Market Outlook
The cream is one of the key ingredients in baked goods, ice-creams and other cream based dishes. The high-fat content of cream is what makes it suitable for easy whipping and application in confectionery foods. But in the current scenario, cream consumption is considered unhealthy and harmful by a health-conscious segment of consumers who want to cut down on their calories and saturated fat consumption. This has led to the introduction of cream replacer in the market which is healthier and offers better nutritional benefits compared to conventional dairy cream. Cream replacer product portfolio is wide as the base ingredient used for cream replacer production can vary. Cream replacer is dairy-free cream products that are based on plant-based milk such as coconut milk, soy milk, and others. This explains the demand for cream replacer based food products among consumers who are either lactose intolerants or simply those who are trying to follow strict dairy-free or vegan diets.
Increasing Demand For Cream Replacer In Healthy And Vegan Food Suppliers
can outperform the dairy cream market by providing nutrition without unwanted calories and saturated fats. The number of confectionery food service providers is increasing. They are trying to deliver the demands of health-conscious consumers which mostly includes millennial, without hampering the taste of their end products. Hence they are preferring nutritional substitutes as ingredients, replacing dairy cream with healthier cream replacer for instance. This is driving the demand for cream replacer in turn. Further, this demand is aided by the rising popularity of plant-based alternatives. The continuous launch of new plant-based food products is driving the demand for plant-based ingredients. However, cream replacer has used a replacement to cream. Hence it cannot provide the exact desired flavour and texture to the dish. This can be overcome by using the right kind of cream replacement that suits well to the flavour and consistency of the end product.
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Cream Replacer Market: Segmentation:
On the basis of end-use industries –
- Food and Beverage
- Bakery
- Confectionery
- Desserts
- Others
On the basis of the nature of production-
- Conventional
- Organic
On the basis of base ingredient-
- Coconut milk based
- Almond milk based
- Cashew milk based
- Other non-dairy milk based
Cream Replacer Market: Key Participants
The participants of cream replacer market are majorly involved in plant-based product manufacturing. Some of the key participants identified are McCormick & Company, Inc., Celebes Coconut Corporation, SunOpta, Danone Groupe SA, Oatly AB, EcoMil, Daiya Foods, and others.
Cream Replacer Market: Key Developments
The market for cream replacer is developing with great steps of expansion aided by mergers or acquisitions that are taken by the key market participants of cream replacer market. For instance, a Belgian company Alpro, which is a key participant of cream replacer market was taken over by the French company Danone in the month of May, 2017. This kind of acquisition will help Alpro to speed up its growth and extend to a wider range of market regions with its plant-based products.
The cream replacer market is evolving with a greater number of consumers for cream replacer. For instance, IKEA, a Swedish furniture retailer announced to launch of vegan, dairy free soft-serve ice-creams in the IKEA Bistro range stores by the summer of the year 2019. By introduction of such dairy-free products that use cream replacer as the key ingredient helps in the development of the cream replacer market and promotes higher cream replacer production.
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Opportunities For Cream Replacer Market Participants
The market for cream replacer is new which has not expanded worldwide yet. Therefore introduction to other regions with time can help the market grow its sales by covering lactose-intolerant consumers worldwide. Further, new launches in product portfolio with increased shelf life can improve cream replacer stability and enhance its trade in off-shore markets by increased exports. The dairy cream market is huge. This offers a great opportunity for cream replacer market to grow by penetrating into its each and every segment. Also, the cream replacer market foresees greater margins of growth in the organic segment. Therefore, entry of a higher number of market players in organic cream replacer production can help the manufacturers achieve their goals.
