Cream Powder Market Size Valued at $8.9 Billion and CAGR of 6.4% till 2031 Top Key Players

According to a new report published by Allied Market Research, titled, "Cream Powder Market," The cream powder market was valued at $4.8 billion in 2021, and is estimated to reach $8.9 billion by 2031, growing at a CAGR of 6.4% from 2022 to 2031.

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The fresh cream and milk are blended to create cream powder, which is then pasteurized and spray-dried to make a naturally rich cream powder. Another non-dairy option for people with lactose intolerance is coconut cream powder, which is created from the mature coconut's essence and has a moderate coconut flavor. In the food processing sector, cream powder is typically used to make a variety of items, including ice cream, chocolate, sweets, biscuits, baked goods, and others. When compared to ultra-heat-treated (UHT) milk and fresh cream, cream powder's distinctive qualities-good dispersibility, solubility, flavor, high-fat content, simplicity of handling, and storage-allow it to be used in a variety of applications.

The COVID-19 pandemic resulted in a negative effect on the cream powder market size as the bakery, and HoReCa industries are being shut down. For instance, according to the report of the U.S. Department of Agricultural Services, the COVID-19 pandemic has negatively affected the Chinese bakery sector via disruptions to production and distribution. Both packaged and unpackaged baked goods have suffered, though the unpackaged segment has been hit harder due to shorter shelf life, consumers' limited access to retail outlets, and increased concerns about food hygiene during the pandemic. Cake sales have been hit especially hard by the disappearance of large celebrations during quarantine and social distancing measures.

In many food processing industries, the cream powder is used to make a variety of products, including ice cream, chocolate, sweets, biscuits, baked goods, and others. Since the cream powder is used in both the dairy and bread industries, its growth is anticipated to propel the market for cream powder. Additionally, the growing popularity of baking among people all over the world is anticipated to boost the market. For instance, 46% of Australians, according to the Australian Institute of Family Studies (AIFS), were most likely to spend more time baking or engaging in creative endeavors.

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The cream powder market is analyzed based on source, type, end-user, sales channel, and region. As per the source, the market is segmented into dairy-based and plant-based. According to type, the market is classified into sweet cream powder and sour cream powder. By end-user, the market is categorized into the bakery industry, dairy industry, and others. Depending on the sales channel, the market is segmented into B2C and B2B sales channels. The sweet cream powder and sour cream powder segments are further bifurcated into less than 30% fat, 30% to 60% fat, and above 60% fat. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of source, the cream powder market is further segmented into dairy-based and plant-based. Powders constitute a major cream powder market share. The dairy-based cream powder market dominated the market in 2021 and is expected to maintain its dominance during the forecast period owing to its health advantages and lower price compared to the other option. The growing vegan and lactose-intolerant population is the reason owing to which the plant-based segment is expected to grow at a higher CAGR. For instance, according to the report of the National Library of Medicine, U.S. the number of consumers who are reducing their intake of food from animal origin is increasing globally due to many reasons and this involves a growing market of plant-based products to its usage in the cure of diseases and, according to an article by the National Health Portal of India, 60% of the world's population is unable to process lactose in animal milk. Such a rising vegan population and lactose intolerant people are expected to boost the cream powder market growth for the segment.

On the basis of type, the cream powder market is further bifurcated into sweet cream powder and sour cream powder. Both sweet and sour cream powder segments are further bifurcated into less than 30% fat, 30% to 60% fat, and above 60% fat. The sour cream powder market is expected to grow at the fastest rate owing to the ease of storage and delivery, which has caused consumers to switch from purchasing sour cream to sour cream powder. The food service sector also makes use of sour cream powder. The sour cream powder is more appealing because it doesn't have an odd flavor or smell, especially when used in meals by the food service business. Additionally, the affordability of sour cream powder is anticipated to fuel market expansion.

On the basis of end-user, the cream powder market is further segmented into the bakery industry, dairy industry, and others. The bakery industry segment dominated the global cream powder market and is expected to retain its dominance during the cream powder market forecast period. The bakery industry is rising at a significant rate owing to the rising consumption of baked goods among the global population. For instance, according to the report of the U.S. Department of Agriculture, China's bakery sector has been expanding rapidly in recent years, underpinned by the country's rising middle class, ongoing Westernization of lifestyles and diets, and increasing demand for convenient food options. Such a rise in the bakery industry is expected to propel the cream powder market for the segment.

Depending on the cream powder market trends, on the basis of sales channels, the cream powder market is categorized into B2B and B2C sales channels. The B2C segment is expected to witness significant growth during the forecast period owing to the rising adoption of baking and cooking as a hobby. Along with this, market players are also introducing cream powders for household consumption. For instance, Revala Ltd. is providing ice cream powder for households as a different product.

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For the cream powder market analysis, on the basis of region, the market is further segmented into North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Netherlands, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, New Zealand, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and the rest of LAMEA). Europe dominated the market in 2021. Asia-Pacific is expected to witness the highest growth owing to the rising consumption of baked goods coupled with rising disposable income.

Key findings of the study

On the basis of source, the dairy-based cream powder segment dominated the cream powder industry in 2021 and is expected to retain its dominance throughout the forecast period.

On the basis of type, the sweet cream powder segment dominated the cream powder industry in 2021 and is expected to retain its dominance during the forecast period.

By end-user, the bakery segment led the global cream powder market demand in 2021 and is expected to retain its dominance throughout the forecast period.

On the basis of sales channels, the B2B segment dominated the global market in 2021 and is expected to retain its dominance throughout the forecast period.

Region-wise, Europe accounted for the highest cream powder market share in 2021 and is expected to grow at a CAGR of 5.9%.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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