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High Fat Powder Market Share & Growth Forecast 2033: Global Market Insights
High Fat Powder Global Market Report 2024
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According to The Business Research Company's, The high fat powder market size has grown strongly in recent years. It will grow from $81.87 billion in 2023 to $88.50 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to rising preference for rich and indulgent flavors, rising plant-based products, rising prevalence of obesity, rising confectionary products, rising consumption of processed foods, increased food and beverages, and rising meat consumption.
The high fat powder market size is expected to see strong growth in the next few years. It will grow to $121.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to increasing ready-to-eat products, increasing dietary products, increasing plant-based high fat powder, increasing diabetes, increasing vegan products, increasing food and beverages, increasing dietary supplements, and growing demand for convenience foods. Major trends in the forecast period include product innovation, improved packaging technologies, development of cold chain capacities, innovative fat-powder formulations, and advancements in processed food technologies.
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Market Drivers and Trends:
The growing demand for convenience foods is expected to propel the growth of the high fat powder market going forward. Convenience foods are pre-packaged or pre-prepared foods designed for quick and easy consumption with minimal preparation time and are typically ready-to-eat or require simple steps such as heating or mixing, catering to busy lifestyles. The demand for convenience foods is growing due to shifting lifestyles, increased urbanization, and a preference for quick and easy meal solutions. High-fat powders are utilized in convenience foods to enhance texture, flavor, and nutritional content, catering to diets and portable meal solutions. For instance, in March 2024, the Bank of Ayudhya Public Company Limited, a Thailand-based commercial banking company, reported that the domestic market for Thai-made ready-to-eat food is expected to grow by 3.0-4.0% annually from 2024 to 2026. Additionally, in 2022, the ready-to-eat food industry had a total domestic and export sales volume of 482.4 thousand tons, with a value of USD 2.0 billion. Therefore, the growing demand for convenience foods drives the high fat powder market.
Major companies operating in the high fat powder market are focusing on developing innovative products such as high-fat cocoa powders to meet the rising demand for healthier, indulgent options in the food and beverage industry. High-fat cocoa powders refer to cocoa powders that contain a higher percentage of cocoa butter compared to regular cocoa powders. For instance, in April 2024, Barry Callebaut, a Switzerland-based chocolate and cocoa manufacturer, launched its latest cocoa powder, MALEO, in the Asia-Pacific region. The standard 10/12 MALEO range provides a deep brown color that improves the visual appeal of any cocoa-based creation, as well as a richer and more chocolatey flavor that offers a stronger and longer-lasting cocoa sensation. The high-fat 22/24 MALEO powder provides a creamier mouthfeel, enhancing texture and enjoyment, while also absorbing less water to ensure better consistency in applications. Using the MALEO cocoa powders allows for up to a 20 percent reduction in powder usage, leading to cost savings.
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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:
BASF SE, FrieslandCampina Kievit, Fonterra Co-Operative Group Limited, Arla Foods Group, International Flavors and Fragrances Inc., Barry Callebaut AG, Kerry Group plc, HOCHDORF Group, Mokate S.A., Batory Foods, Corman SA, FutureCeuticals, Food Products Ltd, MEGGLE GmbH, Iprona SpA, NutraDry, Alpen Food Group, Castle Dairy
High Fat Powder Market 2024 Key Insights:
• The high fat powder market size is expected to see strong growth in the next few years. It will grow to $121.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Convenience Foods Drive Expansion In High Fat Powder Industry
• Innovative High Fat Cocoa Powders Meet Growing Demand For Premium And Functional Ingredients
• North America was the largest region in the high fat powder market in 2023
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