Mars is looking to double its global ice-cream sales to US$1bn by 2030.
The privately-owned owner of brands including M&M’s and Snickers is investing in production in its home market of the US and overseas.
Over the last two years, Mars has spent $50m on its factory in Burr Ridge in Illinois. In April, the US confectionery giant opened an ice-cream plant in China.
A Mars spokesperson said the group is set to put more investment into its Burr Ridge facility, in part to support its frozen products sold under snack brand Kind.
“We are investing another $20m in the next year to continue to increase capacity in our lines and support the expansion of Kind Frozen and our core bar portfolio,” the spokesperson said.
Mars declined to reveal its global ice-cream sales in 2022 but the spokesperson added: “The $1bn ambition would mean more than doubling the size of the business.”
Speaking to business broadcaster CNBC, the company said its global ice cream sales had jumped 42% in the last five years.
The spokesperson told Just Food Mars could look to M&A to help it achieve its sales target.
“Right now, the business is focused on innovating on our iconic brands but would not rule out M&A, as demonstrated by the recent acquisition of Trü Frü,” the spokesperson said.
In December, Mars snapped up US-based Trü Frü, a supplier of “better-for-you” frozen and shelf-stable products. Trü Frü’s snacks are made from fruit and covered in chocolate.
Earlier this month, Unilever, the world’s largest ice-cream business, extended its portfolio of frozen desserts in the US with the acquisition of Yasso, a business offering products based on Greek yogurt.
According to research published in November by Just Food’s parent company GlobalData, Snickers was the sixth-largest brand by sales in the US market for impulse ice cream in 2021. Snickers’ share of the segment was 3.9%; Drumstick – marketed by Froneri – topped the list at 16.5%.
