Kweichow Moutai Co Ltd, China's iconic high-end spirits maker, recently launched its ice cream flagship store in Southwest China's Guizhou province.

With the main ingredients of Moutai's classic Feitian 53 percent liquor and milk, the ice cream is sold for 39 yuan ($5.85) a piece and is expected to soon hit the domestic market.

According to a report by Shenzhen-based Qianzhan Industry Research Institute, China's market size of the ice cream industry increased from 124.1 billion yuan to 147 billion yuan from 2018 to 2020, ranking first in the world.