The Asia Pacific Whipping Cream Powder Market would witness market growth of 8.0% CAGR during the forecast period (2023-2030).
The increase in the number of vegans in the region as a result of increased environmental and animal welfare concerns has substantially supported the growing demand for non-dairy whipping cream powders. The rise in ice cream and frozen dessert consumption per capita, the acceleration of the trend toward out-of-home food consumption, the rise in consumers with lactose intolerance, and the expanding trend toward product premiumization are some additional factors driving the development of the market over the course of the forecast period.
In addition, consumers are moving away from synthetic components or additives in food products in favor of natural ingredients, which is attributed to a rise in demand for whipped cream powder. Growing disposable income of people in middle-class income groups and the rising population in developing countries are some of the other major factors propelling the market's expansion. The demand for creamy, rich, and natural flavor whipped cream powder products is anticipated to drive the growth of the market during the forecast period. Companies are also vying for various government certifications to gain a competitive edge, expand their customer base by offering novel products, and satisfy this demand.
The region has a developed dairy industry owing to major producers of dairy like India and China. India is the world's top producer of milk, accounting for 24% of all milk produced worldwide in 2021–2022, according to Invest India. The Indian government is making Significant infrastructure investments in processing, chilling, transport, calf feed, etc., to support the dairy industry's expansion. For example, Dairy Processing & Infrastructure Development Fund has been established with a capital of Rs. 8,004 crores with the National Bank for Agriculture and Rural Development (NABARD) after the Union Budget 2017–18 announcement. Hence, the region extends numerous growth opportunities for the expansion of the market by enabling easy availability of raw materials as well as consumers as it is a major dairy and dairy product producer.
The China market dominated the Asia Pacific Whipping Cream Powder Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $131.4 Million by 2030. The Japan market is estimated to grow at a CAGR of 7.3% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 8.7% during (2023 - 2030).
Based on Source, the market is segmented into Dairy, and Non-Dairy. Based on Application, the market is segmented into Bakery & Confectionery, Ice-cream & Frozen Desserts, Beverages, and Others. Based on Type, the market is segmented into Sweetened, and Unsweetened. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Whipping Cream Powder Market is Projected to reach USD 1.5 Billion by 2030, at a CAGR of 7.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Kraft Heinz Company, The Food Source International, Inc, weikfield foods pvt. Ltd., General Mills, Inc. (Betty Crocker), AussieBlends LLC, Dr. August Oetker KG, Yaffa's Kitchen Pty Ltd, Hoosier Hill Farm LLC (Saco Foods), Royal FrieslandCampina N.V. and Swiss Bake Ingredients Pvt. Ltd.
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