The cream powder market has seen robust growth, expanding from $4.93 billion in 2023 to $5.34 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. This growth is driven by rising demand for dairy-based products, creamy beverages, and convenience foods. The market is expected to grow to $7.39 billion by 2028 at a CAGR of 8.5%. Future growth is attributed to the increasing demand for ready-to-eat foods, a growing vegan population, and heightened demand for baked goods. Key trends include innovation in product offerings, technological advancements, and new product introductions.
Major Driver In The Cream Powder Market
The cream powder market is poised for growth, driven by the increasing consumption of bakery products. With rising demand for baked goods due to lifestyle changes and health trends, cream powder’s extended shelf life makes it a preferred choice. The American Bakers Association reported an 18.7% increase in baking ingredients and supplies sales in 2020, and Euromonitor International projected retail sales of baked goods in the U.S. to reach $75.8 billion by 2026. This demand for bakery products is propelling the cream powder market.
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Cream Powder Market Competitive Landscape
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.
Key Cream Powder Market Trend
Major players in the cream powder market are expanding their offerings with instant powder mixes to meet the growing demand for plant-based alternatives. Instant powder mix, a dry, soluble powder, quickly dissolves in water to create a ready-to-consume beverage or culinary ingredient. In October 2023, Nestlé S.A., a Switzerland-based food conglomerate, launched Nido instant powder, a blend of milk and plant ingredients, in Central and West Africa. Nido Milk & Soya, packed with protein, fiber, iron, and calcium, can be paired with various cereals, porridges, and beverages, reflecting Nestlé's commitment to developing versatile and nutritious products.
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Cream Powder Market Segmentation
The cream powder market covered in this report is segmented –
1) By Type: High Fat Powder, Lipid Powder
2) By Source: Dairy-Based Cream Powder, Plant-Based Cream Powder
3) By Application: Bakery, Soups And Sauces, Dairy Products, Beverages, Confectionaries, Desserts, Other Applications
4) By Distribution Channel: Supermarkets Or Hypermarkets, Online Retail, Specialty Stores, Other Channels
By Geography:The regions covered in the cream powder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the cream powder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Cream Powder Global Market Report 2024 furnishes information about the global cream powder market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
