates a high concentration of the industry.
- 18 companies are owned by foreign capital from 10 countries, including Italy, the US, Cyprus, Poland, and Russia.
- Many companies are interconnected through common beneficiaries or are part of single corporate groups.
The market of ice cream producers:
- There are 220 companies registered in Ukraine with the main KVED “ice cream production”, of which 104 are legal entities and 116 are individual entrepreneurs.
- Most producers are concentrated in Kyiv, Kyiv, Odesa, and Ternopil regions.
- 53 companies out of 104 submitted financial statements for 2024, 40 of which reported positive revenue.
Top 5 producers by revenue in 2024:
- JSC Rud – UAH 3.4 billion (26% of the market)
- Lasunka LLC – UAH 2.35 billion
- Khladoprom Ice Cream Factory LLC – UAH 2.28 billion
- Three Bears LLC – UAH 1.7 billion
- PJSC “APVT “Firm Laska ” – more than UAH 1 billion
Other notable players: ” Galychyna Lasunka, Fortuna-Plus, Tiras-TM Mosaic , Ice-Foods, Poltavaholod , La Gelateria, Spacefood UA, etc.
Financial and structural features:
- Some beneficiaries own several companies from the top 15.
- Some of the producers are part of the Baryshevsky, Pylypchuk, Aksyutin, and other groups.
Market trends:
- The industry shows stable growth despite challenges.
- High concentration, rising profitability, and the presence of foreign capital point to the industry ‘ s prospects in the medium term.
