With evolving consumer preferences, the F&B industry is constantly witnessing a wave of dairy-free and vegan products over the recent past. In addition, rampant expansion of bakery and ice cream sectors continues to underscore a few highly impactful industry trends, of which non-dairy whipping agents constitutes an important one.
Receiving a prominent push from the dramatically growing vegan dietary trend, the cumulatively increasing bakery consumption also continues to boost the revenue growth of non-dairy whipping agents market.
In 2019, the global revenue of non-dairy whipping agents market is likely to surpass US$ 375 million, as indicated by a new study on the global non-dairy whipping agents market published by Persistence Market Research.
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As the report suggests, food processing remains the largest end use segment, accounting for a roughly 55% revenue share in the non-dairy whipping agents market. The study also offers exclusive insights on the form of non-dairy whipping agents. Owing to the cost benefit during transit, cold storage, shipping, and maintenance, liquid whipping agents continue to generate the most of market revenue, over powdered non-dairy whipping agents.
Desserts Register Rising Consumption of Non-dairy Whipping Agents
The report states that bakery and desserts collectively account for more than 70% share of the total value of non-dairy whipping agents market - the share of bakery is however relatively higher.
While baking is most likely to remain the most sought after application of non-dairy whipping agents owing to a consistent upsurge in the demand for stabilizers and whipped toppings, the report points to prominently growing adoption of whipping agents for taste enhancement.
“At an estimated yearly revenue growth of more than 4%, desserts will register a decent incremental opportunity over coming years. Looking at the significantly rising popularity of light, creamy, and rich textured desserts that are healthy and taste excellent, it is more likely that the consumption of non-dairy whipping agents will display steady growth within the desserts segment,” says a senior research analyst at PMR.
A growing number of manufacturers are striving for innovation of non-dairy whipping agents to cater to evolving demands of the trending vegan lifestyle. Ice creams, desserts, and baked products are most likely to demonstrate notable innovation and consumption. Aerated food products segment is highlighted as a rapidly emerging segment.
The Limelight Still Belongs to Europe’s Non-dairy Whipping Agents Market
Europe secures the top ranking position globally, followed by North America. The former currently holds around 1/3rd share in the total value of non-dairy whipping agents market owing to a few prominent factors, including -
Largest bakery market across the globe
Highest aerated food products consumption
Presence of the premium class consumer
High consumer awareness about healthful food ingredients
Despite the two developed regional markets are likely to remain the dominant over others in the global marketplace, the report indicates that Asia Pacific reflects a relatively higher growth potential. This growth is attributed to the widening expanse and diversification of bakery sector across Asian economies and rapid industrialization of the F&B industry in the region.
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Research also positions Latin America’s market for non-dairy whipping agents as an attractive regional territory for investors, as the region is steadily witnessing a growing consumer preference for healthful products that are available in a wide range of flavors.
Elevating Palm Oil Trade Activities Push Market Growth
Indigenous to West Africa, oil palms are cultivated across the globe, including the entire African continent, North America, Asia Pacific, and Latin America regions. Indonesia is currently the top producer and exporter of palm oil, followed by Malaysia.