Shifting Preference for Essential Commodities to Decelerate Non-Dairy Toppings Market Growth-Fact.MR
Non-dairy topping market is set to grow at a CAGR of over 6% and is anticipated to create a value pool of over US$ 2 billion between 2020 and 2030.
Non-Dairy Toppings to Witness Blue Skies owing to Burgeoning Demand from North America and Europe
The global non-dairy toppings market is anticipated to reach a valuation of over US$ 2.5 billion, with growth pegged at over 7.5%. This significant growth rate can be largely attributed to the shifts in consumer preference in recent years, including the increasing acceptance of dietary choices such as veganism, and the transition from traditional dairy products in Europe and North America.
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In North America and Europe the non-dairy toppings market is expected to see a dip in sales by nearly 1/3rd in first two quarters as compared to the similar time duration in 2019. However, the demand for confectionary products is expected to stabilize by third quarter owing to several festivities in countries like United States, India, Brazil, China and many others.
Key Takeaways of Non-dairy Topping Market
• Asia-Pacific excluding Japan holds significant market potential in the global non-dairy toppings market and is anticipated to create an absolute dollar opportunity of over US$ 600 million during the forecast period (2020-2030)
• Whip cream type is a major shareholder among types of non-dairy toppings, which is projected to grow by 2.1X over forecast period
• The growing demand for whipped cream in the food and bakery industries is projected to boost market growth
• Indirect sales represents significant revenue share (~70%) within the global non-dairy toppings market and its revenue share is further expected to increase throughout the forecast period
"Lactose intolerance in consumers paves way for remunerative opportunities within the global non-dairy toppings market. Moreover, key focus of producers on vegan products is also expected to boost market growth during the forecast period", says the Fact.MR analyst.
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