The global imitation whipped cream market size is anticipated to reach US$ 1,502.9 Mn by the end of 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at 4.6% CAGR between 2020 and 2030. According to the report, the rising demand for imitation whipped cream in the food and beverage industry will fuel market growth. The report offers a comprehensive market overview, covering prevailing trends and opportunities. It also highlights key growth drivers and restraints to offer refined forecast on growth opportunities.
Imitation whipped cream is produced using either the vegetable oils or the plant-based milk and are then spray-dried to achieve change them into a powder form. Imitation whipped cream in the powdered form have the highest economic contribution due to its higher shelf life, which has an impact on the choice of consumers as well as the retailers that sell the product.
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It includes in-depth insights into the imitation whipped cream market. Some of these are:
- The estimated value of the market was at US$ 958.7 Mn in 2020. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Asia Pacific excluding Japan recorded high growth in the global imitation whipped cream market in the year 2020.
- Imitation whipped cream markets Europe and North America will remain lucrative through the forecast period.
- Conventional imitation whipped cream is expected to remain the dominant segment in terms of the nature of imitation whipped cream.
- Players in the market are likely to focus on research and development to find new sources to make plant-based whipped cream and imitating whipped cream frosting.
Shifting Consumers’ Preferences towards Plant-Based Dairy Alternatives
The dairy-usage among the consumers has persisted due unavailability of adequate options in dairy-alternatives and the need for nutrients that only dairy can fulfil. But the change of trend has been observed in recent as producers are coming with a wide range of products in dairy alternatives with variations in color, base and type of these products. Dairy products are preferred more traditionally and manufacturers cannot experiment much with them. With millennial and present-day consumers looking for more options in dairy products, imitation whipped cream market may gain impetus. The variety of imitation whipped cream recipe is plenty. It can be used in different food and beverage preparations, which is a key factor enabling growth in the market.
Dip in Demand Likely as Restaurants and Food Chains Remain Shuttered due to COVID-19
The global food industry is significantly affected by the COVID-19 outbreak, which has resulted in temporary closures of restaurants and food chains. Hence, HoReCa running out of businesses, it could be a major setback for imitation whipped cream market. Nonetheless, the market will pick up once operations in food service industry resumes. Until then, lockdown and preventive measures imposed across nations may curb growth prospects for the market.
Who is winning?
Some of the key players operating in the imitation whipped cream s market are Kraft Heinz Company, Rich Products Corporation, Nestlé S.A, Danone, Trader Joe’s Company, Kerry Group, and more tier two players.
Due to the rising popularity of plant-based food, manufacturers of whipped cream are improving their product offerings. Along with this, they are focusing on technical developments in production technology. Besides these, they are adopting strategies such as merger and acquisitions and collaborating with local/ regional producers across the emerging market to expand their global footprint. These companies are mainly focusing on catering to meet the ongoing trend in the millennium.
IMITATION WHIPPED CREAM MARKET: STRUCTURE ANALYSIS
- Some of the major players operating in imitation whipped cream market includes Kraft Heinz Company, Rich Products Corporation, Nestlé S.A, Danone, Trader Joe’s Company, Grupo Chantilly SA de CV, Ilsa Frigo, Kerry, Dos Anclas, Eurocas Group of Companies, Hydrosol GmbH & Co. KG, PURATOS, Arla Foods and others
- Manufacturers in this market are focusing on developing research and development to find the more new source to derived imitation whipped cream. Such as cashews, oats and hemp imitation whipped cream are few new addition in the product category.
- Base year considered – 2020
- Historical Period – 2015 – 2019
- Forecast period – 2020 – 2030
- Market Value in 2020 – US$ 958.7 Mn
- Segments covered – Nature, Form, Product Type, End-Use, Sales Channel and Region
- Regions covered – North America, Latin America, Europe, Asia Pacific, Japan, Oceania and MEA
- Key Players – Kraft Heinz Company, Rich Products Corporation, Nestlé S.A, Danone, Trader Joe’s Company, Grupo Chantilly SA de CV, Ilsa Frigo, Kerry, Dos Anclas, Eurocas Group of Companies, Hydrosol GmbH & Co. KG, PURATOS, Arla Foods and others.
- Growth Drivers –
- Rising number of lactose intolerance population around the worldwide
- Clean label trend driving the market
- The Natural Ingredient-based products boosting the growth
- Rising trend of ready to drink beverages
- Shifting manufacturers towards the organic food manufacturing.
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MITATION WHIPPED CREAM MARKET – KEY RESEARCH FINDINGS
- The growth of imitation whipped cream market is majorly driven by millennial generation, owning to their changing preference in and changing eating habits.
- North America dominates share the imitation whipped cream market and expected to maintain its dominance share during the coming years as well over the other regions.
- Asia Pacific is projected to be the fastest growing market driven by rising usage of imitation whipped cream in the food service industry.
- At present, conventional imitation whipped cream accounts for more than one-third of the market share and expected to maintain its dominance during the coming few years.
- Imitation Whipped cream are expected to find immense application in food and beverage industry over the HoReCa and Household sectors.