MARKET OVERVIEW- PLANT BASED CREAMER MARKET
Plant-based creamer is a substitute for dairy creamer that is made from plant-based ingredients and is commonly added to coffee, tea, and other beverages to enhance their flavor and creaminess. Nuts (such as almonds and cashews), seeds (including sunflower and hemp), soy, coconut, and oats are among the various plant sources used to create plant-based creamer. Popular brands of plant-based creamer include So Delicious, Nutpods, Califia Farms, and Silk. Plant-based creamer offers similar texture and taste as traditional creamer, with some differences. Nut-based creamers, for example, have a nutty flavor, while coconut-based creamers have a more tropical taste. The food and beverage industry is witnessing a rising trend of plant-based creamers, which is being driven by the growing demand for vegan and dairy-free alternatives. This market is projected to expand in the future as more consumers opt for these products due to reasons related to health, ethics, and the environment.
MARKET DRIVERS
There are several reasons why plant-based creamers are gaining popularity among consumers. One of the primary drivers is the increasing health consciousness of consumers who are looking for healthier alternatives to traditional dairy-based creamers. Plant-based creamers made from ingredients such as coconut, almond, soy, and oat milk are perceived to be healthier options. Another factor contributing to the rise in popularity of plant-based creamers is the growing number of people following vegan and vegetarian diets. Plant-based creamers provide a dairy-free alternative to traditional creamers, making them a popular choice among this group. Environmental concerns are also driving the shift towards plant-based creamers, as they are considered to be more environmentally friendly than dairy-based creamers. Dairy production has a significant environmental impact, including greenhouse gas emissions and water usage. In recent years, the availability and variety of plant-based creamers have increased significantly. Many mainstream brands are introducing their own versions, and a wide variety of flavors and types are available, including organic, non-GMO, and gluten-free options. Plant-based creamers are often seen as more convenient than traditional dairy-based creamers. They are sold in shelf-stable containers, making them easier to store and transport than fresh dairy creamers.
MARKET OPPORTUNITIES
The demand for plant-based creamers is increasing due to several factors. Firstly, consumers are becoming more health-conscious and are seeking healthier alternatives to traditional dairy products. Plant-based creamers are a suitable option as they are lower in calories, fat, and cholesterol, and they do not contain lactose. The plant-based creamer market is driven by a growing concern for sustainability. As plant-based creamers require less water, land, and energy to produce than dairy creamers, they are considered to be more environmentally friendly. The increased availability of plant-based creamers is another reason for market growth. With more options now available in grocery stores and coffee shops, consumers find it easier to try out different plant-based alternatives. Companies are also contributing to the expansion of the plant-based creamer market by continuously developing innovative products made from alternative plant sources such as oats, soy, and coconut. These products cater to consumers' changing tastes and preferences and drive market growth. The plant-based creamer market is expanding into new regions such as Asia and Africa, providing companies with new opportunities to increase their customer base and enter new markets. Growing demand for plant-based creamers provides companies with a range of opportunities to capitalize on. Companies can innovate, expand into new markets, and cater to consumers' changing preferences to meet the increasing demand for healthier and more sustainable alternatives to traditional dairy products.
MARKET RESTRAINTS
Plant-based creamers face challenges due to the limited availability of raw materials such as almonds, soy, oats, and coconut, which can be affected by various environmental factors, leading to fluctuations in prices and supply shortages. The cost of production and ingredients makes them more expensive than traditional dairy creamers, making them less attractive to price-sensitive consumers who may opt for cheaper alternatives. Furthermore, the taste and texture of plant-based creamers may differ from traditional dairy creamers, and different plant-based creamers can have varying tastes and textures, which can make it challenging for companies to develop a consistent and appealing product.
MARKET GROWTH CHALLENGES
The plant-based creamer market faces significant challenges, including strong competition from traditional creamers made from animal milk. Despite the increasing popularity of plant-based products, many consumers still prefer the taste and texture of dairy-based creamers, which presents a hurdle for plant-based alternatives to gain market share. The cost of sourcing and processing plant-based ingredients is typically higher than for traditional creamers, making it difficult for plant-based options to compete on price, especially in markets that prioritize affordability.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of Plant Based Creamer market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for Plant Based Creamer in various types is anticipated to stimulate the market’s growth. Due to this factor, the market is expected to witness the growth at a specific CAGR from 2023-2029.
PLANT BASED CREAMER MARKET SEGMENTAL OVERVIEW
The Plant Based Creamer market comprises of different market segments like, form, nature, flavour, base, end-users and geography.
PLANT BASED CREAMER MARKET BY FORM
By Form, Plant Based Creamer Market includes following forms
The plant-based creamer market is projected to experience substantial growth, with the powdered form gaining popularity due to its convenience and extended shelf life, while the liquid variant is expected to attract consumers with its wide range of flavors and easy accessibility. Growing health consciousness, a surge in veganism, and lactose intolerance are contributing to the rising demand for plant-based products, which is further driving the growth of the plant-based creamer market. Nevertheless, market expansion may be affected by factors such as the availability and affordability of alternative dairy products, pricing, and regulatory constraints.
