In established markets such as North America and Europe, veganism is a popular trend, with more and more people joining in as time goes by. This section of the population consumes only plant-based products.
This trend is also affecting emerging markets such as South Asia and East Asia. This increasing popularity of veganism is expected to bolster the growth of the plant-based creamer market over the coming years.
- Danone’s plant-based product offerings have registered nearly double-digit growth across its markets in Europe. This is a result of the increasing popularity of veganism in European countries.
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- Nestle S.A.
- Danone S.A.
- Royal FrieslandCampina N.V.
- Preserved Food Specialty Co. Ltd.
- Rich Products Corporation
- PT Santos Premium Krimer
- Custom Food Group
- Mokate Group
- Korn Thai Co. Ltd.
- Puratos NV
- Hanan Products Co. Inc.
- Goodrich Carbohydrates Limited
Demand for Low-fat, Non-GMO, Lactose-free, Gluten-free Plant-based Creamers
Increasing popularity of the dairy-free trend has resulted in a large number of consumers shifting their preference toward non-dairy products. Consumers of plant-based creamer products seek lactose-free, gluten-free, and non-GMO products.
The ongoing trend of low-fat non-dairy products such as milk, yogurt, and cream is enabling the manufacturers of plant-based creamers to introduce plant-based creamer products that are low in fat, non-GMO, and lactose-free.
- For instance, all the products under the brand of Nestlé, called Coffee-Mate, are sold as low-fat, non-GMO, lactose-free, and gluten-free plant-based creamers.
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Variations in Flavor, Taste, and Texture Aiding Demand Growth
Taste and texture are what determines the success of meat and dairy alternatives. Manufacturers are creating appealing, attractive tastes and textures for their plant-based creamer products, and are focusing on providing real and delicious taste.
Consumers seek products with good taste, texture, and flavors with healthy ingredients. These factors will create huge opportunities for the Europe and APAC plant-based creamer markets.
- For instance, Nestle S.A. provides a wide range of creamers with different flavors and ingredients, such as chocolate, vanilla, cinnamon, pumpkin spice, peppermint, etc.
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Rising Demand for Customized Plant-based Creamers
Manufacturers in the global plant-based creamer market are focused on providing custom plant-based creamer products to food the manufacturing, foodservice, and household sectors.
These customized plant-based creamers are manufactured according to the requirements of the end-use sector such as bakery, cafés, desserts, and foodservice, processed food industries, and household uses. As such, the demand for plant-based creamers is expected to increase in foreseeable future.
- For instance, Puratos NV produces plant-based cream toppings, which are used in the bakery, dairy, dessert, and household sectors. It also provides customized creamer toppings for these industries.
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Technological Advances in Food Equipment Shaping Industry
There have been many advancements in recent years in food equipment, which have changed the dynamics of the food processing industry in terms of technology, trends, and new developments. Advanced technological developments have brought about a huge change in the plant-based creamer market as well.
A few years ago, plant-based creamers were a concept that could only be imagined. But, due to spray drying and hydrogenation techniques, a creamer without milk content was made possible. Additionally, production costs of manufacturing plant-based creamers were higher a few years ago. These costs have reduced in recent years due to various advancements, thus increasing the prospects of manufacturers in the plant-based creamer market space.
- Nestlé’s Coffee-Mate brand launched a new product called Natural Bliss. This product is made from plant-based milk, and it is witnessing high sales. Customers have shown a positive response to this product, especially in the Americas.
North America and Europe Collectively Dominate Market; Plant-based food Consumption Trend Increasing in Asia Pacific
The global plant-based creamer market is mainly dominated by two regions - Europe and North America, which together account for more than 60% of the market share. These two regions are also the largest plant-based creamer producing regions with the highest number of plant-based creamer manufacturers as well as consumers.
Asia Pacific is displaying fast increment in growth, attributable to the changing lifestyle of consumers. Industrialized and developed countries such as Australia, New Zealand, Japan, Singapore, Hong Kong, and South Korea are major markets for plant-based foods in the Asia Pacific market.
There is also an increase in the demand for products in developing countries such as India and China, due to rising awareness about the health benefits of plant-based creamers and food.
Anticipated COVID-19 Impact on Plant-based Creamer Market
The ongoing health crisis around COVID-19 has affected all walks of life. As the COVID-19 pandemic spreads across the world, most industries, along with the agriculture and food and beverage industry supply chain is stepping up to keep employees and consumers safe, while still providing vital equipment, services, commodities, and food.
Production by key manufacturers of plant-based creamers has either reduced or stopped, as many countries have imposed total lockdowns. To control the widespread of coronavirus, many economies have declared a national emergency, due to which, the transportation system has collapsed.
Manufacturers of plant-based creamers are facing numerous challenges, right from the procurement of raw material, processing of ingredients due to the shortage of labor, transport, and the distribution of the final product.
The foodservice and HoReCa industry is the second-largest consumer of plant-based creamers across the globe, which has been bit badly by the pandemic. Europe has the largest number of foodservice and HoReCa outlets, followed by North America.
Both these regions are suffering from the spread of COVID-19. The tourism sector has been destroyed over the last few months across the world. These factors have negatively impacted the growth of the foodservice and food & beverage industry, and, in turn, has widely impacted the growth of the plant-based creamer market.
The world is proceeding toward a global recession, but the premium consumer class will always have spending power to purchase products. The pricing of plant-based creamers may be impacted shortly due to food inflation. These factors are expected to leave an impact on the growth of the global plant-based creamer market for at least the next couple of quarters.
The global plant-based creamer market is witnessing moderate growth. Key players in the market could gain additional profits by targeting food manufacturers and collaborating and partnering with foodservice and HoReCa industry operators.
Manufactures need to be focused on marketing the benefits of plant-based creamers among consumers. Additionally, emerging economies in South Asia and East Asia offer huge opportunities to expand business in the global plant-based creamer market.
Key Segments of Plant-based Creamer Market
PMR’s report on the global plant-based creamer market offers information divided into seven segments - form, nature, type, source, end use, distribution channel, and region.
Key Questions Answered in Report
- How much is the plant-based creamer market worth?
The global plant-based creamer market is estimated to be worth US$ 12.2 Bn by the year 2031.
- What will be the demand outlook?
The global plant-based creamer market is expected to witness a CAGR of 4.7% between 2021 and 2031.
- What was the last 5 year market CAGR?
The global plant-based creamer market recorded a CAGR of 3.7% between 2015 and 2020.
- What are the key trends of plant-based creamer market?
The latest trend pertains to innovation in flavors and sources of plant-based creamers, especially almond-based, coconut-based, and soy-based.
- What is driving the demand for plant-based creamers?
Growing inclination towards veganism is driving the demand for plant-based creamers.
- What is the market share of top 5 players?
The top 5 players such as Danone S.A., Nestle S.A., Royal FrieslandCampina N.V., Preserved Food Specialty Co. Ltd., and Rich Products Corporation hold more than 30% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, Japan, India, and China.
- What is North America’s market Outlook?
North America will continue to hold a significant market share with regards to plant-based creamers between 2021 and 2031.
- At what percentage plant-based creamer is going to register growth in Europe?
Europe is expected to register growth at the rate of 3.4% in the plant-based creamer market between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and Korea are expected to account for more than 20% of the revenue generated by the Asia-Pacific in the plant-based creamer market.