Fact.MR, in its exhaustive report on non-dairy toppings market, projects growth of the market to be pegged at a CAGR of 7.3% over the forecast period 2019-2029.
Rockville, United States – December 11, 2019 /MarketersMedia/ —
Non-dairy toppings are food topping variants that are primarily used for desserts, which have increasingly become popular as a replacement or substitute for spooning cream, ice cream, pouring cream or whipped cream.
The global non-dairy toppings market is projected to grow at a strong CAGR of around 7.3 per cent during the forecast period till 2029. This substantial rate of growth can be largely attributed to the increasing changes in consumer preference in recent times, including the rising popularity of dietary choices such as veganism, and the transition away from conventional dairy products in Europe and North America.
Recent years have also witnessed an increase in the number of lactose intolerance cases, which has also contributed to the demand for non-dairy alternatives, which is expected to be a major contributor in the coming years.
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Expansion and Product Innovation Moves Aid Growth
A substantial section of the non-dairy toppings market is fragmented, with the presence of numerous domestic and regional producers competing for market share. Tier 1 players on the other hand have captured up to 30 per cent of the market, of which Conagra and Rich products have managed to capitalize on most of the business.
These companies have been keeping ahead of the competition through processing in developed nations, where the demand is expected to help in the growth of production capabilities. In addition, major manufacturers are also investing in strategic acquisitions, which helps them to maintain strong production and distribution networks
Almond Milk Based Products Gain Traction
Almond milk based non-dairy toppings are currently dominating the industry in terms of production figures, at present accounting for around a fifth of the overall industry production. This trend is expected to grow even further in the years of the forecast period.
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The high levels of prices for almonds on the other hand is a major factor restricting the use of almonds as ingredients. On the other hand, almond milk has become a preferred choice as a vegan milk substitute, particularly in North America and Europe.
However, when it comes to the Asia Pacific region, coconut milk substitutes are witnessing substantial growth, the demand for which is also on the rise owing to its use in numerous Asian cuisines. On the other hand, vegetable based non-dairy toppings are expected to not be as favored by consumers are expected to only witness moderate growth.
APEJ Generates Major Growth Opportunities
Vegan products are gradually gaining traction in the APEJ region, particularly in China and India, which are expected to contribute to the growth of the industry, with the rising options including non-dairy toppings made from coconut milk, soy milk, and vegetable oil, which attracts market leaders to process their products here.
On the other hand, major manufacturers are challenged by a number of regional competitors in the region, which has created a need for strong brand promotional activities to gain penetration into these markets, with a lot of these products becoming a part of various frozen desserts.
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Source: MarketersMedia
Release ID: 88938921
