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High fat powder Market to Reach $190.3 billion Globally, by 2032 at 8.5% CAGR: Allied Market Research
On the basis of type, the others segment held the highest market share in 2022, accounting for more than one-fifth of the global high fat powder market revenue, and is estimated to maintain its leadership status during the forecast period. High fat powder trends have evolved to meet changing consumer preferences and dietary needs. There is a growth in interest in plant-based high fat powders, beyond traditional dairy-based options, catering to vegan and lactose-intolerant consumers.
However, the coconut milk powder segment is the fastest-growing segment and is projected to manifest the highest CAGR of 11.7% from 2023 to 2032. coconut milk powder has experienced a surge in demand driven by several key market trends, growth factors, and abundant opportunities. First, the rise in consumer preference for plant-based and dairy-free alternatives has propelled the popularity of coconut milk powder as a versatile ingredient in various culinary applications.
On the basis of application, the meal concentrates segment held the highest market share in 2022, accounting for more than one-fifth of the global high fat powder market revenue and is estimated to maintain its leadership status during the forecast period. In the market for high fat powder, a notable trend is the increase in demand for high fat powder in meal concentrates. Meal concentrates have gained popularity as convenient, on-the-go meal solutions.
The bakery mix segment is the fastest-growing segment and is projected to manifest the highest CAGR of 11.5% from 2023 to 2032. Key market trends in high fat powder for bakery cream mixes include a growth in demand for plant-based options to cater to vegan and lactose-intolerant consumers. Health-conscious consumers have sought cleaner label products with minimal processing and healthier fat sources.
On the basis of distribution channel, the B2B segment held the highest market share in 2022, accounting for more than half of the global high fat powder market revenue, and is estimated to maintain its leadership status during the forecast period. The major factor driving the growth of the business-to-business high fat powder sales is the rise in outdoor dining trends among consumers. There is a rise in the consumption of food outside the house as disposable income is on the rise, owing to which the demand for high fat powder is also on rise QSR such as McDonalds, Dominos, Pizza Hut, and Taco Bell have utilized refrigerated or frozen products in order to provide quick services to its customers.
However, e-commerce segment is the fastest-growing segment and is projected to manifest the highest CAGR of 11.7% from 2023 to 2032. The most popular distribution channel is online sales channel in the current era. People want to save their time and money as they are busy nowadays. So, they opt for online applications or sales channel to buy various products.
On the basis of region, the North America region held the highest market share in 2022, accounting for approx. two fifth of the high fat powder market revenue and is estimated to maintain its leadership status during the forecast period. The demand for high fat powder products is being driven by an increase in the number of gym-going and fitness-conscious people who want to stay healthy and fit. The increase in popularity of "clean label" and "free-from" products has led the way in North America , particularly in the U.S., and is expected to play a significant role in the growth of the sports nutrition market in the future which is expected to foster the overall market growth. However, the Asia-Pacific region is projected to manifest the highest CAGR of 10.3% from 2023 to 2032. In the Asia-Pacific region, the high fat powder market has experienced notable trends. A rise in middle-class population, change in dietary preferences, and urbanization have driven the demand for convenience food, elevating the use of high fat powders in ready-to-eat products.
The report provides a detailed analysis of these key players in the global High fat powder Market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario
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