London, June 10, 2020 (GLOBE NEWSWIRE) -- According to a new market 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”, published by Meticulous Research®, 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% from 2020-2027.
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Dairy ingredients market is mainly driven by the adoption of improved and advanced supply chain management in storage technology, rising population and urbanization, and growing health-aware consumers. Moreover, emerging economies in Asia-Pacific, Latin America, and Africa are contributing to the growing demand for dairy ingredients for food fortification, thereby providing a significant growth opportunity to the manufacturers in the dairy ingredients market. However, the increasing preference for plant-based protein over animal-based protein, rising incidence of lactose-intolerant people, and unethical methods of milk production are some of the key factors obstructing the growth of the market to some extent.
COVID 19 Impact on Dairy Ingredients Market
The effect of COVID- 19 has had a wide-scale impact on the daily life of the common man and has also affected businesses ranging from small to large scale, and the dairy sector is one among them. The blow on the dairy industry is estimated to be higher than any other agriculture sector due to the perishable nature and short shelf life of the key ingredient i.e. milk. The disruption to the supply chain has resulted in a wastage of enormous amounts of fresh milk/milk products. The sales to major dairy export markets have dried up as the majority of foodservice sectors have shut down globally. Further, the dairy companies are significantly facing reduced consumption of dairy ingredients; supply chain challenges; and limited workforce at the plant, harvest, and distribution centres due to the travel restrictions. The present imbalance and crisis circumstances have adversely affected the global market for dairy ingredients. During a global pandemic, numerous dairy industries are struggling to mitigate impacts from a potential global recession. Despite the huge loss, the market is expected to show a slow recovery once the situation begins to normalize. Consumption will pick up gradually, but is unlikely to be enough to compensate for the previous losses.
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, type, and application. The study also evaluates industry competitors and analyses the market at a country level.
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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 ingredients market in 2020. The large share of this segment is mainly attributed to the factors such as varied functional properties exhibited by the milk powder (emulsifying capacity, foaming and whipping ability, hygroscopic etc.) in food industries; the longer shelf life of these ingredients which reduces the cost for special packaging and refrigeration for storage which notably benefits the manufacturer and end-users in terms of economy; increasing consumption in infant formulas, confectionaries, savory, and baked products due to its nutritional benefits; and willingness of consumers to expend more on qualitative products. 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 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 primarily accounted for the factors such as longer shelf life of the product; low storage and transportation cost; and increasing consumption in infant formulas, confectionaries, savoury, and baked products due to its nutritional benefits. However, the milk protein segment is projected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the increasing demand in food processing industries due to its versatile functionality. For instance, its consumption is rapidly increasing in protein bars, meal replacement powder, high protein clinical formulation, and dietetic products. Additionally, the rising trend of healthy snacking culture and expansion of active nutrition will further contribute to the rapid growth of the milk protein segment during the forecast period.
Based on application, the bakery and confectionery 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 factors such as rising per capita consumption of bakery and confectionery products; and rising acceptance of sugar-free, healthy, and functional ingredient-based bakery products across the globe. Owing to the public taste, colour, and easily digestible nature, bakery products are globally being consumed by all age groups and the global appetite continues to grow with emerging innovative bakery and confectionery products. Further, the growth projection in the bakery market is due to an increasing consumption of trendy fruit snacks, sweet biscuits, and snack bar with reduced additives and natural ingredients. However, the sports nutrition segment is projected to grow with the fastest CAGR during the forecast period. The factors attributed to the rapid growth of this segment are rising fitness industry; increase in distribution channels of sports nutrition; and rising demand for protein bars, energy drinks, and other healthy snacks.
Geographically, Asia Pacific region is estimated to command the largest share of the global dairy ingredients market in 2020, followed by Europe and North America. Also, the Asia-Pacific region is projected to show lucrative growth potential for the dairy ingredients market during the analysis period. The growth in the Asia-Pacific region is mainly attributed to the factors such as increasing demand for quality products, rising infant population, government initiatives to eliminate child malnutrition status regionally, rising disposable income, and increasing 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 International among others.
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Scope of the Report:
Dairy Ingredients Market by Source
- Milk
- Whey
Dairy Ingredients Market by Type
- Milk Powder
- Whey Protein
- Milk Protein
- Third- Generation Ingredient
- Casein
- Butter Milk Powder
- Whey Permeate
- Lactose
Dairy Ingredients Market by Application
- Pediatric
- Sports Nutrition
- Medical Nutrition
- Functional Food
- Bakery
- Confectionery
- Dairy
- Animal Feed
- Others
Dairy Ingredients Market by Geography
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Russia
- Italy
- The U.K.
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- New Zealand
- Australia
- Thailand
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
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