Meticulous Research® – leading global market research company published a research report titled “ Dairy Ingredients Market by Source (Milk, Whey), Type (Milk Powder, Whey Protein, Milk Protein, Third- Generation Ingredients, Casein), and Application (Pediatric, Sports Nutrition, Medical Nutrition, Functional Food, Bakery)- Global Forecast to 2027’.
According to this latest publication from Meticulous Research®, the global dairy ingredients market is projected to reach a value of $71.5 billion by 2027, growing at a CAGR of 4.1% during the forecast period. In terms of volume, the market is expected to reach 16,074.0 kilotons by 2027, at a CAGR of 1.4% during 2020- 2027. The overall dairy ingredients market is majorly driven by the factors such as increasing investments from leading companies operating in the dairy ingredients space, population growth and increasing purchasing power parity in developing nations, increasing consumer awareness level for nutritious food, and improved supply chain management driving the global trade of dairy ingredients. However, the increasing popularity of plant-based food products and rising incidence of milk allergies and lactose intolerance will obstruct the growth of this market to some extent.
The global dairy ingredients market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on basis of source (milk, Whey); type (milk powder, whey protein, milk protein, third-generation dairy ingredients, buttermilk powder, casein, whey permeate and lactose); application (pediatric, sports nutrition, medical nutrition, functional food, bakery & confectionery, dairy, animal feed and others), and geography. The study also evaluates the industry competitors and analyses the market at a country level.
Based on source, the dairy ingredients market is segmented into milk and whey. The dairy ingredients milk source segment is estimated to command the largest share of the overall dairy ingredient market in 2020. However, the whey segment is projected to grow with the fastest CAGR during the forecast period. The increase in demand for whey-based ingredients in medical and sports nutrition and the rising trend of healthy snacking culture is contributing to the rapid growth of the whey-based ingredients market during the forecast period.
Based on type, the dairy ingredients market is segmented into milk powder, whey protein, milk protein, third-generation dairy ingredients, butter powder, casein, whey permeate, and lactose. The milk powder segment is estimated to command the largest share of the overall dairy ingredients market in 2020. The large share of this segment is mainly attributed to the wide acceptability of milk powder in numerous food formulation. For instance, the major ingredients of ice cream, cultured milk, and yoghurt have been replaced by powdered milk due to its longer shelf life and easy handling during processing. However, the milk protein segment is projected to grow with the fastest CAGR during the forecast period.
Based on application, the dairy ingredients market is segmented into pediatric, sports nutrition, medical nutrition, functional food, bakery & confectionery, dairy, animal feed, and others. The bakery and confectionery segment is estimated to command the largest share of the overall dairy ingredients market in 2020. However, the sports nutrition segment is projected to grow with the fastest CAGR during the forecast period. The factors attributed to the rapid growth are rising fitness industry; increase in distribution channels of sports nutrition; and rising demand for protein bars, energy drinks, and other healthy snacks.
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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (France, Germany, Russia, Spain, Italy, U.K. and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, New Zealand, Thailand and RoAPAC), Latin America (Mexico, Brazil and Argentina), the Middle East, and Africa. Asia Pacific region is estimated to command the largest share of the global dairy ingredients market in 2020, followed by Europe, and North America. The growth in the Asia-Pacific region is mainly attributed to the factors such as increasing demand for organic dairy, rising infant population, government initiatives to eliminate child malnutrition status regionally, rising disposable income, and increased urbanization.
Some of the key players operating in the global dairy ingredients market are Nestle S.A., Fonterra Cooperative Group, Royal FrieslandCampina N.V., Arla Foods, Lactalis Group, Dairy Farmers of America Inc., Agropur Cooperative, Schreiber Foods Inc., Savencia S.A., Glanbia PLC., Gujarat Cooperative Milk Marketing Federation Ltd. (AMUL), Meiji Holdings Co., Ltd., Mengniu Dairy Co., Ltd., Megmilk Snow Brand Co., Ltd., Yili China, Saputo Inc., Kraft Heinz Company, Agropur Inc, Morinaga Milk Co., Ltd., and Sodiaal among others.
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