Global Food Industry Current Scenario and Outlook
The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Coconut Milk Toppings. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Coconut Milk Toppings Market across various industries and regions.
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The non-dairy toppings market is likely to maintain a robust growth rate throughout the period of assessment, 2018-2028, as consumers shift toward veganism and plant-based products. Steadily increasing consumer awareness regarding health benefits of dairy alternatives continues to remain instrumental in driving sales of non-dairy toppings worldwide.
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Non-dairy toppings Market is expected to grow at a CAGR of 7.0% in terms of volume throughout the period of forecast. Global sales of non-dairy toppings are likely to increase by 34,000 tons in 2028 over 2018.
Sales of non-dairy toppings are likely to witness a significant upswing during the period of forecast on the back of growing lactose intolerant consumers worldwide. According to National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), more than 65 percent of the global population is facing lactose intolerance, with over 36 percent present in the United States alone. Unable to digest milk products, the demand for non-dairy toppings among lactose intolerant people is likely to increase, in turn contributing to the overall growth of the non-dairy toppings market, says the report.
European countries reflected dominance in the overall non-dairy toppings market, however with a relatively slow growth rate than Asia Pacific excluding Japan (APEJ). Non-dairy toppings market is now witnessing a significant upsurge across emerging economies in the Asia Pacific excluding Japan (APEJ) region, says the report. Sales of non-dairy toppings across countries such as China and India are expected to increase at a stellar pace throughout the period of forecast.
Sales volume of non-dairy toppings via indirect channels are likely to account for over 70% share of the overall non-dairy toppings market by 2028. Modern trade continues to be the most lucrative indirect distribution channel for non-dairy toppings globally. Hypermarkets and supermarkets, as a part of modern trade, are expanding their non-dairy toppings product range, in turn increasing visibility of various non-dairy toppings brands. In addition, rising number of supermarkets worldwide are likely to complement non-dairy toppings sales. Sales of non-dairy toppings through E-commerce channel are also expected to witness a steady increasing throughout the period of forecast.
Growing bakery industry is expected to impact sales of non-dairy toppings in the forthcoming years. The overall bakery products market is expected to grow at a renascent pace, providing potential growth avenues for non-dairy toppings producers. The use of non-dairy toppings in bakery and frozen dessert applications is expected to gain significant traction during the period of forecast. Overall, the outlook of non-dairy toppings market remains positive and stakeholders in the non-dairy toppings market can expect a momentous growth in sales of non-dairy toppings across regions in the years to follow.
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)
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Fact.MR, in its new report, offers an unbiased Market Analysis of Coconut Milk Toppings, Sales and Demand of Coconut Milk Toppings, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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