Kwality Wall's, Vadilal Industries: Ice cream stocks in spotlight as RIL enters segment

Shares of ice cream companies such as Kwality Wall's, Vadilal Industries, and Milky Mist are expected to hog the limelight on Wednesday, September 2, as Reliance Industries (RIL) announced its foray into the ice cream market.

Reliance Consumer Products Ltd (RCPL), the FMCG arm of RIL, on Tuesday announced its entry into the ice cream market with the brand Bombay Creamery.

This will be backed by RCPL's national distribution infrastructure, retail scale and consumer insights, said a statement from RCPL.

RCPL has claimed that the Bombay Creamery portfolio is made with real dairy cream.

Commenting on the development, RCPL Director T Krishnakumar said, “We built Bombay Creamery around one simple idea that dairy should not need shortcuts. RCPL is not just entering the ice cream category – we're committing to it. Made with real dairy cream, Bombay Creamery guarantees the promise of the genuine taste of real ice cream every single time, at a price every Indian family can afford.”

In its update shared on X, RIL said that the Bombay Creamery ice cream range includes an array of real ice creams across popular formats such as cones, cups, tubs, bars and sticks, with prices starting at ₹10. Starting with immediate availability in Western India, Bombay Creamery Ice Creams will soon be rolled out pan-India.

Competition to intensify

Competition in the organised ice-cream market could intensify as Reliance Consumer Products enters the segment with Bombay Creamery, particularly as established player Kwality Wall’s is also shifting towards milk-based ice creams.

Kwality Wall’s has said it plans to convert its entire portfolio to milk-based ice creams by 2027, while RCPL is positioning Bombay Creamery as a range made with real dairy cream.

With both players emphasising dairy-based formulations, Reliance’s entry could create greater competition for market share, particularly as it combines this positioning with an entry price of ₹10 and a wide retail and distribution network.

India's ice cream market outlook

The ice cream market in India was valued at ₹243.50 billion in 2025 and is estimated to reach ₹271.7 billion in 2026, according to a report by market research company IMARC Group.

The market is further projected to grow to ₹639.41 billion by 2034, exhibiting a CAGR of 11.29% during 2026-2034.

The report added that the market is driven by rising disposable incomes, rapid urbanisation, and growing demand for indulgent and premium frozen desserts.

India’s per capita ice cream consumption has increased steadily over the last decade, rising from 400 millilitres in 2011 to nearly 1.6 litres in 2023.

This growth reflects changing consumer preferences, higher disposable incomes, and rising acceptance of ice cream as a regular dessert rather than an occasional treat.

"Expanding urban retail, quick-commerce, and foodservice channels are further supporting market growth. Impulse ice cream leads at 60.60%. Cones lead the format at 27.30%. Maharashtra leads regionally at 15.90%,” the report notes.