PLANT BASED CREAMER MARKET BY NATURE
By Nature, Plant Based Creamer Market includes key segments like
The popularity of plant-based creamers has surged in recent times as consumers increasingly seek dairy-free alternatives. The market for plant-based creamers can be classified into two categories: organic and conventional. Organic creamers are made from ingredients grown without synthetic pesticides or fertilizers, and they may be certified by governing agencies like the USDA. In contrast, conventional creamers may contain synthetic ingredients or be made from crops grown through traditional methods. Due to the emphasis on health and sustainability in purchasing decisions, the market for organic plant-based creamers is projected to experience significant growth in the coming years. According to our, the global organic food and beverage market could be worth $320.5 billion by 2025, with creamers being among the plant-based products that contribute to this increase. Meanwhile, the market for conventional plant-based creamers is also expected to grow as more consumers are exposed to dairy-free options. The plant-based creamer market is anticipated to expand further in the future, with both organic and conventional products witnessing a high demand from consumers.
PLANT BASED CREAMER MARKET BY FLAVOR
Bu flavour, Plant Based Creamer Market includes key segments, like
- Original/Unflavoured
- French Vanilla
- Chocolate
- Coconut
- Hazelnut
- Others
In recent years, there has been a notable surge in the plant-based creamer market, owing to the rising demand for dairy-free substitutes and the popularity of vegan diets. Consumers are becoming more health-conscious and prefer plant-based products that can mimic the taste and texture of dairy products. The plant-based creamer market comprises various categories such as unflavored, French vanilla, chocolate, coconut, hazelnut, and others, each catering to specific segments of the market with unique flavors. As per a report by Axiom Research, the global plant-based creamer market was valued at USD 1.4 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 15.6% from 2022 to 2029. This growth can be attributed to the escalating demand for vegan and plant-based products, growing health consciousness, and the availability of a wide range of flavors and options. Overall, the plant-based creamer market is poised to grow further in the upcoming years, fueled by consumers' inclination towards healthier and sustainable food choices.
PLANT BASED CREAMER MARKET BY BASE
By Base, Plant Based Creamer Market includes key segments like
- Plant-Based Milk
- Almond
- Coconut
- Vegetable Oil
- Others
The increasing popularity of plant-based and vegan foods, coupled with the rising awareness of the health and environmental benefits of plant-based diets, is driving the growth of the plant-based creamer market. In addition, the growing incidence of lactose intolerance and dairy allergies is also contributing to the market's expansion. The availability of a wide range of plant-based milk options, such as almond, coconut, soy, and oat milk, that can serve as a base for creamers is also fueling market growth. Furthermore, the emergence of new plant-based creamer products that use alternative ingredients like vegetable oil is expected to further drive market growth. The plant-based creamer market is projected to grow at a CAGR of approximately 7.8% from 2023 to 2029, with the market size expected to exceed $1.6 billion by 2029.
PLANT BASED CREAMER MARKET BY END USER
By end user Plant Based Creamer Market finds key user like
- Food and Beverage
- Food Service Industry
- Retail/Household
The market for plant-based creamers is predicted to witness significant expansion in the forthcoming years, propelled by various factors such as heightened health consciousness, environmental awareness, and an increasing preference for vegan and dairy-free items. The food and beverage sector is likely to be a key contributor to this growth, as more manufacturers incorporate plant-based creamers into their products. Moreover, the food service industry is expected to experience substantial growth as more coffee shops and restaurants offer plant-based creamer alternatives to customers. Lastly, the retail/household category is also anticipated to add to the growth of the plant-based creamer market, with more consumers opting for plant-based options over dairy products. This segment encompasses the sale of plant-based creamers via grocery stores, online retailers, and other channels. Overall, the worldwide plant-based creamer market is projected to expand at a CAGR of approximately 9% from 2023 to 2029, reaching a market value of approximately USD 2.8 billion by the end of the projected period.
PLANT BASED CREAMER MARKET BY REGION
Plant Based Creamer Market Studied for the following region
- North America
- Europe
- Asia Pacific
- Rest of The World
The plant-based creamers market is dominated by North America, mainly due to an increasing preference for natural and flavored plant-based creamers among consumers. On the other hand, the Asia-Pacific region is projected to experience growth between 2022 and 2029, primarily due to improvements in distribution channels. The report also provides insights into individual country markets, including factors that impact them and changes in regulations that affect current and future trends. Various data points, such as downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies, are used to predict market scenarios for individual countries. Additionally, the report takes into account the presence and availability of global brands, as well as the challenges they face from local and domestic brands, and the impact of domestic tariffs and trade routes when providing forecasts for country data.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of Plant Based Creamer Market is majorly focused on expanding the Europe growth of Plant Based Creamer industry with new product innovation, and business expansion, the increasing presence of a range of production operating in Plant Based Creamer sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required consumer demand, further contributing to healthy growth in the market.
The key players studied in the market are
- Rich Products Corporation
- Hanan Products Co, Inc
- Land O’Lakes, Inc
- Custom Food Group
- Califia Farms
- Chobani
- Nutpods
- Planet Oat
- Silk
- So Delicious
- Danone
- Nestle USA
RECENT DEVELOPMENT:
2020: Preserved Food Specialty Ltd has launched a new formula for its Plant Based Creamer, utilizing rice bran as a key ingredient, which has helped to enhance the product's image. Furthermore, the company commenced factory operations in 2020 for extracting rice bran, which supports the production of the new formula.
