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Cream Powder Market Analysis: Size, Share, and Industry Insights
Cream Powder Global Market Report 2024
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According to The Business Research Company's, The cream powder market size has grown strongly in recent years. It will grow from $4.93 billion in 2023 to $5.34 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increase in demand for dairy-based products, increase in demand for creamy beverages, and increase in demand for convenience foods.
The cream powder market size is expected to see strong growth in the next few years. It will grow to $7.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing demand for ready-to-eat foods, growing vegan population, and rising demand for baked goods. Major trends in the forecast period include innovation in product offerings, technological advancements, launches of new products and services.
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Market Drivers and Trends:
The rising consumption of bakery products is expected to boost the growth of the cream powder market going forward. Bakery products refer to a wide range of items that use wheat flour to produce various final bakery-related products. The demand for bakery products has been on the rise globally, driven by a combination of lifestyle changes, health trends, economic factors, and innovation in the food industry. Cream powder extends shelf life compared to fresh cream, meeting consumer preference for more extended storage. For instance, according to a report published by the American Bakers Association, a US-based bakery-specific national and state trade association, in 2021, sales of baking ingredients and supplies increased by 18.7% and 16.3%, respectively, in 2020. Further, in October 2022, according to stats sourced from Euromonitor International, 2022 published on the Government of Canada's official website, retail sales of baked goods in the US reached $67.9 billion in 2021 and are expected to reach US$75.8 billion in 2026. Therefore, the rise in demand for bakery products is driving the growth of the cream powder market.
Major companies operating in the cream powder market are developing instant powder mixes to expand their product offerings and cater to the growing demand for plant-based alternatives. Instant powder mix is a type of dry, soluble powder designed to be quickly mixed with water or another liquid to create a ready-to-consume beverage, food product, or culinary ingredient. For instance, in October 2023, Nestlé S.A., a Switzerland-based food and drink processing conglomerate corporation, launched Nido instant powder made with a blend of milk and plant ingredients in Central and West Africa. Nido Milk & Soya, which blends the double goodness of milk and local soy, is packed with essential nutrients, including protein, fiber, iron, and calcium. This versatile product, created by Nestlé's regional R&D team in Abidjan, Côte d'Ivoire, can be paired with various cereals, porridges, and beverages. It has recently launched in Nigeria.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Nestlé S.A., Unilever PLC, Groupe Lactalis S.A., Yili Group, Royal FrieslandCampina N.V., Fonterra Co-operative Group Limited, Inner Mongolia Mengniu Dairy Limited, Saputo Inc., Kerry Group plc, Dairy Farmers of America, Schreiber Foods Inc., Doehler Group SE, Müller Industries, GROUPE SODIAAL, DMK Deutsches Milchkontor GmbH, Arla Foods Group, NOW Foods, Parag Milk Foods Ltd, Anand Milk Union Limited (AMUL), Bluegrass Dairy, Walton Feed Inc., Pelwatte Dairy Industries Pvt. Limited, Rogers and Company Foods Pty Ltd, Arion Dairy Products B.V.
Cream Powder Market 2024 Key Insights:
• The cream powder market size is expected to see strong growth in the next few years. It will grow to $7.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising Bakery Product Consumption Driving Growth In The Cream Powder Market
• Development of Instant Powders Mixes
• Europe was the largest region in the cream powder market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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