San Francisco, 27 Nov 2018 - According to a report by Grand View Research, Inc., global dairy ingredients market is anticipated to value USD 86.97 billion by 2024. Growing requirement for nutritional enrichment in food and beverages to maintain healthy lifestyle is anticipated to propel demand for dairy ingredients. Rising consumption of protein fortified functional food products is also fueling market growth. High demand for protein supplements in food items has resulted in development of new and innovative products. This, in turn, can augment growth of the global market over next few years.
Global dairy ingredients market, by application, 2015 (%)
Increasing use of diary ingredients in infant products for providing high heat stability, low microbiological levels, and facilitation of long processing runs during production can stimulate market growth. Supportive regulations by various regional governments regarding the use of dairy ingredients in food and drinks can also augment growth of the market during the forecast period (from 2016 to 2024). To cater to rising demand for dairy ingredients, most companies invest in R&D activities to develop advanced products. For instance, Kellogg recently launched fruit and oats harvest bars.
Containing fruit and whole grains, these bars come in two flavors including country strawberry and blueberry bliss. These bars contain 4 grams of protein and 5 grams of fiber with less than 200 calories per bar. The dairy ingredients market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into buttermilk powder, cream powder, blenders and replacers, Skimmed Milk Powder (SMP), Whole Milk Powder (WMP), rolled dried powder, fat-filled powder, permeate powder/dried permeate, lactose and derivatives, casein and caseinate, MPC and MPI, and whey ingredients.
In 2015, SMP accounted for 23.3% of volume share. It is predicted to witness growth as SMP helps increase the shelf life of end-products due to less moisture content. Growing product demand in Ready-to-Use Foods (RUFs) or Fortified Blended Foods (FBFs) and therapeutic and supplementary foods owing to low fat and moisture content can also fuel the segment growth. The MPC and MPI segment is said to register a CAGR of 5.5 % from 2016 to 2024 attributed to high usage in baked goods, toppings, dairy-based dry mixes. They offer benefits, such as water binding, viscosity, and heat stability.
Based on application, the market can be classified into dairy products, convenience foods, infant milk formula, sports and clinical nutrition, bakery and confectionery, and others. In 2015, dairy products accounted for 38.5 % of the global volume. The segment is expected to witness significant growth due to rising demand for milk, yogurt, cream, ice cream, and lactose-free dairy products. Similarly, the chocolate segment is estimated to expand, in terms of volume, at CAGR of 4.3 % from 2016 to 2024. Rising consumption of chocolate owing to its stress relieving properties can fuel usage of milk powder.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2015, Asia Pacific led the market and accounted for 40.8 % of total volume. Regulatory efforts toward promoting investments in food & beverage sector of India and China can enhance the manufacturing capacity of sports nutrition and baked products. It is expected to remain a major driving factor for the market. The product demand in Europe was 3439.2 kilo tons in 2015. Increasing expenditure of sports of professionals and working individuals towards nutritional products in United Kingdom, France, Germany, and Russia for improving muscular strength can promote use of milk powder as functional ingredients.
In MEA, the market is expected to grow at CAGR of 3.1% from 2016 to 2024. Growing inclination of governments of countries including UAE, Saudi Arabia, and Qatar from upstream oil and gas sector for promoting investments in domestic food & beverage sector can create lucrative opportunities for market. Some of the leading companies in the global dairy ingredients market are Arla Foods; Volac International Ltd.; Dairy Farmers of America, Inc.; Fonterra Co-operative Group Ltd.; and Glanbia PLC.
Grand View Research has segmented the global dairy ingredients market by product, application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Skimmed Milk Powder (SMP)
- Whole Milk Powder (WMP)
- Buttermilk Powder
- Cream Powder
- Blenders & Replacers
- Rolled Dried Powder
- Fat-filled Powder
- Permeate Powder/Dried Permeate
- Lactose & Derivatives
- Casein & Caseinate
- MPC & MPI
- Whey Ingredients
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- Bakery & Confectionery
- Chocolate
- Ice-Cream
- Others
- Dairy Products
- Recombinant Milk
- Others
- Convenience Foods
- Infant Milk Formula
- Sports & Clinical Nutrition
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-dairy-ingredients-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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