USA – Mars Inc., a leading global manufacturer of chocolate, chewing gum, mints and fruity confections, has announced its plans to double its global ice-cream sales to US$1bn by 2030 through investing in additional upgrades in its Burr Ridge facility.
According to Mars, the company has poured US$50 million into the plant in recent years and will spend an additional US$20 million to help it expand production further.
“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 company said.
Mars declined to reveal its global ice cream sales in 2022 but added that the US$1bn ambition would mean more than doubling the size of the business.
The company said that its global ice cream sales had risen by 42% in the last five years and that it 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,” Mars said.
In May, Mars tapped Anton Vincent, president of Mars Wrigley North America, to lead the ice cream business, and in the reports, the billion-dollar goal was discussed as one of Vincent’s primary tasks in the new role.
According to Mars, the global ice cream market is projected to reach nearly US$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.
“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.”
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 year, Mars, Incorporated also completed a US$500 million Sustainability Bond to help tackle global environmental threats.
The new $500 million Sustainability Bond offering was aimed to help Mars fund projects that would contribute to a more sustainable future and represents another milestone in the company’s journey to meeting its science-based targets as part of Mars’ Sustainable in a Generation Plan (SiGP).
This investment also marked the latest financial investment and commitment to tackle important environmental and social issues facing the planet and society.