TRIESTE, Italy – The 2023 annual analysis conducted by the Sistema GELATO Observatory in collaboration with modeFinance, a European credit rating agency registered with ESMA, reveals continued growth and financial strength in the ice cream ingredients industry.
The report focuses on 40 leading companies primarily engaged in the production and commercialization of gelato ingredients. According to the 2022 financial statements (analyzed in 2023), the sector’s combined revenue reached €895 million, up from €775 million the previous year — a +15.5% year-on-year increase.
Sector Growth and Consolidation
The sector is showing clear signs of structural growth, with large companies now accounting for 10.8% of the panel (up from 7.7% in 2021). Micro-enterprises have declined to 8.1%, compared to 10.3% in 2021 and 15% in 2020. This shift is largely attributed to a series of mergers and acquisitions within the year.
Improved Profitability and Financial Stability
A significant 90% of companies reported profits, while only 10% recorded losses, compared to 12.5% in 2019. The overall credit rating of the sector has improved: for the first time, there are no companies classified as high-risk, a remarkable turnaround from 2019 when 5% were considered at risk. Currently, 51% of companies fall into the “balanced” category, indicating greater financial solidity and resilience.
Cost and Margin Trends
The cost of raw materials as a share of total expenditure increased slightly to 54% in 2022 (up from 53% in 2021 and 50% in 2019). However, EBITDA margins, which had dropped significantly in 2020, doubled in 2021 and continued to improve in 2022, indicating a robust rebound in operational profitability.
Positive Outlook for 2023
Preliminary indicators for the 2023 fiscal year, now closed, suggest further revenue growth and increasing profitability across the sector. A key factor in this trend is the easing of inflationary pressure during the second half of the year. The international market is expected to outperform the domestic market, continuing to drive growth for gelato ingredients manufacturers.