The ice-cream industry is facing an uncertain future as wellness trends and weight-loss drugs reshape consumer habits. With global sales worth £85bn and Magnum controlling 20% of the market, the stakes are high. Recent reports show falling sales in the last quarter of 2025, and investors are betting against the company due to doubts about ice-cream's survival in the age of Ozempic.
Last month, I stood in the biggest ice-cream factory in Britain and watched a 5-metre Viennetta mint-flavoured ice-cream cake get made. The factory, owned by the Magnum Ice Cream Company, produces nine different brands and is based in an enormous building in Gloucester, where the air is thick with the scent of custard. Walking past the Twister and Solero sections, I arrived at the Viennetta assembly line, where everything smelled minty fresh. A Viennetta is built on a conveyor belt by a fully automated system, and watching it take shape was oddly hypnotic. Every few inches, a nozzle squirted out a frilly layer of mint ice-cream, then another nozzle smoothed a flat layer of vanilla on top, followed by a squirt of chocolate sauce, and back to frilly mint again. On and on it went, layer upon layer, popping out finished Viennettas at a rate of 200 cakes every 60 seconds.
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The State of the Ice-Cream Market
Magnum, which owns Viennetta, Ben & Jerry's, Solero, and Twister, among others, has seen its stock price become volatile. In June, it was the most shorted large cap stock in Europe, with investors betting against the company because of doubts about how ice-cream will survive in the age of Ozempic. However, sales rose in the most recent quarter driven by record temperatures, but the long-term outlook remains uncertain.
Impact of Weight-Loss Drugs
Weight-loss drugs like Ozempic have changed how people view indulgent foods. These medications suppress appetite and reduce cravings for high-calorie treats, directly impacting ice-cream consumption. As more people adopt these drugs, the demand for traditional ice-cream may decline. The industry is now grappling with how to position a product that 'exists only for pleasure' in a health-conscious era.
Wellness Trends and Consumer Preferences
Consumers are increasingly prioritizing health and wellness, seeking lower-sugar, lower-fat, and functional ingredients. Ice-cream brands are responding by introducing healthier options, but the core product remains a treat associated with pleasure rather than nutrition. The challenge is to balance indulgence with health appeal, without alienating traditionalists.

Comparing Traditional and Health-Conscious Ice-Cream
| Factor | Traditional Ice-Cream | Health-Conscious Alternatives |
|---|---|---|
| Calories per serving | 200-300 | 50-150 |
| Sugar content | 20-30g | 5-10g |
| Fat content | 10-20g | 2-5g |
| Consumer perception | Indulgent treat | Guilt-free snack |
Key Takeaways
- Ice-cream industry faces challenges from wellness trends and weight-loss drugs.
- Magnum's sales are volatile, with investors shorting the stock.
- Healthier alternatives are emerging, but traditional ice-cream still holds a large market.
- Record temperatures can boost sales, but long-term sustainability is questioned.
- Innovation in low-calorie and plant-based options is key to survival.
FAQ
Will ice-cream become obsolete due to weight-loss drugs?
How is Magnum responding to changing consumer preferences?
What does the future hold for the ice-cream industry?
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