Non-Dairy Toppings Market Is Estimated At Close To 8% CAGR Through The End Of 2031
Animal-based products are increasingly taking a backseat, driven by steady rise in the number of vegans around the globe. Higher levels of awareness about nutrition, health, environment, and animal cruelty, especially among the massive millennial demographic, is driving demand for non-dairy toppings. Despite reduced demand from the foodservice sector, higher demand for convenience and RTE foods, and greater health consciousness among consumers during the COVID-19 pandemic has created opportunities for growth, where the liquid form of non-dairy toppings is most widely used across different sectors.
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Key Takeaways from Non-Dairy Toppings Market Study
- The global non-dairy toppings market was hit hard by the COVID-19 pandemic, with growth going south bound at -7.1% in 2020. However, 2021 will see the return of normal growth at around 7.5%.
- Western Europe currently accounts for more than 25% in the non-dairy toppings market, but is expected to reflect steady decline in market share through 2031. Asia Pacific excluding Japan is expected to portray a higher growth rate of over 11% during the forecast period.
- The U.S. is set to hold over 15% of global market share.
- Germany holds a leading share of over 20% in Western Europe, while China and India are lucrative markets in APEJ.
- Based on base ingredient, demand for vegetable oil accounts for a higher share in the market, and is expected to display a healthy growth rate through the forecast period.
- In terms of product, whipped cream accounts for a higher share in the non-dairy toppings market, and is expected to portray strong growth during the forecast period.
- Demand for non-dairy toppings in bakery applications is expected to be the highest in comparison to other end uses, and is expected to double by 2031.
- More than 40% application of non-dairy toppings will be in bakery products.
- Modern stores to account for the most sales of non-dairy toppings across the world.
Key Segments of Non-Dairy Toppings Market
- Soy Milk
- Vegetable Oil
- Almond Milk
- Coconut Milk
- Processed Fruits
- Frozen Desserts
- Whipped Cream
- Pouring Cream
- Modern Stores
- Specialty Food Stores
- North America (U.S. & Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru, & Rest of LATAM)
- Western Europe (Germany, U.K., France, Italy, Spain, BENELUX, Nordic, & Rest of W. Europe)
- Eastern Europe (Russia, Poland, CIS Countries and Rest of E. Europe)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Israel, & Rest of MEA)
- Asia Pacific excluding Japan (China, India, ASEAN, South Korea, Australia, & Rest of APEJ)
The global non-dairy toppings market is moderately fragmented and competitive in nature, owing to the presence of numerous regional players in the industry. Major manufacturers are focused on product launches to bolster their portfolios, in addition to strategic collaborations and acquisitions to consolidate their positions in the market.
- For example, in April 2020, Rich Products Corp. announced the acquisition of an ownership stake in Rich Graviss Product Pvt. Ltd. The deal is expected to aid the company in expanding its footprint into the high potential market of India.
- Conagra Brands unveiled two new variants of Reddi-wip whipped toppings – non-dairy almond and coconut options. These products only hold 10 calories for each serving, and are free from artificial flavors and preservatives.
- Trader Joe’s launched a new whipped topping under its Sweet Rose label. The product is produced with real coconut cream, and is a low-calorie dairy alternative to conventional whipped cream, priced at US$ 3.29 for a 6.5 ounce can.