Non-Dairy Toppings Market to Record CAGR of 8% and Increase in Revenue by 2031

Animal-based products are increasingly taking a backseat, driven by steady rise in the number of vegans around the globe. Higher levels of awareness about nutrition, health, environment, and animal cruelty, especially among the massive millennial demographic, is driving demand for non-dairy toppings. Despite reduced demand from the foodservice sector, higher demand for convenience and RTE foods, and greater health consciousness among consumers during the COVID-19 pandemic has created opportunities for growth, where the liquid form of non-dairy toppings is most widely used across different sectors.

Request a Sample Report with Table of Contents and Figures-  https://www.factmr.com/connectus/sample?flag=S&rep_id=646

As per Fact.MR analysis, the non-dairy toppings market reached a valuation over US$ 1 billion in 2020, with growth estimated at close to 8% CAGR through the end of 2031.

Key Takeaways from Non-Dairy Toppings Market Study

  • The global non-dairy toppings market was hit hard by the COVID-19 pandemic, with growth going south bound at -7.1% in 2020. However, 2021 will see the return of normal growth at around 7.5%.
  • Western Europe currently accounts for more than 25% in the non-dairy toppings market, but is expected to reflect steady decline in market share through 2031. Asia Pacific excluding Japan is expected to portray a higher growth rate of over 11% during the forecast period.
  • The U.S. is set to hold over 15% of global market share.
  • Germany holds a leading share of over 20% in Western Europe, while China and India are lucrative markets in APEJ.
  • Based on base ingredient, demand for vegetable oil accounts for a higher share in the market, and is expected to display a healthy growth rate through the forecast period.
  • In terms of product, whipped cream accounts for a higher share in the non-dairy toppings market, and is expected to portray strong growth during the forecast period.
  • Demand for non-dairy toppings in bakery applications is expected to be the highest in comparison to other end uses, and is expected to double by 2031.
  • More than 40% application of non-dairy toppings will be in bakery products.
  • Modern stores to account for the most sales of non-dairy toppings across the world.

Access Research Methodology Prepared By Experts –  https://www.factmr.com/connectus/sample?flag=RM&rep_id=646

“The global toppings and fillings industry has witnessed consumer transition towards veganism, which has substantially bolstered demand for non-dairy toppings. A significant rise in the European and American vegan population will also contribute to growth,” says a Fact.MR analyst.

Players Continue Pushing for Portfolio Expansion

The global non-dairy toppings market is still substantially fragmented with the presence of regional players. Leading manufacturers continue to consolidate their position in the industry with efforts towards the expansion of their product portfolios, and exploring newer, high-potential regions.

  • 365 Whole Foods launched its low-calorie, low-fat plant based whipped topping in October 2020. Soy protein, pea protein, and cane sugar are prominent ingredients in this product offering.
  • Hanan Products Company Inc. launched its Tasty Whip Vegan topping in April 2020. Available in chocolate and vanilla flavors, the product is made from pea protein and aquafaba, and is priced at US$ 52 for a gallon-case.

Apart from these, some other leaders in the non-dairy toppings market include Rich Products Corporation, Puratos, Conagra Brands, Friesland Campina Kievit, Pinnacle Foods Inc., So. Delicious Inc., Schlagfix, Dawn Food Products Inc., and Goodrich Carbohydrates Ltd.

For Comprehensive Insights Ask an Analyst Here  –  https://www.factmr.com/connectus/sample?flag=AE&rep_id=646

About Fact.MR     

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates

Leave a comment

Your email address will not be published. Required fields are marked *