Mars Inc.’s Ice Cream business shed further light on the ambitious target set for its ice cream business — aiming to grow the business to $1 billion by 2030 — in a release distributed by the company this week formally discussing the goal. The ice cream business represents a portion of Mars’ business in confectionery, snacks and pet care products, and it includes the Dovebar, Snickers, Twix and Kind frozen treat brands.
In relation to reaching the goal, Mars told CNBC that it would invest further in its Burr Ridge, Ill., processing facility to help achieve the billion-dollar goal. The company has poured $50 million into the plant in recent years and will spend an additional $20 million to help it expand production further.
In May, Mars tapped Anton Vincent, president of Mars Wrigley North America, to lead the ice cream business, and in those reports, the billion-dollar goal was discussed as one of Vincent’s primary tasks in the new role. According to the Mars release on the target, the global ice cream market is project to reach nearly $105 billion by 2029, and Mars owns several of the top-selling products in the U.S. frozen novelty category, including Snickers Ice Cream Bars, M&M’s Ice Cream Sandwiches, Twix Ice Cream and Kind Frozen treats.
Mars Inc. owns 12 brands at or over $1 billion in its snacks, pet and food categories — including M&M’s candy, Extra gum, Pedigree pet food and Royal Canin pet food.
“At Mars, we see an opportunity to grow our ice cream business not only in North America, but around the globe,” Vincent said in the company release. “We’re innovating with a focus on product and purpose and expanding our global manufacturing capabilities to ensure we can meet rapidly rising consumer demand.”