Report ID:
SQMIG30I2406 |
Region:
Global |
Published Date: November, 2024
Pages:
174
|Tables:
0
|Figures:
0
Global Dairy Ingredients Market size was valued at USD 84.37 Billion in 2022 and is poised to grow from USD 84.53 Billion in 2023 to USD 126.81 Billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
Rising consumption of healthy nutrients is one major factor that accounts for the increase in demand for dairy products. The global dairy ingredients industry is growing due to increased awareness regarding the consumption of healthy diet and healthy life. Since dairy products are milk-derived and have nutritional benefits as known, they have been widely used in many industries. These dairy products are ideal for products that promote bone strength, the immune system, among others, because they contain high levels of calcium and other nutrients. The aging population and increased rates of health issues, such as obesity, have brought about a shift in food consumption patterns that has increased at a fast pace globally over the past two decades. Today, people consume a large protein diet. This is in addition to raising awareness of health benefits that are accrued from the consumption of whey and other milk products, which helps expand the global market. In addition, rapid dairy ingredients market growth and an increase in milk production will further contribute to the expansion of the market in the future. Conversely, growth in awareness about sustainability and animal cruelty has suppressed the expansion of the dairy business. Besides that, the market for dairy substitutes is also expected to gain growth in terms of demand due to rising awareness of animal abuse which is also expected to restrain the growth of the global dairy ingredients market during the forecast period.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The global dairy ingredients market is segmented into product, form, application, and region. By product, the market is classified into skimmed milk powder, whole milk powder, buttermilk powder, cream powder, and MPC & MPI. Depending on the form, it is bifurcated into powdered and liquid. According to the application, the market is divided into bakery & confectionary, dairy products, convenience foods, infant milk formula, sports & clinical nutrition, and others. Regionally, the market is studied across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Product
As per the dairy ingredients market forecast, with 19.7% in revenue share in 2023, the MPC and MPI segments led the way in the market. Given its high concentration of protein, MPC and MPI are highly valuable for food and beverage manufacturers that want to improve the nutritional characteristics of products. This high concentration of protein is extremely beneficial because fortification with protein is absolutely critical in sports nutrition, baby formula, and dietary supplements. Another factor for the demand growth is increasing consumer awareness and preference for healthier foods. Consumers are looking for clean-label products that have less additive ingredients such as MPC and MPI, as such ingredients are considered the most natural sources of milk-derived protein. This comes within a bigger set of dietary trends for high-protein diets meant for weight loss, muscle gain, or health.
Based on the dairy ingredients market analysis, in 2023, the skimmed milk powder segment is expected to dominate the market. SMP is a good option for manufacturers that want to produce dairy products with more stability and longer shelf life because it has a longer shelf life than liquid milk. This makes it more appealing for different types of culinary application, including bakery goods, confections, and ready-to-eat meals, where longer shelf life is required. SMP is also selected because of its excellent flexibility in the processing of foods. It is an adaptable ingredient to produce different formulations and dairy products. It enables the food manufacturers to take advantage of the nutritional profile of SMP, which contains high protein and critical minerals, such as calcium, while keeping good quality and texture on the products they will be providing.
Analysis By Form
The powdered segment is the biggest in the dairy ingredients industry as it has a longer shelf life, can be easily stored, and is very flexible. Some of the most common dairy components in the food and beverage department are milk powder, whey powder, and casein, due to these being encountered mostly in powders, especially in confections, bakery goods, baby formula, and nutritional products. For these powdered ingredients, stability is seen to be better and manageable than when liquid counterparts are utilized, creating more manufacturing and transportation ease. The increased consumers' need for packaged and processed foods, particularly in areas where dietary and lifestyle changes and urbanization evolve, increases the requirement for powdered dairy components worldwide. Furthermore, the convenience and practicality of sports nutrition and functional meals to be promoted bring more domination for powdered dairy products.
However, the liquid dairy ingredients segment is currently growing at the fastest rate because of the growing demand for fresh and minimally processed dairy products. There has been an increased use in the foodservice, beverage, and dairy processing sectors of liquid dairy products such as whey liquid, cream, and milk. These ingredients are chosen because they are relatively natural in flavor and smooth in texture for applications in ready-to-eat meals, soups, sauces, or drinks. Liquid dairy demand has increased as consumers have an increasing interest in natural ingredients and clean-label goods. Liquid dairy is also taking a growing pace of growth in the emerging region, with developments in liquid dairy products including nutritional supplements and functional drinks.
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The dairy ingredients market in North America is assumed to be a profitable market for this industry. The demand from the customers seeking natural and healthy food products in the region opens increasingly high potential for this industry. A number of food and beverage products, including baked goods, confections, and prepared meals, require dairy ingredients including cheese, butter, and milk powders. Lastly, market demand for dairy components also arose with consumers' demand for diets high in protein. Technical developments in dairy processing have also improved the utility and flexibility in dairy component manufacturing that leads to the development of new products designed to address changing customers' preferences and tastes. Dairy ingredients in the North American market are experiencing a higher demand. This is due to the convenience meal and drink products, which are highly in demand currently.
In the future, the CAGR in the European dairy ingredients market is expected to be impressive. It is so because food products related to dairy have gained popularity among the consumers, as they have increased interest in healthy and natural food alternatives. The European dairy industry continues to innovate and diversify its product offers to meet shifting customer preferences and nutritional trends such as increased protein consumption. Demand for dairy components such as butter, cream, and milk powders-all very essential in enhancing flavor of products-has also increased due to the increase in the bakery and confectionery industries across the geographical expanse of Europe. Furthermore, local dairy products are preferred by consumers in Europe, thus boosting local dairy operation and other players.
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Drivers
Increasing Demand for Functional Foods
Increasing Demand for Dairy-Based Beverages
Restraints
Raw Material Price Volatility
Health Concerns and Lactose Intolerance
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The dairy ingredients market is highly competitive as major companies focus on the innovation of products, sustainability, and expansion in global markets. Major players in this market include Danone, Nestlé, Arla Foods, Fonterra, and Lactalis as they have a good network for distribution and offer products of the same. They invest in research and development to meet the demands of consumers for plant-based, clean-label, and functional dairy alternatives. Other strategies used in the expansion of market share include partnership, merger, and acquisition strategies.
Top Player’s Company Profile
Recent Developments
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As per SkyQuest analysis, the dairy ingredients market would rise steadily, due to growing demand from consumers for protein-rich foods, dairy-based beverages, and functional foods. Innovation, from plant-based to lactose-free and clean-label alternatives, continues to evolve in the market. However, the business is still haunted by other issues such as persisting price volatility of raw materials and other fears over lactose intolerance. Manufacturers have to focus on innovation and variety of products to really compete as the demand has been based on sustainability and health trends. With all these considerations, industry is yet open for enough elbow room to grow with current advances in functional dairy and emerging markets.
Report Metric | Details |
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Market size value in 2022 | USD 84.37 Billion |
Market size value in 2031 | USD 126.81 Billion |
Growth Rate | 5.2% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Dairy Ingredients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Dairy Ingredients Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Dairy Ingredients Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Dairy Ingredients Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30I2406
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