The global cream market size was USD 17.21 billion in 2020. The market is likely to grow from USD 17.56 billion in 2021 to USD 23.11 billion in 2028 at a CAGR of 4.01% in the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Cream Market, 2021-2028.”
According to our researchers, a considerable amount of customers noted their inclination toward reducing their animal-based food intake, comprising dairy. This, in turn, is anticipated to boost the demand for plant-based creams and other by-products.
Supply Chain Commotions amid COVID-19 to Result in Revenue Deterioration
The COVID-19 pandemic effect has let the market to deteriorate by half of its development speed. The pandemic has evolved the buying pattern of customers. Numerous nations were in lockdown, and the global economy is under disaster owing to the pandemic. Owing to the lockdown, there have been several modifications in the purchasing pattern of consumers. Numerous government bodies inflict several guidelines and principles concerning the purchase of vital products.
Source, Nature, Type, Application, and Region are Studied
Based on source, the global market is classified into dairy and non-dairy.
On the basis of nature, the market is divided into pasteurized and ultra-pasteurized.
In terms of type, the market is categorized into fresh, table, whipping, heavy, and others.
Based on application, the market is branched into commercial and household.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
List of Key Players Mentioned in the Report:
- Amul (Gujarat, India)
- Lactalis (Laval, France)
- Arla Foods (Viby, Denmark)
- Land O Lacks Inc., (Minnesota, U.S.)
- Fonterra Co-operative Group (Auckland, New Zealand)
- Dean Foods (Texas, U.S.)
- Royal FrieslandCampina N.V. (Amersfoort, Netherlands)
- Dairy Farmers of America Inc. (Kansas, U.S.)
- Organic Valley (Wisconsin, U.S.)
- Agropur (Longueil, Canada)
The report offers a rounded examination of the market coupled with recent trends and forthcoming estimations to inaugurate proximate investment gains. An in-depth review of any imminent prospects, threats, struggles or driving aspects is also cited in the report. An exhaustive regional analysis is presented. COVID-19 influences have been added to the report to aid investors and business owners comprehend the intimidations better. The important players in the market are acknowledged, and their approaches to reinforce the market growth are shared in the report.
Drivers and Restraints:
Increasing Application of Product in Numerous Industries to Foster Growth
Conventionally, the product is broadly employed in the bakery and coffee industry, but, in past years, the growing application of the product in several industries such as alcohol and personal care is projected to navigate product sales. For example, in September 2020, Somrus declared the launch of Somrus Coffee Cream Liqueur. This novel product is produced from coffee and chicory combined with genuine dairy cream from Wisconsin and quintuple distilled Caribbean rum. This is expected to bolster the cream market growth.
Europe held the maximum cream market share and was valued at USD 5.39 billion in 2020, and the region is projected to remain in the dominating position in the global industry in the impending years. Numerous dairy products establish an indispensable part of the diet in many European nations, particularly France, the U.K., Germany, as well as Italy.
North America is estimated to be the second-most dominant region in regards of market share. Dairy and vegan cream stays dynamic in North America.
Regions such as Asia Pacific and South America are expected to observe considerable growth during the forecast period.
Vital Players Emphasize on Unveiling Attractive Products to Gain Competitive Benefit
Important players are relentlessly searching for effective tactics to implement in order to reinforce their global position. Among many such methods, one such stratagem is to instigate collective contracts and mergers. Another important strategy is presenting demanding products to safeguard customer satisfaction.
For instance, in September 2020, Starbucks declared the unveiling of vegan whipped cream based in the U.K. market. This novel soy-based vegan whipped cream has been formed by Alpro and has an easy-going, silky texture with slight hints of vanilla.
- May 2021 – Royal FrieslandCampina N.V. announced the launch of a new vegan whipping cream. This product is the vegan solution for dessert and bakery product manufacturers.