Zion Market Research has published a new report titled “Cream Market for Food Service Industry by Cream Type (Dairy Cream and Vegetable/Blended Cream) and by Food Service Channel Type (Restaurants, Cafes, Hotels/ Motels, Functional Caterers, Bakeries and Pastries, and Pubs): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global cream market for food service industry was valued at approximately USD 9,076.9 million in 2017 and is expected to generate revenue of around USD 11,671.5 million by end of 2024, growing at a CAGR of around 3.6% between 2017 and 2024.
The dairy product, the cream has a fat content of more than 10%. In the manufacturing of cream, milk is separated into skimmed milk and cream. It is then standardized to the desired fat content. The different types of creams are distinguished by the type of heat treatment i.e. pasteurized or UHT cream. The cream has various functional properties such as providing a rich consistency, enhancing the flavor, and emulsification. Cream produced from natural pasture or grazing cattle often contains some natural carotenoids pigments derived from the plants they graze on which gives the cream a slight yellow tone which is also the origin for butter’s yellow color.
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The fat-free cream is widely incorporated as an essential substitute for other products such as Greek yogurt, cheese, and other products and is gaining immense popularity among health-conscious consumers. Population growth, changing dietary habits, and availability in many varieties are the key drivers increasing demand for the product. Due to rising disposable income, changing dietary patterns, rising health consciousness, and hectic lifestyles among the consumers, there has been a shift towards convenient and healthy food products. This is acting as a factor adding to the growth of the global cream market for food service industry. However, soaring population of individuals that are lactose intolerant and vegans is posing a major threat to the market growth. Certain ethnic groups such as the Asian population are more affected by lactose intolerance as compared to others. The demand for lactose-free food products will augment owing to the increase in incidences of food allergies and intolerances.
Based on the cream type, the market is segmented into dairy cream and vegetable cream. The dairy cream market is further segmented into fresh cream, whipping cream, half and half cream, sour cream, double cream, and others. The vegetable cream is further segmented into soybean, coconut, palm kernel, and others. Based on food service channel the market is segmented into restaurants, cafes, hotels/ motels, functional caterers, bakeries and pastries, and pubs.
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Europe is by far the leading cream market for food service industry. As per the European Dairy Association, in north-western Europe, the dairy business is ruled by large firms. Germany and France have few large dairy firms and quite a large number of medium and small dairy farms. Europe is followed by the North American cream market for food service industry, as the dairy items make imperative commitments to the American eating routine. The Asia Pacific is anticipated to witness the fastest growth during the forecast period. Lifestyle changes of the consumers, increasing purchasing power, and rapid urbanization is some of the major factors driving the market growth in the Asia Pacific. However, despite being the biggest market globally and enrolling the speediest development as of late, per capita utilization of dairy in the Asia Pacific lags behind the rest of the world.
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Some of the key players in the cream market for food service industry are Nestlé S.A., Danone, Cabot Creamery Cooperative, Inc., Fonterra Co-operative Group, Uelzana Group, Meggle AG, Starbucks Corporation, Arby’s, Applebee’s, Auntie Anne’s LLC, A&W Restaurants, Inc. and McDonald’s Corporation. Revenue performance has been improving in the foodservice industry, therefore there are numerous and diverse competitors and minimal switching costs which is creating a strong rivalry among existing competitors.
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This report segments the global cream market for food service industry market as follows:
Global Cream Market for Food Service Industry Market: Cream Type Segment Analysis
- Dairy Cream
- Fresh Cream
- Whipping Cream
- Half and Half Cream
- Sour Cream
- Double Cream
- Vegetable/Blended Cream
- Palm Kernel
Global Cream Market for Food Service Industry Market: Food Service Channel Type Segment Analysis
- Functional caterers
- Bakeries & Pastries
Global Cream Market for Food Service Industry Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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